TCRLA_Public/091022.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

            Thursday, October 22, 2009, Vol. 10, No. 209

                            Headlines

A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: To Seek IMF Standby Accord


A R G E N T I N A

GVF CONSTRUCCIONES: Creditors' Proofs of Debt Due on March 15
INTERCOM EDITORIAL: Creditors' Proofs of Debt Due on December 1
KONY SA: Creditors' Proofs of Debt Due on November 20
LUGANO TOY'S: Creditors' Proofs of Debt Due on November 20
MEVACO SRL: Creditors' Proofs of Debt Due on November 20

NEDAR SA: Creditors' Proofs of Debt Due on December 10
SPORTGAME SRL: Creditors' Proofs of Debt Due on December 3
TANASIS SRL: Creditors' Proofs of Debt Due on November 20


B R A Z I L

BROOKFIELD INCORPORACOES: Raises US$272 Million From IPO
COSAN SA: Sees 2010/11 Cane Crush at 58 Million Tonnes
GOL LINHAS: Concludes Global Share Offering
MARFRIG ALIMENTOS: Banco Nacional May Increase Stake in Firm
SUL AMERICA: S&P Raises Counterparty Credit Rating to 'BB-'


C A Y M A N  I S L A N D S

ACTIAN MASTER: Creditors' Proofs of Debt Due on October 28
AEC FIXED: Creditors' Proofs of Debt Due on October 28
ARES VI: Creditors' Proofs of Debt Due on October 29
BASE 1: Creditors' Proofs of Debt Due on October 29
BOSTON EQUITY: Creditors' Proofs of Debt Due on October 29

BOSTON RESEARCH: Creditors' Proofs of Debt Due on October 29
BOSTON TECHNOLOGY: Creditors' Proofs of Debt Due on October 29
CENTURY ASSET: Creditors' Proofs of Debt Due on October 28
ESTHER 3: Creditors' Proofs of Debt Due on October 26
FARAWAY 4: Creditors' Proofs of Debt Due on October 26

FORTRESS HOLDINGS: Creditors' Proofs of Debt Due on October 28
FORTRESS SUBSIDIARY: Creditors' Proofs of Debt Due on October 28
GRACELAND 5: Creditors' Proofs of Debt Due on October 26
HANOVER 6: Creditors' Proofs of Debt Due on October 26
ISOLDE 7: Creditors' Proofs of Debt Due on October 26

RIVERSOURCE UNIVERSAL: Creditors' Proofs of Debt Due on October 29
RIVERSOURCE VALUE: Creditors' Proofs of Debt Due on October 29
S2 CAPITAL: Creditors' Proofs of Debt Due on October 28
SAJEN TRADING: Creditors' Proofs of Debt Due on October 28
SPECTRA CAPITAL: Creditors' Proofs of Debt Due on October 26


C O L O M B I A

ECOPETROL SA: To Sell 9.9% Stake in Late 2010 or 2011


J A M A I C A

AIR JAMAICA: Union to Get Word on Revised Lay Off Exercise
JAMAICA PUBLIC SERVICE: Still Affected by Electricity Thefts
JAMAICA PUBLIC SERVICE: Reveals New Guaranteed Standards
* JAMAICA: No Growth Predicted for Economy, EIU Says


S U R I N A M E

SURINAME: Fitch Affirms Issuer Default Rating at 'B'


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CEO Admits Need to Restructure Debt


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Won't Lower Price of Bond Issue
PETROLEOS DE VENEZUELA: Fitch Puts B+/RR4 Rating on US$3BB Notes
* VENEZUELA: To Publish Seized Assets of Oil Contractors


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


* ANTIGUA & BARBUDA: To Seek IMF Standby Accord
-----------------------------------------------
The government of Antigua and Barbuda said it will seek support
from the International Monetary Fund after agreeing the outlines
of a fiscal consolidation program, The Dominican Today reports.

According to the report, the country has been feeling the impact
of the global economic downturn, which has reduced tourism
revenues and financial remittances across the region.  The reports
relates that the country has also suffered financial losses and
job layoffs as a result of the fraud scandal surrounding Texas
financier Robert Allen Stanford, who is accused by U.S.
prosecutors of using his bank on Antigua and Barbuda to
orchestrate an alleged US$7 billion Ponzi scheme.

The report notes that the government said it would seek an IMF
standby arrangement, without specifying the amount of the possible
loan, following talks between an IMF team and local Ministry of
Finance officials.


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


GVF CONSTRUCCIONES: Creditors' Proofs of Debt Due on March 15
-------------------------------------------------------------
Jaime Ernesto del Hoyo, the court-appointed trustee for GVF
Construcciones SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 15, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Jaime Ernesto del Hoyo
          Cerrito 4894
          Argentina


INTERCOM EDITORIAL: Creditors' Proofs of Debt Due on December 1
---------------------------------------------------------------
Jorge Bermudez, the court-appointed trustee for Intercom Editorial
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until December 1, 2009.

Mr. Bermudez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 43, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge Bermudez
         Belgrano 845
         Argentina


KONY SA: Creditors' Proofs of Debt Due on November 20
-----------------------------------------------------
Nestor Urrutia, the court-appointed trustee for Kony SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until November 20, 2009.

