/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091007.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 Wednesday, October 7, 2009, Vol. 10, No. 198 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: SFG Executive Gets Ok to Sell Waterfront Property A R G E N T I N A AMAN SA: Creditors' Proofs of Debt Due on December 23 BLANQUICELESTE SA: Creditors to Vote Settlement Plan on Nov. 25 CIR SRL: Trustee Verifying Proofs of Claim Until November 24 ENCAJAS SA: Proofs of Claim Verification Deadline is December 10 LEIPARK INTERNATIONAL: Creditors' Proofs of Debt Due on October 27 MARIO IMPORT: Trustee Verifying Proofs of Claim Until November 9 SENDEROS NORTE: Trustee Verifying Proofs of Claim Until Nov. 20 SIDECO AMERICANA: Fitch Puts BB National Long-Term Rating VOLGRANDE SA: Proofs of Claim Verification Deadline is December 3 B R A Z I L BANCO NACIONAL: Boosts Stake in Eletrobras BANCO NACIONAL: May Sell Local Bonds This Year BANCO SANTANDER: Unit May Sell Unit at Top of its Price Range CAMARGO CORREA: Tractebel Energia Makes Offer for Hydro Assets COOAGRI: Sought Bankruptcy Protection With US$135.5 Million Debt GERDUA AMERISTEEL: L.B. Foster to Supply Sheet Filing to Firm GOL LINHAS: Posts Preliminary Traffic Figures for September 2009 TAM SA: Signs Agreement with Austrian Airlines TAM SA: Expands Partnership with bmi to Offer More Benefits C A Y M A N I S L A N D S 3D GLOBAL: Shareholders' Final Meeting Set for October 16 CARLYLE HIGH: Shareholders' Final Meeting Set for October 16 CONNEMARA LTD: Shareholders' Final Meeting Set for October 16 CYGNUS CAYMAN: Shareholders' Final Meeting Set for October 16 EMERALD FINANCIAL: Shareholders' Final Meeting Set for October 16 FLITE LIMITED: Shareholders' Final Meeting Set for October 16 FREEWAY PARTNERS: Shareholders' Final Meeting Set for October 16 FUSION 2007: Shareholder to Receive Wind-Up Report on October 15 GLOBAL FRONTIER: Shareholders' Final Meeting Set for October 16 GMFF CASTOR: Shareholders' Final Meeting Set for October 16 LONGRIDGE ABS: Shareholders' Final Meeting Set for October 16 MISATO ASSET: Members' Final Meeting Set for October 14 MOSEL LTD: Shareholders' Final Meeting Set for October 16 NORTH EMERGING: Shareholders' Final Meeting Set for October 16 PRAESIDEO FUND: Shareholders' Final Meeting Set for October 16 REDWOOD CAPITAL: Shareholder to Receive Wind-Up Report on Oct. 15 SICHUAN AIRBUS: Shareholders' Final Meeting Set for October 14 SIGNUM VERMILION: Moody's Takes Rating Action on 2006-01 Notes SNOWDON LTD: Shareholders' Final Meeting Set for October 16 TARTAN CAPITAL: Shareholder to Receive Wind-Up Report on Oct. 15 TAUNUS LTD: Shareholders' Final Meeting Set for October 16 C H I L E INVERTEC PESQUERA: Fitch Puts B- National Long-Term Rating C O L O M B I A ECOPETROL SA: Fitch Affirms Issuer Default Ratings at 'BB+' J A M A I C A AIR JAMAICA: Unions Ask for Suspension of Special Levy on Tickets NATIONAL COMMERCIAL BANK: Crown Closes Case Against Firm M E X I C O CEMEX SAB: Teams with Waste Recycling Group on New Fuel Plant CORPORACION DURANGO: Obtains Injunction Order from U.S. Court CORPORACION INTERAMERICANA: Fitch Cuts Nat'l LT Rating to BB GRUMA SAB: Reaches Deal to Extend Derivatives, Loan Deadline GRUMA SAB: Sees US$45M-US$50M Sales at Australia Plant This Year MULTICAT MEXICO: S&P Retains Ratings on Series 2009-1 Notes SU CASITA: Fitch Junks Construction Bridge Loan Rating P A N A M A PANAMA CANAL: S&P Downgrades Corporate Credit Rating to 'B+' V E N E Z U E L A CITGO PETROLEUM: Restart Date of Corpus Christi Unit Moved Back PETROLEOS DE VENEZUELA: Sells US$4.88 Billion in Foreign Assets PETROLEOS DE VENEZUELA: In Talks With Sonatrach on LNG Projects PETROLEOS DE VENEZUELA: Temporarily Halts JV Unit With Chevron - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: SFG Executive Gets Ok to Sell Waterfront Property ----------------------------------------------------------------- Laurel Brubaker Calkins at Bloomberg News reports that former Stanford Financial Group chief investment officer, Laura Pendergest-Holt, has obtained court authority allowing her husband, James D. Holt, to sell a luxury waterfront lot and keep some of the proceeds. According to the report, Mr. Holt asked U.S. District Judge David Godbey for permission to sell a US$2 million property the couple owns on North Carolina’s intra-coastal waterway before it falls into foreclosure. The report relates the Holts have been unable to pay their mortgage on the property because all their assets were frozen by court order when the U.S. Securities and Exchange Commission sued Robert Allen Stanford, Ms. Pendergest-Holt and others for fraud in February. Judge Godbey, the report notes, ruled that Mr. Holt will be allowed to keep 60% of any proceeds from the sale of the land because he contributed almost two-thirds of the down payment from funds he earned selling a house he owned before he met and married Mrs. Pendergest-Holt. “The court is of the opinion that the motion has merit and should be granted,” the report quoted Judge Godbey as saying. Bloomberg News relates that Judge Godbey ruled that the remaining 40% of the sales price, Ms. Pendergest-Holt’s share of the proceeds, should be deposited in an interest- bearing account until accusations against her are resolved. Bloomberg News notes that Stanford Financial Group court-appointed receiver, Ralph Janvey, didn’t oppose the Holts’ request to sell the property and allow the Mr. Holt to retain his “personal untainted” equity in the parcel. About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). ================= A R G E N T I N A ================= AMAN SA: Creditors' Proofs of Debt Due on December 23 ----------------------------------------------------- The court-appointed trustee for Aman S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until December 23, 2009. BLANQUICELESTE SA: Creditors to Vote Settlement Plan on Nov. 25 --------------------------------------------------------------- The creditors of Blanquiceleste S.A. will vote to ratify the company's completed settlement plan during the assembly on November 25, 2009, at 11:00 a.m. CIR SRL: Trustee Verifying Proofs of Claim Until November 24 ------------------------------------------------------------ The court-appointed trustee for Cir S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until November 24, 2009. The trustee will present the validated claims in court as individual reports on February 9, 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 23, 2010. ENCAJAS SA: Proofs of Claim Verification Deadline is December 10 ---------------------------------------------------------------- Miguel Angel Bottarelli, the court-appointed trustee for Encajas SA's reorganization proceedings, will be verifying creditors' proofs of claim until December 10, 2009. Mr. Bottarelli will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 21, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Creditors will vote to ratify the completed settlement plan during the assembly on September 20, 2010. The Trustee can be reached at: Miguel Angel Bottarelli Parana 326 Argentina LEIPARK INTERNATIONAL: Creditors' Proofs of Debt Due on October 27 ------------------------------------------------------------------ The court-appointed trustee for Leipark International Corporation's reorganization proceedings, will be verifying creditors' proofs of claim until October 27, 2009. MARIO IMPORT: Trustee Verifying Proofs of Claim Until November 9 ---------------------------------------------------------------- The court-appointed trustee for Mario Import S.A.C.I.Y.F.'s bankruptcy proceedings will be verifying creditors' proofs of claim until November 9, 2009. SENDEROS NORTE: Trustee Verifying Proofs of Claim Until Nov. 20 ---------------------------------------------------------------- The court-appointed trustee for Senderos Norte S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until November 20, 2009. SIDECO AMERICANA: Fitch Puts BB National Long-Term Rating --------------------------------------------------------- This is the comprehensive list of Fitch Ratings' 33 Latin America national scale rating changes for the month of September, which include: upgrades, downgrades, Rating Outlook and Rating Watch revisions, and withdrawn ratings. These rating changes were previously announced via separate press releases in Spanish or Portuguese. Fitch has upgraded these national ratings: Moneda Retorno Absoluto Fondo de Inversion (Chile) -- National long term rating to Primera Clase Nivel '2(cl)' from Primera Clase Nivel '4(cl) '. -- Assign Stable Outlook * (Rating action took place on Sept. 7, 2009.) Seguros CLC S.A. (Chile) -- National Insurer Financial Strength to 'A(cl)' from 'Ei (cl)'; -- Outlook remains Stable. * (Rating action took place on Sept. 8, 2009.) CN Life Compania de Seguros de Vida S.A. (CN Life) (Chile) -- National Insurer Financial Strength to 'AA(cl)' from 'AA- (cl)'; -- Outlook remains Stable. * (Rating action took place on Sept. 8, 2009.) Nuevo Banco de Entre Rios S.A. (Argentina) -- National short-term rating to 'A1(arg)' from 'A2 (arg)'; * (Rating action took place on Sept. 11, 2009.) Banco Monex, S.A. (Mexico) -- National long-term rating to 'A(mx)' from 'A-(mx)'; -- Outlook remains Stable. -- National short-term rating to 'F1+(mx)' from 'F2(mx)'; * * (Rating action took place on Sept. 14, 2009.) Comision Estatal de Aguas de Queretaro (Mexico) -- National long-term rating to 'A-(mx)' from 'BBB+(mx)'; -- Outlook remains Stable. * (Rating action took place on Sept. 15, 2009.) Nuevo Banco Industrial de Azul SA (Argentina) -- National long-term rating to 'A(arg)' from 'A-(arg)'; -- Outlook remains Stable. -- National short-term rating to 'A1(arg)' from 'A2 (arg)'; * (Rating action took place on Sept.15, 2009.) J. Malucelli Seguradora S.A. (Brasil) -- National Insurer Financial Strength to 'A(br)' from 'A- (br)'; -- Outlook revised to Stable from Positive. * (Rating action took place on Sept. 17, 2009.) BCP Emisiones Latam 1 S.A (Chile) -- Linea de Bonos por US$300 millones (Inscripcion No. 611 de la SVS) to 'AA- (cl)', from 'A+ (cl)'. -- Outlook remains Stable. * (Rating action took place on Sept. 21, 2009. Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. -- National long-term rating to 'A+(br)' from 'A(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009. Baluma (Uruguay) -- National long-term rating to 'A+(uy)' from 'A (uy)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009.) Fitch has also downgraded these ratings: Su Casita HSCCB04_042 (F#46) (Mexico) -- Construction bridge loan series 2004-2 national long-term rating to 'C(mex)' from 'B(mex)'; remains on Rating Watch Negative. * (Rating action took place on Sept. 8, 2009.) Votorantim Participacoes S.A. (VPAR) -- National long-term rating to 'AA(br)' from 'AAA(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 11, 2009.) Banco BTG Pactual S.A. -- National long-term rating to 'AA-(br)' from 'AAA(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009.) Corporacion GEO, S.A. de C.V. (Mexico) -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'; -- Assign Stable Outlook * (Rating action took place on Sept. 24, 2009.) Corporacion Interamericana de Entretenimiento (CIE) (Mexico) -- National long-term rating to 'BB(mex)' from 'BBB(mex)'; Mantains Rating Watch Negative; -- National short-term rating to 'B(mex)' from ' F3(mex)'; Mantains Rating Watch Negative; * (Rating action took place on Sept. 30, 2009.) Fitch has made these Outlook and Rating Watch revisions: Empresas CMPC S.A (Chile) -- National long term rating 'AA+' (cl) placed on Rating Watch Negative; * (Rating action took place on Sept. 23, 2009.) Fitch has affirmed and withdrawn these ratings: Septimo Patrimonio Separado de BCI Securitizadora S.A. (Chile) -- Series A Preferente national-long term rating of 'AA (cl)'. * (Rating action took place on Sept. 2, 2009.) Fondo Mutuo Xtra Cash (Xtra Cash) (Chile) -- National long term rating of 'AA-fm/M1' (cl). * (Rating action took place on Sept. 3, 2009.) Bazar Avenida Serie 4 -- Valores de Corto plazo of 'C(arg) ' * (Rating action took place on Sept. 14, 2009.) Dulcor I (Argentina) -- Valores de Deuda Fiduciaria (VDF) por un monto de VN$7.200.000 of 'BBB+(arg)' * (Rating action took place on September 16, 2009.) Sucredito I (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$2.800.000 of 'BBB+(arg)' * (Rating action took place on Sept. 17, 2009.) Ribeiro XXI (Argentina) -- Valores Representativos de Deuda Clase A (VRDA) por VN$43.829.299 of 'AAA(arg)'. * (Rating action took place on Sept. 18, 2009.) Secubono XXXIV (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$53.420.853 of 'AAA(arg)' * (Rating action took place on Sept. 18, 2009.) Fava XXIII (Argentina) -- Valores de Deuda Fiduciaria (VDF) por VN$11.011.738 of 'AAA(arg)' * (Rating action took place on Sept. 18, 2009.) Confibono XXXVII (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN $ 27.566.642 of 'A(arg)' * (Rating action took place on Sept. 21, 2009.) Megabono XXXIII (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$56.688.990 of 'AAA (arg)' * (Rating action took place on Sept. 22, 2009.) SMSV XVII (Argentina) -- Certificados de Participacion por VN$23.000.000 of 'AAA(arg) ' * (Rating action took place on Sept. 23, 2009.) FIDEBICA VII (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$4.593.174 of 'A(arg)' * (Rating action took place on Sept. 22, 2009.) Megabono XXXII (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$4.737.539 of 'AA-(arg)' * (Rating action took place on Sept. 22, 2009.) Megabono XXXV (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$35.462.450 of 'AAA(arg)' * (Rating action took place on Sept. 22, 2009.) Invertec Pesquera Mar de Chiloe S.A. (Invermar) (Chile) -- National long term rating of 'B-(cl)' * (Rating action took place on Sept. 29, 2009.) Sideco Americana S.A. (Argentina) -- National long-term rating 'BB(arg)'; * (Rating action took place on Sept. 30, 2009.) VOLGRANDE SA: Proofs of Claim Verification Deadline is December 3 ----------------------------------------------------------------- The court-appointed trustee for Volgrande SA's reorganization proceedings, will be verifying creditors' proofs of claim until December 3, 2009. =========== B R A Z I L =========== BANCO NACIONAL: Boosts Stake in Eletrobras ------------------------------------------ Banco Nacional de Desenvolvimento Economico e Social SA through its investment holding unit, BNDESPar, has increased its stake in Centrais Eletricas Brasileiras SA (Eletrobras) to the equivalent of 21.1% of voting shares and 8.2% of non-voting shares from 14.78% and 0.44% respectively, Guillermo Parra-Bernal and Denise Luna at Reuters reports. The report relates that the Eltrobras move may help the Company gain financial muscle for investment. According to the report, BNDESPar bought the stock from the federal government, the controlling shareholder of Eletrobras. The report relates that the terms of the transaction including the price per share and the size of the deal were not disclosed in the filing. Eletrobras Chief Financial Officer Astrogildo Quental, the report notes, said the purchase by BNDESPar might be more related to a strategic investment opportunity rather than a move by the government to boost the company's finances. "They probably thought that the stock price was very attractive," the report quoted Mr. Quental as saying. "Soon they might sell it to book profits," Mr. Quental added. About BNDES Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. BANCO NACIONAL: May Sell Local Bonds This Year ---------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA may sell local bonds this year through its investment arm to boost lending, Laura Price at Bloomberg News reports, citing O Estado de S. Paulo. According to the report, the newspaper said that Brazil’s government has transferred BRL4.4 billion (US$2.5 billion) of shares in companies such as Petroleo Brasileiro SA, Vale SA and Centrais Eletricas Brasileiras SA to the bank as part of a capitalization process. The report relates that a BNDES official declined to comment on the report. Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service. BANCO SANTANDER: Unit May Sell Unit at Top of its Price Range ------------------------------------------------------------- Charles Penty at Bloomberg News reports that Banco Santander Brasil SA, a unit of Banco Santander SA, may sell shares near the top of its price range as it seeks to raise funds from investors betting the nation’s economic growth will spur profit. The report relates that Banco Santander is offering shares at between BRL22 to BRL25 in the transaction. As reported in the Troubled Company Reporter-Latin America on September 22, 2009, Bloomberg News said Banco Santander aims to raise as much as BRL13.1 billion (US$7.2 billion) by selling shares in Banco Santander Brasil SA. According to the report, Banco Santander (Brasil) SA will sell 525 million units at BRL22 to BRL25. The report relates that each unit will include 55 common shares and 50 preferred shares. The offering is equivalent to 16.2% of the current capital of the Brazilian unit, the report notes. “It could price towards the top of the range,” the report quoted Clecius Peixoto, who helps manage US$12 billion at Emerging Markets Management LLC in Arlington, Virginia. “Even though it’s ambitious, it’s going to attract a lot of demand because it will draw in a lot of crossover investors.” Mr. Peixoto added. According to Bloomberg News, the sale may value Banco Santander Brasil SA at over EUR30 billion. The report, citing Pina of Morningstar notes, that Banco Santander's pricing range implies a price of 1.5 times book value, a discount of about 50% to Brazilian banks such as Osasco-based Bradesco. “The deal looks relatively fully valued,” the report quoted Kim Catechis, who oversees about US$2.5 billion in emerging markets funds at Scottish Widows Investment Partnership in Edinburgh, as saying. “It’s certainly not a giveaway,” Mr. Catechis added. Banco Santander Chief Executive Officer Alfredo Saenz, Bloomberg News says, called Brazil “our extra kicker.” The report relates Mr. Saenzs predicted the unit would boost its own net income by two-thirds to BRL7.9 billion in 2010. Santander plans to open 600 branches in the country by 2013 and forge new business with companies and homebuyers, the bank said in the prospectus for the share sale that was obtained by the news agency. About Banco Santander (Brasil) Banco Santander Brasil SA attracts deposits and offers retail, commercial and private banking, and asset management services. The bank offers consumer credit, mortgage loans, lease financing, mutual funds, insurance, commercial credit, investment banking services, and structured finance. * * * As of September 3, 2009, the company continues to carry Moody's "Ba2" Foreign LT bank Deposits rating. CAMARGO CORREA: Tractebel Energia Makes Offer for Hydro Assets -------------------------------------------------------------- Camargo Correa SA has received offers from Brazilian utility Tractebel Energia for its stakes in several hydroelectric generation projects, Alastair Stewart at Dow Jones Newswires reports, citing Estado newswire. According to the report, Tractebel Energia CEO Manoel Zaroni said that the company is seeking to buy Camargo Correa's 6.35% stake in Machadinho Energetica. Machadinho controls a 9.9% stake in the 3,500 megawatt capacity Jirau hydroelectric project on the Madeira River in the Amazon region. Dow Jones Newswires notes that Tractebel's parent company GDF Suez SA already has a 50.1% stake in the project. The report relates Machadinho also has a 4.5% stake in the 1,100 MW Estreito hydroelectric project in the northern state of Tocantins and an 83.1% interest in the smaller Machadinho hydroelectric project. Mr. Zaroni, the report relates, said the purchase would solidify the existing stakes of Tractebel and GDF Suez in the projects. Tractebel Energia would make the purchase utilizing company cash reserves, Mr. Zaroni added. About Camargo Correa Camargo Correa SA is one of the largest private industrial conglomerates in Brazil. The company is a holding company with interests in cement, engineering and construction, textiles, footwear and sportswear manufacturing. It also owns non- controlling equity interests in the energy, transportation (highway concessions) and steel businesses. During the last 12 months through June 2007, Camargo Correa had net sales of BRL9.2 billion and EBITDA of BRL1.4 billion. * * * As reported in the Troubled Company Reporter-Latin America on September 24, 2009, Standard & Poor's Ratings Services said that it affirmed its 