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 * * *