Mr. Urrutia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Nestor Urrutia
          Avenida Cordoba 1351
          Argentina


LUGANO TOY'S: Creditors' Proofs of Debt Due on November 20
----------------------------------------------------------
Juan Carlos Chaker, the court-appointed trustee for Lugano Toy's
SRL's bankruptcy proceeding, will be verifying creditors' proofs
of claim until November 20, 2009.

Mr. Chaker will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Juan Carlos Chaker
          Teniente General Juan Domingo Peron 315
          Argentina


MEVACO SRL: Creditors' Proofs of Debt Due on November 20
--------------------------------------------------------
Estudio Pireni, the court-appointed trustee for Mevaco SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until November 20, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Estudio Pireni
          Santorsola y Asociados
          Paraguay 1560


NEDAR SA: Creditors' Proofs of Debt Due on December 10
------------------------------------------------------
The court-appointed trustee for Nedar S.A.'s reorganization
proceedings, will be verifying creditors' proofs of claim until
December 10, 2009.

The trustee will present the validated claims in court as
individual reports on February 25, 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
April 9, 2010.

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


SPORTGAME SRL: Creditors' Proofs of Debt Due on December 3
----------------------------------------------------------
Alicia Rita Romero, the court-appointed trustee for Sportgame
S.R.L's bankruptcy proceedings, will be verifying creditors'
proofs of claim until December 3, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Alicia Rita Romero
          Parana 26
          Argentina


TANASIS SRL: Creditors' Proofs of Debt Due on November 20
---------------------------------------------------------
Oscar Alfredo Arias, the court-appointed trustee for Tanasis SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until November 20, 2009.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Oscar Alfredo Arias
          Carlos Pellegrini 1063
          Argentina


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


BROOKFIELD INCORPORACOES: Raises US$272 Million From IPO
--------------------------------------------------------
Brookfield Incorporacoes SA has raised US$272 million in an
initial public offering, Brian Ellsworth at Reuters says.  The
report relates that the company said in a securities filing that
it sold 70,000 shares at an opening price of BRL6.80, yielding
BRL476 million -- considerably less than the BRL700 million it
said last month it expected to raise.

According to the report, Brookfield Incorporacoes is the latest
real estate developer seeking to benefit from investors' demand
for companies in the sector.  The report relates that Brazil's
housing market has benefited from record-low interest rates and an
$18 billion government program for low-income homes that has
helped lift Brazil's economy out of recession.

The report notes that the real estate companies were among the
most active in stock offerings in the boom years 2006-2007, but
later became among the worst performers in the local stock market
because of a glut in share sales.

                About Brookfield Incorporacoes

Brookfield Incorporacoes SA (former Brascan Residential Properties
SA) is a Brazil-based company engaged in real estate sector. The
Company is the developer of high-end and luxury residential
buildings, houses, as well as office buildings in Sao Paulo and
Rio de Janeiro metropolitan regions.  Its operations include land
acquisition, planning, construction, sales, financing, customer
service, design, development and management of real estate
projects targeted at mainstream, luxury homebuyers.  The company's
buildings include Reserva de Itauna, Edificio San Francisco,
Chacara de Pinheiros, Time Square and Saint Tropez, among others.
As of June 22, 2009, the Company had its name changed after the
merger of three companies: Brascan Residential, Company and MB
Engenharia.  The company's major shareholder is Brookfield Asset
Management.  In July 2009, Companhia Energetica de Minas Gerais
95% interest in the company.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Fitch Ratings has assigned the national long-
term debt rating of 'A+(bra)' to the proposed first simple
debentures issuance, not convertible into shares, of Brookfield
Incorporacoes S.A. (Brookfield Incorporacoes), in the total amount
of BRL100 million, with final maturity on September 1, 2013.  The
proceeds will be used for company general purposes.  Fitch has
already rated Brookfield Incorporacoes' foreign and local currency
Issuer Default Ratings 'BB-', and national long-term rating 'A+
(bra)'.  The Rating Outlook of the corporate ratings is Negative.


COSAN SA: Sees 2010/11 Cane Crush at 58 Million Tonnes
------------------------------------------------------
Inae Riveras at Reuters reports that Cosan SA said it expects to
crush 58 million tonnes of cane in 2010/11 (April-March), up from
54 million tonnes in 2009/10, Inae Riveras at Reuters reports.

"We expect to grow at the same rate as cane crushing in the
center-south will," the report quoted Pedro Mizutani, president of
Cosan's sugar and ethanol division, as saying.

According to the report, Mr. Mizutani said that the market has
been talking about an increase in the center-south's cane crushing
to around 580 million tonnes next season, from 530 million tonnes
in the current season.  The report notes that Cosan SA has
directed around 58% of its cane crushed in 2009/10 to sugar
production.

"Of course our (ethanol and sugar) production will depend on
prices (in 2010) but as we expect sugar prices to be higher (than
ethanol prices), the production mix will be similar," Mr. Mizutani
told Reuters in an interviews.  The crush of a record 580 million
tonnes of cane would be close to the sector's installed capacity,
Mr. Mizutani added.

Reuters notes that because of wet weather in the center-south,
which accounts for about 90% of Brazil's cane output, between 40
million and 50 million tonnes of cane will be left untouched on
the fields to be crushed next season.