'BB' long-term corporate credit rating on Camargo Correa S.A. and on CCSA's cement company Camargo Correa Cimentos S.A. (CCC). S&P removed the ratings from CreditWatch Negative where they were placed Feb. 2, 2009. The outlook is negative. COOAGRI: Sought Bankruptcy Protection With US$135.5 Million Debt ---------------------------------------------------------------- Brazilian farm cooperative Cooagri sought bankruptcy protection after talks to lease 18 storage facilities to Archer Daniels Midland Co. failed, Lucia Kassai at Bloomberg News reports, citing Valor Economico newspaper. According to the report, Cooagri entered bankruptcy protection at a court in Dourados, in the central-western state of Mato Grosso do Sul. The report, citing the newspaper, related that Conagri, the largest cooperative in the soybean-producing state, has BRL242 (US$135.5 million) of debt, Valor said. GERDUA AMERISTEEL: L.B. Foster to Supply Sheet Filing to Firm ------------------------------------------------------------- L.B. Foster Co. won a US$20.5 million contract from the Panama Canal Authority to supply sheet piling to steel producer, Gerdau Ameristeel Corporation, a unit of Brazil-based Gerdau SA. According to the report, the sheet piling is being used as part of the construction of the Panama Canal Expansion. The report relates that a bidder will be chosen later this year to install the piling for the canal. The AP notes that the canal's expansion will allow ultra-large intermodal ships traveling from Asia to continue by sea to the U.S. East coast, rather than unloading containers on the West coast and continuing travel by rail or truck across the United States. Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a mini-mill steel producer in North America. The company's products are sold to steel service centers, steel fabricators, or directly to original equipment manufactures for use in a variety of industries, including construction, cellular and electrical transmission, automotive, mining and equipment manufacturing. * * * As reported in the Troubled Company Reporter on April 20, 2009, Standard & Poor's Ratings Services placed its ratings, including its 'BB+' corporate credit rating, on Tampa, Florida-based Gerdau Ameristeel Corp. on CreditWatch with negative implications. GOL LINHAS: Posts Preliminary Traffic Figures for September 2009 ---------------------------------------------------------------- GOL Linhas Aereas Inteligentes S.A. posted its preliminary traffic figures for September 2009. Management Comments In September 2009, GOL recorded a 26.6% year-on-year growth in air traffic demand due to the following factors: (i) the increased supply and improved distribution of seats due to the merger of GOL and VRG's operations in 4Q08; (ii) the continued revitalization of the SMILES program; and (iii) fiercer competition in the domestic market, with successive fare reductions that drove up demand sharply in September. In this scenario, domestic market demand moved up by 36.4% over September 2008 and by 6.5% over August 2009. However, the factors behind this demand increase were partially offset by the fewer number of days in September compared to August. International demand dropped by 22.4% year-on-year due to the reduction in the supply of seats on less profitable international routes. In comparison with August 2009, international demand rose by 21.1% due to the same factors that drove domestic demand and the recovery of traffic to Chile and Argentina, since the end of winter has led to a substantial reduction in H1N1 flu cases. On the capacity front, seating capacity per kilometer flown climbed by 8.7% over September 2008, mainly due to the expansion of the operating fleet and a 4.2% decline in consolidated capacity in comparison with August 2009, due to the reduction in the supply of seats in the international market. Operating Data September September % Chg. August % Chg. 2009 * 2008 * (YoY) 2009 * (MoM) -------------- --------- --------- ------ ------ ------- Total System ASK (mm) (1) 3,289.7 3,027.4 8.7% 3,432.6 -4.2% RPK (mm) (2) 2,184.6 1,725.3 26.6% 2,025.9 7.8% Load Factor (3) 66.4% 57.0% 9.4 pp 59.0% 7.4 pp Domestic Market ASK (mm) (1) 2,922.1 2,547.5 14.7% 3,019.0 -3.2% RPK (mm) (2) 1,962.6 1,439.3 36.4% 1,842.6 6.5% Load Factor (3) 67.2% 56.5% 10.7 pp 61.0% 6.2 pp International Market ASK (mm) (1) 367.5 479.9 -23.4% 413.5 -11.1% RPK (mm) (2) 222.0 286.0 -22.4% 183.3 21.1% Load Factor (3) 60.4% 59.6% 0.8 pp 44.3% 16.1 pp (*) September 2009 preliminary figures; September 2008 and August 2009 ANAC figures. In line with its focus on optimizing operating profitability, the utilization ratio of GOL's operational fleet (measured in block hours) remained above 12 hours/day. As a result of the highly competitive price scenario in the domestic market, at unsustainable levels, average net yield in September was around R$17.00 cents, taking the quarterly yield slightly to approximately R$19.00 cents. Despite the decrease in average net yield, the Company has maintained its operating cash generation in line with the two previous quarters. Operating Data Total System - Quarter 3Q09 3Q08 % Chg. 2Q09 % Chg. ---------------------- ---- ---- ------ ---- ------ ASK (mm) (1) 10,212.7 9,909.3 3.1% 9,635.2 6.0% RPK (mm) (2) 6,705.8 5,942.5 12.8% 5,794.7 15.7% Load Factor (3) 65.7% 60.0% 5.7 pp 60.1% 5.5 pp (1) Available seat kilometers, or ASK, represents the aircraft seating capacity multiplied by the number of kilometers the seats are flown. (2) Revenue passenger kilometers, or RPK, represents the number of kilometers flown by revenue passengers. (3) Load factor represents the percentage of aircraft seating capacity that is actually utilized (calculated by dividing RPK by ASK). About GOL Linhas Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/-- through its subsidiary, GOL Transportes Aereos S.A., provides airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas Inteligentes S.A.'s ratings: -- Foreign and Local Currency long-term Issuer Default Ratings at 'B+'; -- Long-term National Rating at 'BBB(bra)'; -- US$200 million perpetual notes at 'B/RR5'; -- US$200 million senior notes due 2017 at 'B/RR5'. TAM SA: Signs Agreement with Austrian Airlines ---------------------------------------------- TAM S.A. has signed an agreement with Austrian Airlines, member of Star Alliance, to allow members of the TAM Fidelidade program to accumulate and redeem points in flights operated by the Austrian company. Passengers from Austrian Airlines who use the Miles & More program have enjoyed those benefits on TAM operated flights since February 2008. The new partnership became effective October 1. "The agreement we have just signed with Austrian is aligned with our strategy of integration into Star Alliance. With this, we are establishing partnerships with the main airline companies in the world, as well as expanding the benefits offered to our clients," said Paulo Castello Branco, TAM Commercial and Planning vice president. About TAM SA Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. * * * As of June 17, 2009, the company continues to carry Fitch Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings. The company also continues to carry Moody's B1 LT Corp Family Rating and Senior Unsecured Debt Ratings. TAM SA: Expands Partnership with bmi to Offer More Benefits ----------------------------------------------------------- TAM SA has signed an agreement with the airline bmi, member of Star Alliance, to allow members of the TAM Fidelidade program to accumulate and redeem points on flights operated by the British company. TAM's customers have begun earning benefits since October 1. Likewise, beginning November 1, members of bmi's Diamond Club program will also be able to earn and redeem points on TAM flights. TAM and bmi already have a codeshare agreement on different routes operated by both companies. This partnership will benefit clients by simplifying the flight reservation process, allowing convenient connection on one single airline ticket and through baggage check- in. "We are very pleased to announce this agreement with bmi, thus expanding the benefits offered to our clients," said Paulo Castello Branco, our Commercial and Planning vice president. The partnership also strengthens TAM's strategy of Excellence in Services, one of the three pillars that are the foundation of the company's operation, in addition to Technical-Operational Excellence and Excellence in Management. Juliet Hutchin, Head of Loyalty at bmi, said, "We're delighted to become the latest airline partner in TAM's Fidelidade program and we look forward to welcoming TAM's customers onto our flights." About TAM SA Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. * * * As of June 17, 2009, the company continues to carry Fitch Ratings' 'BB' Foreign and Local Currency Issuer Default Ratings. The company also continues to carry Moody's B1 LT Corp Family Rating and Senior Unsecured Debt Ratings. ========================== C A Y M A N I S L A N D S ========================== 3D GLOBAL: Shareholders' Final Meeting Set for October 16 --------------------------------------------------------- The shareholders of The 3d Global Opportunities Fund Ltd will hold their final meeting on October 16, 2009, at 8:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands CARLYLE HIGH: Shareholders' Final Meeting Set for October 16 ------------------------------------------------------------ The shareholders of Carlyle High Yield Partners II, Ltd. will hold their final meeting on October 16, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 CONNEMARA LTD: Shareholders' Final Meeting Set for October 16 ------------------------------------------------------------- The shareholders of Connemara Ltd. will hold their final meeting on October 16, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 CYGNUS CAYMAN: Shareholders' Final Meeting Set for October 16 ------------------------------------------------------------- The shareholders of Cygnus Cayman Limited will hold their final meeting on October 16, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands EMERALD FINANCIAL: Shareholders' Final Meeting Set for October 16 ----------------------------------------------------------------- The shareholders of Emerald Financial Corporation Limited will hold their final meeting on October 16, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 FLITE LIMITED: Shareholders' Final Meeting Set for October 16 ------------------------------------------------------------- The shareholders of Flite Limited will hold their final meeting on October 16, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 FREEWAY PARTNERS: Shareholders' Final Meeting Set for October 16 ---------------------------------------------------------------- The shareholders of Freeway Partners Master Fund, Ltd. will hold their final meeting on October 16, 2009, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands FUSION 2007: Shareholder to Receive Wind-Up Report on October 15 ---------------------------------------------------------------- The shareholder of Fusion 2007 Ltd. will receive, on October 15, 2009, at 10:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Scott Aitken c/o Sylvia Lewis Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Facsimile: 949-7634 GLOBAL FRONTIER: Shareholders' Final Meeting Set for October 16 --------------------------------------------------------------- The shareholders of Global Frontier Initiative Limited will hold their final meeting on October 16, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 GMFF CASTOR: Shareholders' Final Meeting Set for October 16 ----------------------------------------------------------- The shareholders of GMFF Castor Fund will hold their final meeting on October 16, 2009, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands LONGRIDGE ABS: Shareholders' Final Meeting Set for October 16 ------------------------------------------------------------- The shareholders of Longridge ABS CDO II, Ltd. will hold their final meeting on October 16, 2009, at 9:45 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands MISATO ASSET: Members' Final Meeting Set for October 14 ------------------------------------------------------- The members of Misato Asset Management will hold their final meeting on October 14, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 MOSEL LTD: Shareholders' Final Meeting Set for October 16 --------------------------------------------------------- The shareholders of Mosel Ltd. will hold their final meeting on October 16, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 NORTH EMERGING: Shareholders' Final Meeting Set for October 16 -------------------------------------------------------------- The shareholders of North Emerging Market Hybrid CDO Limited will hold their final meeting on October 16, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 PRAESIDEO FUND: Shareholders' Final Meeting Set for October 16 -------------------------------------------------------------- The shareholders of Praesideo Fund Services Ltd. will hold their final meeting on October 16, 2009, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 REDWOOD CAPITAL: Shareholder to Receive Wind-Up Report on Oct. 15 ----------------------------------------------------------------- The shareholder of Redwood Capital X Ltd will receive, on October 15, 2009, at 10:30 a.m., the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Scott Aitken Connan Hill c/o Sylvia Lewis Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Facsimile: 949-7634 SICHUAN AIRBUS: Shareholders' Final Meeting Set for October 14 -------------------------------------------------------------- The shareholders of Sichuan Airbus Leasing Limited will hold their final meeting on October 14, 2009, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Darren Riley c/o Ellen J. Christian Telephone: 345 945-9208 Facsimile: 345 945-9210 c/o BNP Paribas Bank & Trust Cayman Limited 3rd Floor Royal Bank House, Shedden Road George Town, Grand Cayman SIGNUM VERMILION: Moody's Takes Rating Action on 2006-01 Notes -------------------------------------------------------------- Moody's Investors Service announced this rating action on notes issued Signum Vermilion Limited. Issuer: Signum Vermilion Limited Series 2006-01 -- US$20,000,000 Fixed Rate Credit-Linked Notes Linked to an Arithmetic Basket of Credits due 2010, B2 Placed Under Review for Possible Downgrade; previously on Feb 26, 2008 Confirmed at B2 This transaction is a credit linked notes referencing a basket of eight corporate reference entities. Moody's explained that the rating action taken is the result of one of the reference entities, Sinclair Broadcast Group Inc, current Caa2 rating being placed under review for possible downgrade. Moody's monitors this transaction using primarily the methodology and its supplements for repacked securities as described in Moody's Rating Methodology papers: -- Repackaged Securities (October 2001) -- Moody's Refines Its Approach to Rating Structured Notes (July 1997) In addition to the quantitative factors that are explicitly modelled, qualitative factors are part of rating committee considerations. These qualitative factors include, among others, the structural protections in each transaction, the recent deal performance in the current market environment, the strength of the legal framework as well as specific documentation features, and selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, may influence the final rating decision. SNOWDON LTD: Shareholders' Final Meeting Set for October 16 ----------------------------------------------------------- The shareholders of Snowdon Ltd. will hold their final meeting on October 16, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 TARTAN CAPITAL: Shareholder to Receive Wind-Up Report on Oct. 15 ---------------------------------------------------------------- The shareholder of Tartan Capital Limited will receive, on October 15, 2009, at 10:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Scott Aitken c/o Sylvia Lewis Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Facsimile: 949-7634 TAUNUS LTD: Shareholders' Final Meeting Set for October 16 ---------------------------------------------------------- The shareholders of Taunus Ltd. will hold their final meeting on October 16, 2009, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984, Grand Cayman KY1-1104 ========= C H I L E ========= INVERTEC PESQUERA: Fitch Puts B- National Long-Term Rating ---------------------------------------------------------- This is the comprehensive list of Fitch Ratings' 33 Latin America national scale rating changes for the month of September, which include: upgrades, downgrades, Rating Outlook and Rating Watch revisions, and withdrawn ratings. These rating changes were previously announced via separate press releases in Spanish or Portuguese. Fitch has upgraded these national ratings: Moneda Retorno Absoluto Fondo de Inversion (Chile) -- National long term rating to Primera Clase Nivel '2(cl)' from Primera Clase Nivel '4(cl) '. -- Assign Stable Outlook * (Rating action took place on Sept. 7, 2009.) Seguros CLC S.A. (Chile) -- National Insurer Financial Strength to 'A(cl)' from 'Ei (cl)'; -- Outlook remains Stable. * (Rating action took place on Sept. 8, 2009.) CN Life Compania de Seguros de Vida S.A. (CN Life) (Chile) -- National Insurer Financial Strength to 'AA(cl)' from 'AA- (cl)'; -- Outlook remains Stable. * (Rating action took place on Sept. 8, 2009.) Nuevo Banco de Entre Rios S.A. (Argentina) -- National short-term rating to 'A1(arg)' from 'A2 (arg)'; * (Rating action took place on Sept. 11, 2009.) Banco Monex, S.A. (Mexico) -- National long-term rating to 'A(mx)' from 'A-(mx)'; -- Outlook remains Stable. -- National short-term rating to 'F1+(mx)' from 'F2(mx)'; * * (Rating action took place on Sept. 14, 2009.) Comision Estatal de Aguas de Queretaro (Mexico) -- National long-term rating to 'A-(mx)' from 'BBB+(mx)'; -- Outlook remains Stable. * (Rating action took place on Sept. 15, 2009.) Nuevo Banco Industrial de Azul SA (Argentina) -- National long-term rating to 'A(arg)' from 'A-(arg)'; -- Outlook remains Stable. -- National short-term rating to 'A1(arg)' from 'A2 (arg)'; * (Rating action took place on Sept.15, 2009.) J. Malucelli Seguradora S.A. (Brasil) -- National Insurer Financial Strength to 'A(br)' from 'A- (br)'; -- Outlook revised to Stable from Positive. * (Rating action took place on Sept. 17, 2009.) BCP Emisiones Latam 1 S.A (Chile) -- Linea de Bonos por US$300 millones (Inscripcion No. 611 de la SVS) to 'AA- (cl)', from 'A+ (cl)'. -- Outlook remains Stable. * (Rating action took place on Sept. 21, 2009. Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. -- National long-term rating to 'A+(br)' from 'A(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009. Baluma (Uruguay) -- National long-term rating to 'A+(uy)' from 'A (uy)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009.) Fitch has also downgraded these ratings: Su Casita HSCCB04_042 (F#46) (Mexico) -- Construction bridge loan series 2004-2 national long-term rating to 'C(mex)' from 'B(mex)'; remains on Rating Watch Negative. * (Rating action took place on Sept. 8, 2009.) Votorantim Participacoes S.A. (VPAR) -- National long-term rating to 'AA(br)' from 'AAA(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 11, 2009.) Banco BTG Pactual S.A. -- National long-term rating to 'AA-(br)' from 'AAA(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009.) Corporacion GEO, S.A. de C.V. (Mexico) -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'; -- Assign Stable Outlook * (Rating action took place on Sept. 24, 2009.) Corporacion Interamericana de Entretenimiento (CIE) (Mexico) -- National long-term rating to 'BB(mex)' from 'BBB(mex)'; Mantains Rating Watch Negative; -- National short-term rating to 'B(mex)' from ' F3(mex)'; Mantains Rating Watch Negative; * (Rating action took place on Sept. 30, 2009.) Fitch has made these Outlook and Rating Watch revisions: Empresas CMPC S.A (Chile) -- National long term rating 'AA+' (cl) placed on Rating Watch Negative; * (Rating action took place on Sept. 23, 2009.) Fitch has affirmed and withdrawn these ratings: Septimo Patrimonio Separado de BCI Securitizadora S.A. (Chile) -- Series A Preferente national-long term rating of 'AA (cl)'. * (Rating action took place on Sept. 2, 2009.) Fondo Mutuo Xtra Cash (Xtra Cash) (Chile) -- National long term rating of 'AA-fm/M1' (cl). * (Rating action took place on Sept. 3, 2009.) Bazar Avenida Serie 4 -- Valores de Corto plazo of 'C(arg) ' * (Rating action took place on Sept. 14, 2009.) Dulcor I (Argentina) -- Valores