                          About Cosan SA

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

                           *     *     *

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


GOL LINHAS: Concludes Global Share Offering
-------------------------------------------
GOL Linhas Aereas Inteligentes S.A. concluded its global share
offering, which increased its cash position by R$627.1 million.
With an improved cash position that now represents more than 20%
of its net revenues recorded during the last 12 months, and with
its other competitive advantages: (i) the flight frequency leader
between Brazil's main airports, (ii) Leadership in Latin America
in low operating cost structure, number of affiliates in its
mileage program (6.4 million) and e-commerce sales, and (iii)
state-of-the-art corporate governance practices, GOL believes it
is  well structured to benefit from the growth of air transport in
Brazil and Latin America.

"The success of the offering has put GOL among the world's most
capitalized airlines. This will create shareholder value because
it will allow the Company to develop its strategic plan in a
flexible manner and with a focus on results," declared Leonardo
Pereira, Vice President and Chief Financial and Investor Relations
Officer.

"With VoeFacil program (FlyEasy program) and our low-cost
structure, we expect to attract more of the new Brazilian middle-
income population, making air transport even more popular in
Brazil. In addition, the SMILES program and the high frequency of
our flights should allow us to continue attracting more business
travelers, while our e-commerce platform, together with GOLLOG,
our cargo transport unit, are increasing our ancillary revenues,"
added Constantino de Oliveira Junior, GOL's founder and CEO.

The Company said, "The high quality of our operations, backed by a
modern and standardized fleet of next generation Boeing 737
aircraft, ensures regular, punctual flights, and has made us
achieve the leadership in terms of operating profitability in the
Brazilian industry.  The offering comprised 62.2 million common
and preferred shares (38.0 million in the primary offering,
totaling R$627.1 million) at R$16.50 per share (US$ 9.48 per ADS),
totaling R$1,026.1 million.  The difference between the total
offering and the primary offering is due to the offering structure
designed to comply with Brazilian corporate law, keeping a minimum
ratio of 50% between common and preferred shares (including ADSs).
Under the offering structure, Fundo ASAS, the Company's
controlling shareholder, sold a portion of its preferred shares,
while the proceeds were used to buy common shares issued to comply
with the regulatory ratio.  The structure allowed the company to
achieve its capital increase targets and to comply with Brazilian
Corporate Law."

    A complete breakdown of the offering is shown:

       Breakdown of the Number of Shares and Value of
                   the Global Offering

    Global Share Offering         Number of Shares   Total Value**
    ---------------------         ----------------   -------------
    Primary Global Offering          34,550,000      R$570,075,000
      Common Shares                  17,275,000      R$285,037,500
      Preferred Shares               17,275,000      R$285,037,500
    Additional Shares (hot issue)     3,455,000       R$57,007,500
      Common Shares                   1,727,500       R$28,503,750
      Preferred Shares                1,727,500       R$28,503,750
    Primary Offering Total           38,005,000      R$627,082,500
    Share Conversion Total*          19,002,500      R$313,541,250
    Over-allotment Option
     (Green Shoe - secondary)         5,182,500       R$85,511,250
    Total - Global Share Offering    62,190,000    R$1,026,135,000
      Common Shares                  19,002,500      R$313,593,250
      Preferred Shares               43,187,500      R$712,593,750

    *The financial volume and number of shares involved in the
     conversion of preferred to common shares by Fundo ASAS,
     which was structured in such a way as to ensure the
     feasibility of the global offering by maintaining the
     capital stock ratio at 50% common shares and 50%
     preferred shares (including ADSs), in compliance with
     paragraph 2 of article 15 of Brazil's Corporate Law.

    ** Gross amounts -- including associated commissions
       and expenses.  The leading asset management firms
       in Brazil, the United States, Europe and Asia took part
       in the offering.  Foreign investors accounted for 69.9%
       of the total and Brazilian institutional investors
       and private pension funds for 20.3%. Of the 43,187,500
       preferred shares distributed in the primary and
       secondary offerings, 49.6% were in the form of ADSs
       (American Depositary Shares) on the NYSE.

The table the preferred share and ADS distribution per investor
profile:

                                   Number of
    Type of Investor               Preferred Shares     %
    ----------------               ----------------  ------
    Individuals                        2,588,463      6.0%
    Investment Clubs                     322,316      0.7%
    Investment Funds (national)        8,635,024     20.0%
    Private Pension Funds                138,749      0.3%
    Foreign Investors                 30,200,831     69.9%
    Other Institutional Investors      1,302,117      3.0%
    Total                             43,187,500     100.0%


As a result of the offering, the preferred share free float
(excluding shares held by board members and executive officers)
increased from 44.5% to 70.5%.  In terms of total capital, the
free float climbed from 22.2% to 35.3%.

The tables show the shareholding breakdown before and after the
offering:

(A) Shareholding breakdown Before the Offering

  Shareholder       ON          %         PN        %       Total      %
  -----------   -----------   -----  ----------  -----  -----------  -----
  Fundo ASAS    114,197,142   85.7%  59,795,617  52.4%  173,992,759   6.2%
  Board Members
   & Executive
   Officers              16      -    2,064,587   1.8%    2,064,603   0.9%
  Shares held
   in Treasury            -      -    1,574,200   1.4%    1,574,200   0.7%
  Market
   (free float)           -      -   50,762,751  44.5%   50,762,751  22.2%
  -----------   -----------  ------ ----------- ------  ----------- ------
  Total         114,197,158  100.0% 114,197,155 100.0%  228,394,313 100.0%

(B) Shareholding breakdown After the Offering

  Shareholder       ON          %         PN        %       Total      %
  -----------   -----------   -----  ----------  -----  -----------  -----
  Fundo ASAS    133,199,642  100.0%  35,610,617  26.7%  168,810,259  63.4%
  Board Members
   & Executive
   Officers              16      -    2,064,587   1.5%    2,064,603   0.8%
  Shares held
   in Treasury            -      -    1,574,200   1.2%    1,574,200  0.6%
  Market
   (free float)           -      -   93,950,251  70.5%   93,950,251  35.3%
  -----------   -----------  ------ ----------- ------  ----------- ------
  Total         133,199,658  100.0% 133,199,655 100.0%  266,399,313 100.0%

                      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'.


MARFRIG ALIMENTOS: Banco Nacional May Increase Stake in Firm
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA portfolio
manager, Andre Salcedo Teixeira Mendes, said the bank is
evaluating a possible increase in its stake in Marfrig Alimentos
SA, Rogerio Jelmayer at Dow Jones Newswires reports, citing local
financial newspaper Valor Economico.  "We are evaluating whether
to hold at the present level or increase our stake," the report
quoted Andre Salcedo Teixeira Mendes as saying.

According to Dow Jones Newswires, BNDES has a 14.66% stake in
Marfrig, through its equity investment arm called BNDESPar.  The
report relates that a possible increase of the BNDES stake in
Marfrig could be made by the bank via an ongoing share offer.

In September, the report notes, Marfrig Alimentos's board of
directors authorized the company to hold a primary offering of
shares on the local exchange, the BMFBovespa.  The report says
that the offer will be used to finance the recent acquisition of
Seara Alimentos Ltd.

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, Dow Jones Newswires said that Marfrig
Alimentos agreed to acquire Cargill Inc.'s Brazilian business, for
US$900 million in cash and assumed debt, a move to bolster the
company's poultry and pork businesses while opening up better
access to markets such as the U.K. and Japan.

                            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.

                     About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Brazil-based meat processor
Marfrig Alimentos S.A. following Marfrig's announcement that it
has acquired meat processor Seara Alimentos Ltda. and its
subsidiaries in Brazil and Europe from Minnetonka-based Cargill
Inc. for US$706.2 million in cash plus US$193.8 million in debt.
The outlook is negative.


SUL AMERICA: S&P Raises Counterparty Credit Rating to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
ratings, on Sul America S.A., including raising the counterparty
credit rating to 'BB-' from 'B+' and the senior unsecured debt
rating to the company's remaining $130 million, five-year senior
notes to 'BB-' from 'B+'.

The rating on SASA, a pure holding company, reflects a two-notch
differentiation from the issuer rating on Sul America Companhia
Nacional de Seguros, which S&P raised to 'BB+' from 'BB'.

The outlook is stable.

"The rating action reflects the solid financial performance of Sul
America even under the less favorable economic and competitive
conditions," said Standard & Poor's credit analyst Ricardo Brito.
"The upgrade is consistent with the buildup of a longer and more
consistent track record of good margins in auto and health
insurance, and the strengthening of the balance sheet."

However, the rating on Sul America still reflects the challenges
the company faces in the competitive environment for insurance in
Brazil after recent consolidations.

Offsetting this weakness are the company's consistent financial
condition and well-established competitive position in the
country's health and auto insurance segments.  Sul America has
been posting better profits in the past few years and reducing its
debt leverage as it benefits from good cash flow.  An effective
management strategy of focusing on profitability and brand
recognition has helped the company achieve these results.


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


ACTIAN MASTER: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The creditors of Actian Master Fund Ltd. are required to file
their proofs of debt by October 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidator is:

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


AEC FIXED: Creditors' Proofs of Debt Due on October 28
------------------------------------------------------
The creditors of AEC Fixed Income Fund, Ltd. are required to file
their proofs of debt by October 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 16, 2009.

The company's liquidator is:

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


ARES VI: Creditors' Proofs of Debt Due on October 29
----------------------------------------------------
The creditors of Ares VI CLO Ltd. are required to file their
proofs of debt by October 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 16, 2009.

The company's liquidator is:

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


BASE 1: Creditors' Proofs of Debt Due on October 29
---------------------------------------------------
The creditors of Base 1 Fund are required to file their proofs of
debt by October 29, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 14, 2009.

The company's liquidator is:

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


BOSTON EQUITY: Creditors' Proofs of Debt Due on October 29
----------------------------------------------------------
The creditors of Boston Equity Fund Inc. are required to file
their proofs of debt by October 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

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


BOSTON RESEARCH: Creditors' Proofs of Debt Due on October 29
------------------------------------------------------------
The creditors of Boston Research Fund Inc. are required to file
their proofs of debt by October 29, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

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


BOSTON TECHNOLOGY: Creditors' Proofs of Debt Due on October 29
--------------------------------------------------------------
The creditors of Boston Technology Opportunities Fund Inc. are
required to file their proofs of debt by October 29, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

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


CENTURY ASSET: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The creditors of Century Asset Funding Corporation are required to
file their proofs of debt by October 28, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 10, 2009.