de Deuda Fiduciaria (VDF) por un monto de VN$7.200.000 of 'BBB+(arg)' * (Rating action took place on September 16, 2009.) Sucredito I (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$2.800.000 of 'BBB+(arg)' * (Rating action took place on Sept. 17, 2009.) Ribeiro XXI (Argentina) -- Valores Representativos de Deuda Clase A (VRDA) por VN$43.829.299 of 'AAA(arg)'. * (Rating action took place on Sept. 18, 2009.) Secubono XXXIV (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$53.420.853 of 'AAA(arg)' * (Rating action took place on Sept. 18, 2009.) Fava XXIII (Argentina) -- Valores de Deuda Fiduciaria (VDF) por VN$11.011.738 of 'AAA(arg)' * (Rating action took place on Sept. 18, 2009.) Confibono XXXVII (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN $ 27.566.642 of 'A(arg)' * (Rating action took place on Sept. 21, 2009.) Megabono XXXIII (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$56.688.990 of 'AAA (arg)' * (Rating action took place on Sept. 22, 2009.) SMSV XVII (Argentina) -- Certificados de Participacion por VN$23.000.000 of 'AAA(arg) ' * (Rating action took place on Sept. 23, 2009.) FIDEBICA VII (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$4.593.174 of 'A(arg)' * (Rating action took place on Sept. 22, 2009.) Megabono XXXII (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$4.737.539 of 'AA-(arg)' * (Rating action took place on Sept. 22, 2009.) Megabono XXXV (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$35.462.450 of 'AAA(arg)' * (Rating action took place on Sept. 22, 2009.) Invertec Pesquera Mar de Chiloe S.A. (Invermar) (Chile) -- National long term rating of 'B-(cl)' * (Rating action took place on Sept. 29, 2009.) Sideco Americana S.A. (Argentina) -- National long-term rating 'BB(arg)'; * (Rating action took place on Sept. 30, 2009.) =============== C O L O M B I A =============== ECOPETROL SA: Fitch Affirms Issuer Default Ratings at 'BB+' ----------------------------------------------------------- Fitch Ratings has affirmed the Issuer Default Ratings and outstanding debt ratings of Ecopetrol S.A.: -- Local currency IDR at 'BBB-'; -- Foreign currency IDR at 'BB+'; -- US$1.5 billion senior unsecured notes due 2019 at 'BB+'. The Rating Outlook is Stable. Ecopetrol maintains a strong financial profile with only about US$1 billion in debt as of June 2009. Its reserves are sizable and stable, and its production levels have been increasing. These factors, plus its dominant domestic market share, allow the company to generate consistently strong cash flows from operations and meet its obligations in a timely manner. Also, the company has diversified its revenue streams by expanding internationally with assets in Brazil, Peru and the U.S. (the Gulf of Mexico). Production and reserves in these countries are minimal but are expected to increase over time. Together with export revenues which currently represent approximately 40% of the total the company is able to generate significant hard currency in other jurisdictions. However, like other companies in the oil and gas sector, Ecopetrol is vulnerable to fluctuations in international commodity prices and tightening environmental regulations requiring material investment in downstream operations. Ecopetrol has an aggressive growth strategy and its operating metrics are below average, which constrain the company's rating levels. The company reserve replacement ratio was 68% over the last three years and 46% in 2008, as well as its current reserve life was 7 to 8 years in the last few years. The company's goal to increase production to 1 million barrels of oil equivalent per day (boepd) by 2015 from 447 thousand boepd in 2008 as well as refining capacity to 650 thousand barrels per day (bpd) from 335 thousand bpd, respectively, increases both business and event risk. Fitch believes that Ecopetrol will face challenges in meeting these goals and improving reserve life in the aforementioned time frame while maintaining all its stated credit metric targets. These include leverage below 2.0 times (x), EBITDA interest coverage above 5.0x, debt to capitalization of 20%-40% and debt to proven reserves of US$4.5 per barrel. Ecopetrol ratings are also linked to the credit profile of the Republic of Colombia (local and foreign currency ratings of 'BBB-' and 'BB+', respectively), which owns 89.9% of the company's total capital. The company is also linked closely with the Colombian government through its exposure to changes in regulation and its receipt of subsidies to retail fuel consumers from the central government in the past and potentially in the future. The company is the largest employer in Colombia, generates approximately 20% of the government revenues and is of great strategic importance to the country. Also, the company's high dividend policy which has averaged about 70% of net income in the past is influenced by the sovereign's need of funds given the inflexible government spending. The board of directors has nine members of which six are independent and three are government officials. In order to meet its aggressive growth strategy, Ecopetrol has a capital expenditure and investment program of approximately US$60 billion from 2008 to 2015 including US$6.2 billion in 2009. This budget includes US$38 million for its upstream operations, US$20 billion for its downstream business and US$2 billion for organizational consolidation. Acquisitions represent US$15 billion or 25% of the total, with US$10 billion in exploration and production, and US$5 billion in refining. Year- to-date the company accelerated acquisitions totaling US$2 billion as of the first half of the year representing more than double the company's guidance at the beginning of the year. These transactions diversify the geographic generation of revenues (Petrotech Peruana), increase production and reserves (both Petrotech and Hocol), returns the full control of the Cartagena refinery to the company (Reficar), and increases the stake of Ecopetrol in Ocensa's transportation system. Liquidity is strong with US$2.5 billion of cash on hand as of June 2009. The company plans to finance its capital expenditure program using internal cash flow generation, debt issuances as well as a possible secondary equity offering, which could increase the company's total floating capital to 20% (per law 1118 of 2006 the company cannot issue more shares than 20% of the total). To this end, the company entered into a US$1 billion equivalent seven year loan in local currency in May and issued US$1.5 billion in the international capital markets in July. Due to the high dividend policy and aggressive capex plan free cash flow is expected to be negative in the foreseeable future while debt could rise significantly. Fitch Ratings expects leverage, as measured by total adjusted debt (including off-balance sheet debt) to EBTIDA, to range between 2.0x and 2.5x over the medium term. Ecopetrol is a vertically integrated oil company owned by the Colombian government (approximately 89.9%). The company's activities include exploration for and production of crude oil and natural gas, as well as refining, transportation, distribution and marketing of refined products. Ecopetrol is Latin America's fourth-largest integrated oil company with hydrocarbon production during 2008 of 447,000 boe per day, refining capacity of 335,000 bpd and proved reserves of 1.14 billion boe (under SEC definition). ============= J A M A I C A ============= AIR JAMAICA: Unions Ask for Suspension of Special Levy on Tickets ----------------------------------------------------------------- The National Workers Union, which represents some groups of Air Jamaica Limited's workers, suggests the suspension of the special levy on the airline's ticket sales, RadioJamaica reports. The report relates that earnings from the levy of JM$10 per ticket go to the Tourism Enhancement Fund. According to the report, NWU Vice President, Granville Valentine, says if the proposal is accepted, it will result in increased cash flow to Air Jamaica which is still struggling with a high amount of debt. "Now when you look at Air Jamaica which has an average of 8 million passengers per year times US$10 you will see that that could have gone a long way. We are looking at all of these mitigating circumstances to see how best we can offset some of the debt," the report quoted Mr. Valentine as saying. 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). NATIONAL COMMERCIAL BANK: Crown Closes Case Against Firm -------------------------------------------------------- Prosecutors have wrapped up their case in the money laundering trial against National Commercial Bank Jamaica Limited, RadioJamaica reports. The report relates prosecutors closed its case after calling Brian Sykes, former Deputy Director of Public Prosecutions as its final witness. According to the report, Mr. Sykes testified about his role as head of the Financial Crimes Unit during the period that NCB was under investigation. Defense attorney Garth McBean, the report notes, is expected to make no-case submissions when the matter resumes on November 26. RadioJamaica notes that NCB is accused of breaching the Money Laundering Act when it failed to report the multi-million dollar financial transactions of drug kingpin Norris 'Deedo' Nembhard. The report recalls the Financial Investigation Division of the Ministry of Finance served summonses on NCB in February 2007, concerning six threshold transactions. The Division, the report says, accused the bank of failing to report information on Nembhard's accounts as required by law. RadioJamaica says NCB confirmed that the transactions occurred on Mr. Nembhard's accounts at one of its branches over an eight month period in 2003. However, the report relates, it strongly denies that it covered up the transactions. About NCB Jamaica Headquartered in Kingston, Jamaica, the National Commercial Bank Jamaica Limited -- http://www.jncb.com/-- provides commercial and retail banking, wealth management services. The company's services include personal banking, business banking, mortgage loans, wealth management and insurance services. Founded in 1977, the bank primarily operates in West Indies and the U.K. * * * As reported in the Troubled Company Reporter-Latin America on August 10, 2009, Standard & Poor's Ratings Services said that it lowered its long-term ratings on National Commercial Bank Jamaica Ltd., including the counterparty credit rating, to 'CCC+' from 'B-'. At the same time, S&P lowered its survivability assessment on NCB to 'B+' from 'BB+'. The outlook is negative. Fitch said the ratings have a stable rating outlook. =========== M E X I C O =========== CEMEX SAB: Teams with Waste Recycling Group on New Fuel Plant ------------------------------------------------------------- Spanish-owned waste management company Waste Recycling Group will be working together with CEMEX, S.A.B. de C.V. to provide the cement manufacturer with refuse derived fuel for its Rugby Cement Works, located in England's West Midlands near Coventry, EUWID News reports. According to the report, if granted planning approval, both company plans to build and operate a mechanical biological treatment facility, which would produce "Climafuel" fuel from municipal or commercial and industrial waste at one of its inactive sites in the area. The report relates that the Climafuel would replace the RDF that the company currently imports from elsewhere in the country and would reduce the amount of fossil fuels consumed at the plant. The report notes that the plant would process 300,000 tonnes of waste per year and produce 150,000 tonnes of Climafuel. About Cemex SAB CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As reported in the Troubled Company Reporter-Latin America on August 19, 2009, Fitch Ratings has affirmed these ratings of Cemex, S.A.B. de C.V.: -- Foreign currency Issuer Default Rating at 'B'; -- Local currency IDR at 'B'; -- Long-term national scale rating at 'BB-(mex)'; -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)'; -- MXN30 billion Programa Dual Revolvente de Certificados Bursatiles program at 'BB-(mex)'; -- Senior unsecured debt obligations at 'B+/RR3'; -- Unsecured debt issued through the Certificados Bursatiles program at 'BB-(mex)'; -- Short-term national scale rating at 'B (mex)'; -- MXN2.5 billion short-term portion of Programa Dual Revolvente de Certificados Bursatiles program at 'B (mex)'. CORPORACION DURANGO: Obtains Injunction Order from U.S. Court ------------------------------------------------------------- Erik Larson at Bloomberg News reports that Corporacion Durango SAB won a court order barring dissident creditors from suing in the United States. The report relates U.S. Bankruptcy Judge Robert Drain gave “full force and effect” to the Mexican confirmation order in a ruling in New York and issued an injunction preventing displeased creditors from taking legal action in the U.S. Durango argued complaints should be handled in Mexico. “Corporacion Durango has established grounds for the granting of a permanent injunction enjoining parties from initiating or continuing any action or proceeding in the United States and its territories,” the report quoted Judge Drain as saying. The order applies to any U.S. legal action not specifically allowed under the Mexican confirmation order. As reported in the Troubled Company Reporter-Latin America on September 1, 2009, Paper International, inc., et al., said in a filing with the U.S. Bankruptcy Court for the Southern District of New York that their First Amended Joint Chapter 11 Plan of Reorganization co-proposed by Corporacion Durango, became effective August 27, 2009. The applications for payment of a fee claim are due within 45 days after the Effective Date. According to a TCR report on June 24, 2009, the Hon. Robert R. Drain of the U.S. Bankruptcy Court for the Southern District of New York confirmed a first amended joint Chapter 11 plan of reorganization for Paper International and Fiber Management proposed by their parent company Corporacion Durango on May 15, 2009. According to Bloomberg News, Durango’s general counsel, Gabriel Villegas Salazar, said in court papers that the successful turnaround could be hampered by creditors unhappy with the Mexican plan. They should take their complaints to the court most capable of dealing with the issue, the Durango District Court in Mexico, Mr. Salazar added. About Corporacion Durango Corporacion Durango, S.A.B. de C.V. (BMV: CODUSA) is the largest paper producer in Mexico, it has 8 paper mills, 21 corrugated containers and 11 depots for recycled fiber facilities in Mexico and in the U.S.A. The number of direct employees is 8,000 and 3,850 indirect employees esteemed and its combined sales per year are approximately US$1.2 billion dollars. The Company and its units filed for bankruptcy in Mexico and the U.S. in October after missing a US$26.5 million interest payment on 10.5% bonds due in 2017. Corporacion Durango filed for Chapter 15 bankruptcy with the U.S. Bankruptcy Court for the Southern District of New York (Lead Case No. 08-13911) on Oct. 6, 2008. In its Chapter 15 petition, Corporacion Durango asked the U.S. Court to consider its proceedings in Mexico as the "foreign main proceeding." Two of its affiliates -- Paper International Inc. and Fiber Management of Texas Inc. -- filed for Chapter 11 protection separately with the same court on the same day. Both were liable on the parent's notes that went into default when the parent was unable to make a US$26.5 million interest payment due in October. The bankruptcy court in New York confirmed the U.S. subsidiaries' Chapter 11 plan in June. The U.S. plan for Paper International Inc. and Fiber Management of Texas called for paying unsecured creditors approximately 70% while trade suppliers would be paid in full. Holders of US$535 million in notes are slated for US$250 million in new notes, 17 million shares of stock, and US$10 million cash. CORPORACION INTERAMERICANA: Fitch Cuts Nat'l LT Rating to BB ------------------------------------------------------------ This is the comprehensive list of Fitch Ratings' 33 Latin America national scale rating changes for the month of September, which include: upgrades, downgrades, Rating Outlook and Rating Watch revisions, and withdrawn ratings. These rating changes were previously announced via separate press releases in Spanish or Portuguese. Fitch has upgraded these national ratings: Moneda Retorno Absoluto Fondo de Inversion (Chile) -- National long term rating to Primera Clase Nivel '2(cl)' from Primera Clase Nivel '4(cl) '. -- Assign Stable Outlook * (Rating action took place on Sept. 7, 2009.) Seguros CLC S.A. (Chile) -- National Insurer Financial Strength to 'A(cl)' from 'Ei (cl)'; -- Outlook remains Stable. * (Rating action took place on Sept. 8, 2009.) CN Life Compania de Seguros de Vida S.A. (CN Life) (Chile) -- National Insurer Financial Strength to 'AA(cl)' from 'AA- (cl)'; -- Outlook remains Stable. * (Rating action took place on Sept. 8, 2009.) Nuevo Banco de Entre Rios S.A. (Argentina) -- National short-term rating to 'A1(arg)' from 'A2 (arg)'; * (Rating action took place on Sept. 11, 2009.) Banco Monex, S.A. (Mexico) -- National long-term rating to 'A(mx)' from 'A-(mx)'; -- Outlook remains Stable. -- National short-term rating to 'F1+(mx)' from 'F2(mx)'; * * (Rating action took place on Sept. 14, 2009.) Comision Estatal de Aguas de Queretaro (Mexico) -- National long-term rating to 'A-(mx)' from 'BBB+(mx)'; -- Outlook remains Stable. * (Rating action took place on Sept. 15, 2009.) Nuevo Banco Industrial de Azul SA (Argentina) -- National long-term rating to 'A(arg)' from 'A-(arg)'; -- Outlook remains Stable. -- National short-term rating to 'A1(arg)' from 'A2 (arg)'; * (Rating action took place on Sept.15, 2009.) J. Malucelli Seguradora S.A. (Brasil) -- National Insurer Financial Strength to 'A(br)' from 'A- (br)'; -- Outlook revised to Stable from Positive. * (Rating action took place on Sept. 17, 2009.) BCP Emisiones Latam 1 S.A (Chile) -- Linea de Bonos por US$300 millones (Inscripcion No. 611 de la SVS) to 'AA- (cl)', from 'A+ (cl)'. -- Outlook remains Stable. * (Rating action took place on Sept. 21, 2009. Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. -- National long-term rating to 'A+(br)' from 'A(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009. Baluma (Uruguay) -- National long-term rating to 'A+(uy)' from 'A (uy)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009.) Fitch has also downgraded these ratings: Su Casita HSCCB04_042 (F#46) (Mexico) -- Construction bridge loan series 2004-2 national long-term rating to 'C(mex)' from 'B(mex)'; remains on Rating Watch Negative. * (Rating action took place on Sept. 8, 2009.) Votorantim Participacoes S.A. (VPAR) -- National long-term rating to 'AA(br)' from 'AAA(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 11, 2009.) Banco BTG Pactual S.A. -- National long-term rating to 'AA-(br)' from 'AAA(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009.) Corporacion GEO, S.A. de C.V. (Mexico) -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'; -- Assign Stable Outlook * (Rating action took place on Sept. 24, 2009.) Corporacion Interamericana de Entretenimiento (CIE) (Mexico) -- National long-term rating to 'BB(mex)' from 'BBB(mex)'; Mantains Rating Watch Negative; -- National short-term rating to 'B(mex)' from ' F3(mex)'; Mantains Rating Watch Negative; * (Rating action took place on Sept. 30, 2009.) Fitch has made these Outlook and Rating Watch revisions: Empresas CMPC S.A (Chile) -- National long term rating 'AA+' (cl) placed on Rating Watch Negative; * (Rating action took place on Sept. 23, 2009.) Fitch has affirmed and withdrawn these ratings: Septimo Patrimonio Separado de BCI Securitizadora S.A. (Chile) -- Series A Preferente national-long term rating of 'AA (cl)'. * (Rating action took place on Sept. 2, 2009.) Fondo Mutuo Xtra Cash (Xtra Cash) (Chile) -- National long term rating of 'AA-fm/M1' (cl). * (Rating action took place on Sept. 3, 2009.) Bazar Avenida Serie 4 -- Valores de Corto plazo of 'C(arg) ' * (Rating action took place on Sept. 14, 2009.) Dulcor I (Argentina) -- Valores de Deuda Fiduciaria (VDF) por un monto de VN$7.200.000 of 'BBB+(arg)' * (Rating action took place on September 16, 2009.) Sucredito I (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$2.800.000 of 'BBB+(arg)' * (Rating action took place on Sept. 17, 2009.) Ribeiro XXI (Argentina) -- Valores Representativos de Deuda Clase A (VRDA) por VN$43.829.299 of 'AAA(arg)'. * (Rating action took place on Sept. 18, 2009.) Secubono XXXIV (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$53.420.853 of 'AAA(arg)' * (Rating