The company's liquidator is:

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


ESTHER 3: Creditors' Proofs of Debt Due on October 26
-----------------------------------------------------
The creditors of Esther 3 Limited are required to file their
proofs of debt by October 26, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          Christopher Johnson
          Russell Smith
          Chris Johnson Associates Ltd
          80 Shedden Road
          PO Box 2499, Grand Cayman KY1-1104


FARAWAY 4: Creditors' Proofs of Debt Due on October 26
------------------------------------------------------
The creditors of Faraway 4 Limited are required to file their
proofs of debt by October 26, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          Christopher Johnson
          Russell Smith
          Chris Johnson Associates Ltd
          80 Shedden Road
          PO Box 2499, Grand Cayman KY1-1104


FORTRESS HOLDINGS: Creditors' Proofs of Debt Due on October 28
--------------------------------------------------------------
The creditors of Fortress Holdings (GAGACQ) Investors Ltd. are
required to file their proofs of debt by October 28, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidator is:

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


FORTRESS SUBSIDIARY: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------------
The creditors of Fortress Subsidiary (GAGACQ) Investors Ltd. are
required to file their proofs of debt by October 28, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidator is:

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


GRACELAND 5: Creditors' Proofs of Debt Due on October 26
--------------------------------------------------------
The creditors of Graceland 5 Limited are required to file their
proofs of debt by October 26, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          Christopher Johnson
          Russell Smith
          Chris Johnson Associates Ltd
          80 Shedden Road
          PO Box 2499, Grand Cayman KY1-1104


HANOVER 6: Creditors' Proofs of Debt Due on October 26
------------------------------------------------------
The creditors of Hanover 6 Limited are required to file their
proofs of debt by October 26, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          Christopher Johnson
          Russell Smith
          Chris Johnson Associates Ltd
          80 Shedden Road
          PO Box 2499, Grand Cayman KY1-1104


ISOLDE 7: Creditors' Proofs of Debt Due on October 26
-----------------------------------------------------
The creditors of Isolde 7 Limited are required to file their
proofs of debt by October 26, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidators are:

          Christopher Johnson
          Russell Smith
          Chris Johnson Associates Ltd
          80 Shedden Road
          PO Box 2499, Grand Cayman KY1-1104


RIVERSOURCE UNIVERSAL: Creditors' Proofs of Debt Due on October 29
------------------------------------------------------------------
The creditors of Riversource Universal Equity Long Short Fund,
Inc. are required to file their proofs of debt by October 29,
2009, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

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


RIVERSOURCE VALUE: Creditors' Proofs of Debt Due on October 29
--------------------------------------------------------------
The creditors of Riversource Value Long Short Fund, Inc. are
required to file their proofs of debt by October 29, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

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


S2 CAPITAL: Creditors' Proofs of Debt Due on October 28
-------------------------------------------------------
The creditors of S2 Capital Fund (Offshore), Ltd. are required to
file their proofs of debt by October 28, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


SAJEN TRADING: Creditors' Proofs of Debt Due on October 28
----------------------------------------------------------
The creditors of Sajen Trading Ltd. are required to file their
proofs of debt by October 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 17, 2009.

The company's liquidator is:

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


SPECTRA CAPITAL: Creditors' Proofs of Debt Due on October 26
------------------------------------------------------------
The creditors of Spectra Capital Fund LDC are required to file
their proofs of debt by October 26, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

          Ramona Bowry
          Telephone: +1-345-769-3400
          Facsimile: + 1-345-769-3404
          A.R.C. Directors Ltd.
          P.O. Box 10250
          Grand Pavilion Commercial Centre
          Suite #7, 802 West Bay
          Grand Cayman KY1-1003, Cayman Islands


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


ECOPETROL SA: To Sell 9.9% Stake in Late 2010 or 2011
-----------------------------------------------------
Ecopetrol S.A. will sell a 9.9% stake in new shares on the stock
market to finance its expansion in late 2010 or in 2011, Inti
Landauro at Dow Jones Newswires reports, citing Company Chief
Executive Javier Gutierrez.  "We will stick strictly to financial
criteria to go with the 9.9%," the report quoted Mr. Gutierrez as
saying.  "We don't have any date but we estimate it should be at
the end of 2010 or in 2011," Mr. Gutierrez added.

According to the report, the company was authorized by Congress to
raise capital through the sale of new shares equivalent to no more
than 20% of the company.  The report notes that in 2007, Ecopetrol
sold a 10.1% stake on the local stock market.

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 7, 2009, Fitch Ratings has affirmed the Issuer Default
Ratings and outstanding debt ratings of Ecopetrol S.A.:

  -- Foreign currency IDR at 'BB+';
  -- US$1.5 billion senior unsecured notes due 2019 at 'BB+'.


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


AIR JAMAICA: Union to Get Word on Revised Lay Off Exercise
----------------------------------------------------------
National Workers Union officials said that they expect to get word
soon on managers at Air Jamaica Limited who are slated to be
included in ongoing lay-offs at the airline, RadioJamaica reports.
The report relates that the matter will be discussed at a Steering
Committee meeting involving Air Jamaica executives and trade union
representatives.

As reported in the Troubled Company Reporter-Latin America on
October 12, 2009, RadioJamaica said that Air Jamaica has made
progress in its talks with trade unions aimed at ironing out
issues which stalled job cuts at the national airline.
RadioJamaica related that the Bustamante Industrial Trade
Union is crying foul over what it says are discrepancies in the
criteria being used to identity workers who will be laid off.
According to the report, Kavon Gayle, BITU President-General, said
that the process lacks transparency as it appears that management
personnel at Air Jamaica have been excluded from the staff cuts.

"Going into [the] meeting we are expecting that the management
would act forthrightly to ensure that there is fairness in the
matter and that the workers at the bottom of the table can see the
system working in a way that resembles justice," the report quoted
NWU Vice President Granville Valentine as saying.  "So far we have
not seen a list of the managers we cannot identify any managerial
position that went in this exercise and that is a position that we
are very uncomfortable about," Mr. Valentine added.

                        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).


JAMAICA PUBLIC SERVICE: Still Affected by Electricity Thefts
------------------------------------------------------------
The Jamaica Public Service Company Limited said that its
operations continue to be affected by electricity theft,
Go-Jamaica reports.  The report relates that the company's
special anti-theft Task Force teams have found more than 9,000
cases of irregularity in electricity access.

According to the report, the company said that the discovery is
based on operations carried out by the team in major urban centers
in the western and eastern sections of the island from March to
September.  The report relates that the work of the company's
anti-theft task force has led to the recovery of about six million
kilowatt hours of electricity or JM$112 million, over the seven
month period.

Meanwhile, the report notes, JPSCO said that it plans to roll out
a second phase of operations, where its regional task forces will
carry out island wide crackdowns on electricity theft.

As reported in the Troubled Company Reporter-Latin America on
October 15, 2009, RadioJamaica said that it is losing JM$4 billion
annually from the theft of electricity.  The report related that
the company is now focusing on various initiatives to clampdown on
the problem.  According to the report, JPSCO Corporate
Communications Manager at the JPSCO, Winsome Callum, says a US$13
million fund has been set up to specifically target electricity
theft.

                            About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


JAMAICA PUBLIC SERVICE: Reveals New Guaranteed Standards
--------------------------------------------------------
Jamaica Public Service Company Limited's aggrieved customers will
get automatic monetary compensation when the company breaches
certain Guaranteed Standards, RadioJamaica reports.  The report
relates that the revision was determined by the Office of
Utilities Regulation in its tariff review in September.

According to the report, customers previously had to apply to the
JPSCO for compensation, which range from a low of JM$1,500 to a
high of JM$16,000.  The report relates that customers whose
service is not reconnected with 24 hours after being cut off for
unpaid bills and customers whose faulty meters are not replaced
within 20 days are entitled to automatic compensation.

RadioJamaica notes Ruthlyn Johnson, the JPS' Corporate
Communications Officer, said that wrongful disconnection will
result in higher compensation.

                         About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


* JAMAICA: No Growth Predicted for Economy, EIU Says
----------------------------------------------------
The Jamaican economy is likely to remain among the weakest in the
Caribbean even with help from the International Monetary Fund,
RadioJamaica reports, citing an assessment from London-based
Economist Intelligence Unit (EIU).  The report relates that EIU
said Jamaica is already the worst performer in terms of growth in
the Caribbean region and the depression is likely to deepen before
it is reversed.

According to the report, EIU said that the already strained fiscal
position now appears increasingly unsustainable and conditions
point to the risk of debt default, a position which the government
has denied.  However, the report notes that EIU said while an
expected US$1.2 billion loan from the IMF will likely prevent a
default of debt repayments; the Jamaican economy is likely to
remain among the weakest in the Caribbean.

The EIU, the report relates, forecast is for the Jamaican economy
to contract by 1.6% in 2010 followed by weak positive economic
growth in 2011 of just 0.2%.  The report says EIU added that even
in the event of a stronger global recovery, a rapid acceleration
in Jamaican growth would remain hindered by the high costs
associated with "pervasive crime" and by the heavy public-debt
burden, which will continue to crowd out private investment.

                          *     *     *

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


===============
S U R I N A M E
===============


SURINAME: Fitch Affirms Issuer Default Rating at 'B'
----------------------------------------------------
Fitch Ratings has affirmed Suriname's long-term foreign currency
Issuer Default Rating at 'B' and revised the Rating Outlook to
Positive from Stable.  In addition, Fitch has affirmed Suriname's:

  -- Local currency IDR at 'B+'; Outlook Stable;
  -- Country ceiling at 'B'.

The Positive Outlook on the long-term foreign currency IDR
reflects Suriname's progress in clearing external arrears and
increased resilience to external shocks.

The government reached an agreement with Brazil, its largest
external creditor, and settled outstanding debt arrears of
US$118 million or 37% of year-end 2008 public external debt, in
August 2009.  Nevertheless, arrears with the U.S. still account
for 14.1% of total public external debt.  'Outstanding external
arrears remain a key constraint for the sovereign's foreign
currency rating, as Suriname is the only sovereign in the 'B'
rating category to have material arrears with bilateral
creditors,' said Erich Arispe, Director in Fitch's Sovereign
Group.