action took place on Sept. 18, 2009.) Fava XXIII (Argentina) -- Valores de Deuda Fiduciaria (VDF) por VN$11.011.738 of 'AAA(arg)' * (Rating action took place on Sept. 18, 2009.) Confibono XXXVII (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN $ 27.566.642 of 'A(arg)' * (Rating action took place on Sept. 21, 2009.) Megabono XXXIII (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$56.688.990 of 'AAA (arg)' * (Rating action took place on Sept. 22, 2009.) SMSV XVII (Argentina) -- Certificados de Participacion por VN$23.000.000 of 'AAA(arg) ' * (Rating action took place on Sept. 23, 2009.) FIDEBICA VII (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$4.593.174 of 'A(arg)' * (Rating action took place on Sept. 22, 2009.) Megabono XXXII (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$4.737.539 of 'AA-(arg)' * (Rating action took place on Sept. 22, 2009.) Megabono XXXV (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$35.462.450 of 'AAA(arg)' * (Rating action took place on Sept. 22, 2009.) Invertec Pesquera Mar de Chiloe S.A. (Invermar) (Chile) -- National long term rating of 'B-(cl)' * (Rating action took place on Sept. 29, 2009.) Sideco Americana S.A. (Argentina) -- National long-term rating 'BB(arg)'; * (Rating action took place on Sept. 30, 2009.) GRUMA SAB: Reaches Deal to Extend Derivatives, Loan Deadline ------------------------------------------------------------ Gruma, S.A.B. de C.V. has reached an agreement with creditors to extend to October 6, the deadline for closing deals to refinance a syndicated bank loan and settle derivatives liabilities, Ken Parks at Dow Jones Newswires reports. The report relates that the company said it's wrapping up the documentation process to swap US$738.3 million of foreign exchange derivatives debt into bank loans. According to the report, Gruma SAB also said it's finalizing the documentation to refinance a five-year syndicated loan for US$197 million, with the deal in the final stages of authorization at the participating banks. The deadline extension is the sixth for the company. As reported in the Troubled Company Reporter-Latin America on October 5, 2009, Dow Jones Newswires said that Gruma SAB agreed with creditors to extend to October 1 the deadline for closing deals to refinance a syndicated bank loan and settle derivatives liabilities. Bloomberg News related that the company previously previously asked banks for the same extension talks dated August 24 the deadline and July 24. Dow Jones Newswires said the agreements seek to swap the derivatives debts into a series of medium-and long-term loans, which include accords to exchange: -- US$13.9 million in derivatives liabilities with the Royal Bank of Scotland Group PLC, -- US$22.9 million with Standard Chartered Bank PLC (SCZ.ZM), -- US$21.5 million with Barclays PLC for three-year loans, and -- another to swap US$668.3 million in currency losses with Credit Suisse Group, Deutsche Bank AG and JPMorgan Chase & Co. for a 7.5-year loan. Reuters added that the company, citing a statement to the Mexico Stock Exchange, said Gruma SAB needs to successfully refinance a 5-year revolving credit line with Bancomer and a 3.4 billion-peso loan from government export bank Bancomext in order to sign on to a long-term payment plan. About Gruma, S.A.B. Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. -- http://www.gruma.com-- is a corn flour and tortilla producer and distributor. The company conducts its U.S. and European operations principally through its subsidiary, Gruma Corporation, which manufactures and distributes corn flour, packaged tortillas, corn chips and related products. As of Dec. 31, 2007, Gruma held approximately 8.62 % of the capital stock of Grupo Financiero Banorte, S.A.B. de C.V. * * * As reported in the Troubled Company Reporter-Latin America on July 30, 2009, Standard & Poor's Ratings Services said that its ratings on GRUMA S.A.B. de C.V., including its 'B+' corporate credit rating, remain on CreditWatch with negative implications, where they were placed on Oct. 13, 2008. S&P based that action on its perception of GRUMA's more aggressive financial policy, including the use of derivative instruments. GRUMA SAB: Sees US$45M-US$50M Sales at Australia Plant This Year ---------------------------------------------------------------- Gruma, S.A.B. de C.V. has opened a new food processing plant in Australia that is expected to generate sales of between US$45 million and US$50 million this year, Ken Parks at Dow Jones Newswires reports. According to the report, Gruma SAB said it invested US$60 million to build the plant, which has an installed annual capacity of 37,000 tons of tortillas, flat breads and other products. The report relates that the company will serve its clients in the Oceania region. Headquartered in Monterrey, Mexico, Gruma, S.A.B. de C.V. -- http://www.gruma.com-- is a corn flour and tortilla producer and distributor. The company conducts its U.S. and European operations principally through its subsidiary, Gruma Corporation, which manufactures and distributes corn flour, packaged tortillas, corn chips and related products. As of Dec. 31, 2007, Gruma held approximately 8.62 % of the capital stock of Grupo Financiero Banorte, S.A.B. de C.V. * * * As reported in the Troubled Company Reporter-Latin America on July 30, 2009, Standard & Poor's Ratings Services said that its ratings on GRUMA S.A.B. de C.V., including its 'B+' corporate credit rating, remain on CreditWatch with negative implications, where they were placed on Oct. 13, 2008. S&P based that action on its perception of GRUMA's more aggressive financial policy, including the use of derivative instruments. MULTICAT MEXICO: S&P Retains Ratings on Series 2009-1 Notes ----------------------------------------------------------- Standard & Poor's Ratings Services said its preliminary credit ratings remain unchanged on MultiCat Mexico 2009 Ltd.'s series 2009-1 notes after a change by AIR Worldwide Corp. to its modeling of hurricane risk for this transaction. Since S&P first assigned its preliminary ratings, AIR corrected its modeling of hurricane risk by adding a second step that identifies two further historical events (Hurricane Madeline in 1976 and Hurricane Ivan in 2004) that would have caused the class C and D notes, respectively, to attach. This has also resulted in an increased modeled probability of attachment. However, after stressing the parametric "exceedance" probability curve in line with the strengths and weaknesses S&P identified in S&P's presale report, the ratings remain unchanged. Ratings List MultiCat Mexico 2009 Ltd. $250 Million Principal At-Risk Variable-Rate Notes Series 2009-1 Class Prelim. rating ----- -------------- A B B B C B D BB- SU CASITA: Fitch Junks Construction Bridge Loan Rating ------------------------------------------------------ This is the comprehensive list of Fitch Ratings' 33 Latin America national scale rating changes for the month of September, which include: upgrades, downgrades, Rating Outlook and Rating Watch revisions, and withdrawn ratings. These rating changes were previously announced via separate press releases in Spanish or Portuguese. Fitch has upgraded these national ratings: Moneda Retorno Absoluto Fondo de Inversion (Chile) -- National long term rating to Primera Clase Nivel '2(cl)' from Primera Clase Nivel '4(cl) '. -- Assign Stable Outlook * (Rating action took place on Sept. 7, 2009.) Seguros CLC S.A. (Chile) -- National Insurer Financial Strength to 'A(cl)' from 'Ei (cl)'; -- Outlook remains Stable. * (Rating action took place on Sept. 8, 2009.) CN Life Compania de Seguros de Vida S.A. (CN Life) (Chile) -- National Insurer Financial Strength to 'AA(cl)' from 'AA- (cl)'; -- Outlook remains Stable. * (Rating action took place on Sept. 8, 2009.) Nuevo Banco de Entre Rios S.A. (Argentina) -- National short-term rating to 'A1(arg)' from 'A2 (arg)'; * (Rating action took place on Sept. 11, 2009.) Banco Monex, S.A. (Mexico) -- National long-term rating to 'A(mx)' from 'A-(mx)'; -- Outlook remains Stable. -- National short-term rating to 'F1+(mx)' from 'F2(mx)'; * * (Rating action took place on Sept. 14, 2009.) Comision Estatal de Aguas de Queretaro (Mexico) -- National long-term rating to 'A-(mx)' from 'BBB+(mx)'; -- Outlook remains Stable. * (Rating action took place on Sept. 15, 2009.) Nuevo Banco Industrial de Azul SA (Argentina) -- National long-term rating to 'A(arg)' from 'A-(arg)'; -- Outlook remains Stable. -- National short-term rating to 'A1(arg)' from 'A2 (arg)'; * (Rating action took place on Sept.15, 2009.) J. Malucelli Seguradora S.A. (Brasil) -- National Insurer Financial Strength to 'A(br)' from 'A- (br)'; -- Outlook revised to Stable from Positive. * (Rating action took place on Sept. 17, 2009.) BCP Emisiones Latam 1 S.A (Chile) -- Linea de Bonos por US$300 millones (Inscripcion No. 611 de la SVS) to 'AA- (cl)', from 'A+ (cl)'. -- Outlook remains Stable. * (Rating action took place on Sept. 21, 2009. Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. -- National long-term rating to 'A+(br)' from 'A(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009. Baluma (Uruguay) -- National long-term rating to 'A+(uy)' from 'A (uy)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009.) Fitch has also downgraded these ratings: Su Casita HSCCB04_042 (F#46) (Mexico) -- Construction bridge loan series 2004-2 national long-term rating to 'C(mex)' from 'B(mex)'; remains on Rating Watch Negative. * (Rating action took place on Sept. 8, 2009.) Votorantim Participacoes S.A. (VPAR) -- National long-term rating to 'AA(br)' from 'AAA(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 11, 2009.) Banco BTG Pactual S.A. -- National long-term rating to 'AA-(br)' from 'AAA(br)'; -- Outlook remains Stable. * (Rating action took place on Sept. 23, 2009.) Corporacion GEO, S.A. de C.V. (Mexico) -- National long-term rating to 'BBB+(mex)' from 'A-(mex)'; -- Assign Stable Outlook * (Rating action took place on Sept. 24, 2009.) Corporacion Interamericana de Entretenimiento (CIE) (Mexico) -- National long-term rating to 'BB(mex)' from 'BBB(mex)'; Mantains Rating Watch Negative; -- National short-term rating to 'B(mex)' from ' F3(mex)'; Mantains Rating Watch Negative; * (Rating action took place on Sept. 30, 2009.) Fitch has made these Outlook and Rating Watch revisions: Empresas CMPC S.A (Chile) -- National long term rating 'AA+' (cl) placed on Rating Watch Negative; * (Rating action took place on Sept. 23, 2009.) Fitch has affirmed and withdrawn these ratings: Septimo Patrimonio Separado de BCI Securitizadora S.A. (Chile) -- Series A Preferente national-long term rating of 'AA (cl)'. * (Rating action took place on Sept. 2, 2009.) Fondo Mutuo Xtra Cash (Xtra Cash) (Chile) -- National long term rating of 'AA-fm/M1' (cl). * (Rating action took place on Sept. 3, 2009.) Bazar Avenida Serie 4 -- Valores de Corto plazo of 'C(arg) ' * (Rating action took place on Sept. 14, 2009.) Dulcor I (Argentina) -- Valores de Deuda Fiduciaria (VDF) por un monto de VN$7.200.000 of 'BBB+(arg)' * (Rating action took place on September 16, 2009.) Sucredito I (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$2.800.000 of 'BBB+(arg)' * (Rating action took place on Sept. 17, 2009.) Ribeiro XXI (Argentina) -- Valores Representativos de Deuda Clase A (VRDA) por VN$43.829.299 of 'AAA(arg)'. * (Rating action took place on Sept. 18, 2009.) Secubono XXXIV (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$53.420.853 of 'AAA(arg)' * (Rating action took place on Sept. 18, 2009.) Fava XXIII (Argentina) -- Valores de Deuda Fiduciaria (VDF) por VN$11.011.738 of 'AAA(arg)' * (Rating action took place on Sept. 18, 2009.) Confibono XXXVII (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN $ 27.566.642 of 'A(arg)' * (Rating action took place on Sept. 21, 2009.) Megabono XXXIII (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$56.688.990 of 'AAA (arg)' * (Rating action took place on Sept. 22, 2009.) SMSV XVII (Argentina) -- Certificados de Participacion por VN$23.000.000 of 'AAA(arg) ' * (Rating action took place on Sept. 23, 2009.) FIDEBICA VII (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$4.593.174 of 'A(arg)' * (Rating action took place on Sept. 22, 2009.) Megabono XXXII (Argentina) -- Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$4.737.539 of 'AA-(arg)' * (Rating action took place on Sept. 22, 2009.) Megabono XXXV (Argentina) -- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$35.462.450 of 'AAA(arg)' * (Rating action took place on Sept. 22, 2009.) Invertec Pesquera Mar de Chiloe S.A. (Invermar) (Chile) -- National long term rating of 'B-(cl)' * (Rating action took place on Sept. 29, 2009.) Sideco Americana S.A. (Argentina) -- National long-term rating 'BB(arg)'; * (Rating action took place on Sept. 30, 2009.) =========== P A N A M A =========== PANAMA CANAL: S&P Downgrades Corporate Credit Rating to 'B+' ------------------------------------------------------------ Standard & Poor's Ratings Services said that it lowered its ratings on Panama Canal Railway Co., including lowering the long- term corporate credit rating to 'B+' from 'BB'. The outlook is stable. "The downgrade reflects a significant deterioration in PCRC's financial results, as seen in first- and second-quarter 2009. Higher-than-expected decreases in volumes due to the current economic environment and the consequent fall in international trade have impaired PCRC's main credit metrics. S&P believes a recovery will be slow and that it could take two to three years for the company to report financial metrics similar to those of year-end 2008," said Standard & Poor's credit analyst Enrique Gomez-Tagle, CFA. The rating on PCRC is based on S&P's "2008 Corporate Criteria Analytical Methodology" published April 15, 2008. It reflects a highly concentrated customer mix, with the top customer representing approximately 74% of the company's total container transportation volume; its high reliance on debt to finance capacity expansion costs, and the company's risk of operating a single-track system. PCRC's strategic geographic location parallel to the Panama Canal, favorable concession terms that limit potential new competition and enable PCRC to establish rate structure, an adequate liquidity position, and a security package consisting of the rights and obligations under the concession title, fixed assets, and a security interest in the shares of PCRC balance the weaknesses. PCRC is the concession holder and operator of a 47-mile railway system running parallel to the Panama Canal, linking Panama City and Colon on the Pacific and Atlantic coasts, respectively. PCRC is equally owned by Kansas City Southern (B/Negative/--) and Mi- Jack Products (not rated). The stable outlook reflects S&P's expectation of weak credit metrics for the end of 2009 and 2010 and a slow recovery for PCRC. Downward ratings pressure could come if shipping throughput does not increase, or if debt is higher than S&P expect. A positive rating action could stem from higher-than-expected volumes, indicating that PCRC could improve its financial ratios to levels similar to those of year-end 2008, and an improvement in the company's business risk profile, through a material diversification of its revenue mix. ================= V E N E Z U E L A ================= CITGO PETROLEUM: Restart Date of Corpus Christi Unit Moved Back --------------------------------------------------------------- Citgo Petroleum Corp has moved back by two weeks the restart date for a fire-damaged alkylation unit at its Corpus Christi, Texas, refinery because of union complaints about safety, sources familiar with refinery operations, Erwin Seba at Reuters reports. As reported in the Troubled Company Reporter-Latin America on October 6, 2009, Reuters said that campaigns by the union and environmental groups to stop the use of hydrogen fluoride compelled Citgo to get the alkylation unit back on line. The report relates the company fears a regulator may stop a shut hydrogen fluoride alkylation unit's return to operation. Reuters recalled that Citgo Petroleum's alkylation unit was shuttered following a July 19 morning fire at its 163,000 barrel per day (bpd) Corpus Christi, Texas, refinery. According to Reuters, the United Steelworkers union warned U.S. Occupational Safety and Health Administration and Citgo that meeting a planned October 18-19 restart target for the alky unit would require bypassing work on several systems and possibly overlook damage on the unit from a July 19 explosion and fire that severely injured a worker. The report relates Citgo said that repairs are being done in compliance with corporate and industry standards along with government regulations. About Citgo Petroleum Headquartered in Houston, Texas, Citgo Petroleum Corp. -- http://www.citgo.com/-- is owned by PDV America, an indirect, wholly owned subsidiary of Petroleos de Venezuela S.A., the state-owned oil company of Venezuela. * * * As reported in the Troubled Company Reporter on June 5, 2009, Fitch Ratings affirmed the current ratings of CITGO Petroleum Corporation but revised the company's Outlook to Negative from Stable. Fitch affirmed these ratings for CITGO: -- Issuer Default Rating at 'BB-'; -- Senior Secured Credit Facility at 'BBB-'; -- Secured Term Loan at 'BBB-'; -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'. PETROLEOS DE VENEZUELA: Sells US$4.88 Billion in Foreign Assets --------------------------------------------------------------- Petroleos de Venezuela sold two asphalt refineries and two terminals between 2006 and 2008, as well as its stake in a petroleum products refinery, three pipelines and four terminals, chiefly in the U.S. territory, El Universal reports. According to EL Universal, citing a report by research firm ODH, the total value of such assets amounts to US$4.88 billion, out of which Pdvsa and its subsidiaries accounted US$3.53 billion as income, after deducting tax losses and paying off outstanding debts. EL Universal notes that based on Pdvsa's need for funds, particularly to repay outstanding debts with service providers and compensation and damages that might result from arbitration with Conoco Phillips and Exxon Mobil for the nationalization of their businesses, new sales of foreign assets are very likely. 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: In Talks With Sonatrach on LNG Projects --------------------------------------------------------------- Algerian state energy group Sonatrach is in talks with Petroleos de Venezuela over a joint venture in two liquefied natural gas (LNG) projects and plans to boost expansion abroad, Hamid Ould Ahmed at Reuters reports, citing Sonatrach CEO Mohamed Meziane. According to the report, Mr. Meziane said that Sonatrach had given up the idea of participation as it had not met criteria set by PDVSA, including limiting Sonatrach's stake to 10%. "We reformulated the question of our participation in these projects. On that matter, Venezuelan President Hugo Chavez said during his last visit to Algeria that he wanted to see Sonatrach participate in the Venezuelan gas sector," Algerian official news agency APS quoted Mr. Meziane as saying, Reuters relates. Reuters notes that Mr. Meziane also said that Sonatrach was interested in taking part in developing Venezuela's Orinoco oilfields. "We are interested in investing in this region. Our strategic approach to international development is based on partnership to share the risks and technology," the report quoted Mr. Meziane as saying. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4' PETROLEOS DE VENEZUELA: Temporarily Halts JV Unit With Chevron -------------------------------------------------------------- Venezuela and U.S. company Chevron on October 5, 2009, shut a jointly operated oil upgrader in the Orinoco region for 40 days of planned maintenance. Marianna Parraga at Reuters reports, citing Petroleos de Venezuela Vice President Eulogio Del Pino. Chevron has a 30% stake in the 180,000 barrel-per-day Petropiar joint venture; while PDVSA has the remaining 70%. According to the report, to offset the production loss while its upgrader is out, Petropiar will mix the extra-heavy crude it produces with a lighter oil. The report relates that output is expected to continue at 100,000 bpd to 110,000 bpd during the outage. Reuters notes that the stoppage at Petropiar has been planned for months but was postponed during elections of new leaders of Venezuela's oil unions. The report says maintenance on Venezuela's oil infrastructure frequently overruns deadlines. 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' *********** 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 * * *