Fitch believes that Suriname's resilience to external shocks has
improved due to increasing diversification of the country's export
base and rising international reserve levels.  'The growing
importance of oil and gold in Suriname's exports reduces the
economy's traditional dependence on the performance of the
aluminum industry,' added Arispe.

Suriname's position as a net public external creditor, at 6.6% of
current account receipts in 2008, is set to strengthen further in
2009 due to continued international reserves accumulation and debt
repayments.  Hence, the country's liquidity ratio could rise to
790% in 2010, considerably higher than the expected 'B' median of
181%.  Even when adjusted for the country's high level of
financial dollarization, Suriname's liquidity ratio remains
comparable to the peer median.

On the fiscal side, consolidation and sustained growth in recent
years have affected debt dynamics positively and reduced financing
requirements.  Central government debt reached 21.6% of GDP in
2008, less than half the 10-year 'B' median.  While the central
government deficit is expected to reach 1.4% of GDP in 2009,
financing requirements (central government deficit plus
amortizations) should remain manageable at 6% of GDP and decline
in 2010 in spite of a higher deficit.  Fiscal accounts, though,
have structural weaknesses in terms of high revenue volatility and
considerable spending inflexibility due to the weight of interest
payments, public-sector salaries, transfers and subsidies.

Moreover, Fitch considers that the macroeconomic policy framework
could be strengthened further, as it is highly dependent on the
credibility of the current economic authorities rather than on
institutional mechanisms.  As a result, elections in May 2010
could generate uncertainty about the continuity of the policies
that have underpinned fiscal consolidation, lower inflation and
healthy growth in recent years.

Clearance of remaining external arrears could lead to an upgrade
of Suriname's long-term foreign currency rating.  Over the medium
term, macroeconomic policy continuity as well as reforms designed
to strengthen the policy framework and improve the competitiveness
of the Surinamese economy would be viewed positively by Fitch.  By
contrast, a sharp departure from prudent fiscal and monetary
policies which results in macroeconomic instability and negative
debt dynamics could undermine the sovereign's positive rating
momentum.


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


CL FINANCIAL: CEO Admits Need to Restructure Debt
-------------------------------------------------
CL Financial Limited Chief Executive Officer Steve Bideshi said
the company needs to keep liquidity flowing which meant
restructuring debt and not repeating the sins of the past,  Rory
Rostant at Trinidad and Tobago Newsday reports.  “We have to
ensure that we don’t make the same mistakes of the past,” the
report quoted Mr. Bideshi as saying.

According to the report, Mr. Bideshi said that audited accounts
are being prepared for several subsidiaries, including Angostura,
whose shares no longer trade on the Trinidad and Tobago Stock
Exchange because of its failure to provide 2008 accounts.  The
report relates Mr. Bideshi admitted that CL Financial’s
subsidiaries suffered in the past from a lack of robust and timely
financials.  The report notes that Mr. Bideshi wanted to ensure
that subsidiaries such as Angostura, the holding company CL
Financial and Home Construction Limited has enough liquidity to
survive 2009.

Mr. Bideshi, the report relates, said the aim now is to
restructure debt and survive.

T&T Newsday adds that Mr. Bidesh pointed out there was now a
cultural and radical shift at CL Financial in which management has
moved from being involved in serial acquisitions to one of
consolidation.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. has downgraded the financial
strength rating to C (Weak) from B (Fair) and issuer credit rating
to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


PETROLEOS DE VENEZUELA: Won't Lower Price of Bond Issue
-------------------------------------------------------
Petroleos de Venezuela said that it will not lower the price of a
US$3 billion issue of 2014, 2015 and 2016 bonds launched this week
despite signs of low demand from traders, Fabian Cambero at
Reuters reports.

Dan Molinski at Dow Jones Newswires relates that PDVSA began
taking orders for the 2014, 2015 and 2016 bonds on October 19, and
the sale is set to end today, October 22, with results due for
release tomorrow, October 23.  Dow Jones Newswires, citing
traders, relates that the sale didn't start off well due to rather
light demand.

According to Dow Jones Newswires, the bonds were priced at 138% of
face value, which analysts said implies a price of around 4.8 or
VEB4.9 for US$1.  The report notes that it is better than the
official exchange rate of VEB2.15 for US$1, but almost equal to
the black market rate, so it didn't provide much incentive to buy
the bonds as a forex bet.

Some analysts, Dow Jones relates, said they expected PDVSA to
alter the terms of the bonds to sweeten the deal and ensure full
placement.  However, the report says, PDVSA's latest statement
suggested that won't be happening.

"We ratify the terms and conditions established," in the
prospectus," the company said in a statement obtained by the
Reuters.  The company, Reuters relates, added that it expected
sufficient demand for the sale.

Reuters notes that investors in Venezuela primarily use the bonds,
which can be bought with the local bolivar currency but sold in
dollars, as a tool to sidestep a strict exchange rate regime.

                           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+/RR


PETROLEOS DE VENEZUELA: Fitch Puts B+/RR4 Rating on US$3BB Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR4' rating to Petroleos de
Venezuela S.A.'s proposed US$3 billion notes of which
US$1.3 billion are due 2014, US$1.3 billion are due 2015 and
US$400 million are due 2016.  Coupons on these notes are 4.9%, 5%
and 5.125%, respectively.  These notes will be registered at
Euroclear and/or Clearstream.  Proceeds from the issuance are
expected to be used to fund capital expenditures and for other
general corporate purposes.  Fitch rates PDVSA:

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

  -- Local currency IDR 'B+';

  -- US$3 billion outstanding zero coupon notes (due 2011)
    'B+/RR4';

  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4';

  -- US$3 billion outstanding senior notes (due 2027) 'B+/RR4';

  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4';

  -- Long-term national scale rating of 'AAA(ven)'.

The Rating Outlook is Stable.

PDVSA's credit quality is inextricably linked to that of the
government of Venezuela.  It is a state-owned entity, whose
royalties and tax payments represent more than 50% of the
government's revenues, and it is of strategic importance to the
economic and social policies of the country.  In the past two
years, the government has used PDVSA's balance sheet to
nationalize electricity companies, as well as to acquire
industrial companies.  The government also took the additional
step during 2008 of changing PDVSA's charter and mission statement
to allow it to participate in any industry that could contribute
to the social development of the country, including health care,
education and agriculture.

PDVSA continues to be an important player in global energy.  A
strong balance sheet in line with worldwide competitors, sizeable
proven hydrocarbon reserves, strategic interests in international
downstream assets, private participation in upstream operations
and geographic proximity to the North American market provide
important competitive advantages that are difficult to undermine.
PDVSA's nature as a state-owned entity, combined with increased
government control over business strategies and internal
resources, underscores the close link between the company's credit
profile and that of the sovereign.

Venezuela's reported oil production has remained relatively stable
during the past four years at approximately 3.25 million barrels
per day despite high level of upstream investments.  From 2002 to
2005, total capital expenditures at PDVSA averaged US$3.1 billion
per year.  In 2006, 2007 and 2008, they climbed to US$7.2 billion,
US$12.8 billion and US$18.4 billion, respectively.  Higher oil
prices have also resulted in much higher contributions by PDVSA to
the government in the form of royalties, taxes, dividends, and
transfers to social and development funds.  During 2008, these
contributions totaled approximately US$53.3 billion compared to
US$43.7 billion in 2007.

PDVSA's cash generation is expected to drop sharply in 2009 due to
lower hydrocarbon prices.  Lower cash flow may reduce investments
and/or increase leverage to help the government fund capex and
possible macroeconomic imbalances.  Despite lower expected prices,
the company's planned investments in Venezuela are sizeable,
totaling an estimated US$121.5 billion over the next five years,
of which up to US$27.7 billion may not be related to the oil and
gas industry.  Expropriation of multinational oil companies'
investments in the heavy oil projects during 2007 by the
Venezuelan government and in May of this year the nationalization
of oil and gas service companies could make it difficult to
attract the needed capital and expertise to increase production.
In addition, the arbitration initiated by ExxonMobil and
ConocoPhillips to recover the market value of their projects could
delay private sector participation in the industry's development.

As of Dec. 31, 2008 total debt equalled US$15.1 billion.  An
estimated 11% or US$1.7 billion of the company's obligations were
characterized as short term compared to US$4.5 billion
unrestricted cash on hand.  Overall, PDVSA has an attractive
balance sheet, with total debt to EBITDA averaging 0.3 times since
2004 and total debt to capitalization of 11%.  Adjusted debt over
EBITDAR is in line with worldwide competitors at 1.1x as of the
end of 2008.  However, PDVSA has limited access to international
capital markets and its cost of capital remains vulnerable to
investor concerns over the company's exposure to sovereign risk.

Liquidity is highly dependent on cash on hand and cash flow
generation which turned negative at the end of 2008.  In the
fourth quarter of 2008 PDVSA's EBITDA was negative US$6 billion
due to a 58% decline in price of the Venezuelan oil mix, higher
costs that reflect an inflation rate of about 30% while the
foreign exchange rate remains fixed, and substantial subsidies in
the domestic market.  Fitch expects margin pressures to continue
in the first half of 2009 and to be exacerbated by PDVSA's 364
MMbpd oil production cuts to comply with OPEC quotas that took
effect Jan. 1, 2009.  Margins should improve in the second half of
the year as oil prices increase and the company reduces costs
through the recently announced nationalization of oil service
companies.

PDVSA is Venezuela's national oil company, with reported oil
production of 3.23 MMbpd, refining capacity of 3.03 MMbpd, proved
hydrocarbon reserves of 202.67 MMMboe (85% oil and 15% natural
gas) and proved developed hydrocarbon reserves of 22.97 MMMboe as
of December 2008.


* VENEZUELA: To Publish Seized Assets of Oil Contractors
--------------------------------------------------------
Maracaibo Eulogio del Pino, Petroleos de Venezuela, S.A. Vice
President of Exploration and Production, said the assets of the
oil contractors that were expropriated under the Organic Law that
Reserves to the State the Assets and Services Related to Primary
Hydrocarbon Activities will be published in presidential decrees.

Mr. Del Pino explained that the decrees -- to be signed by the
People's Minister for Energy and Petroleum Rafael Ramirez -- will
include both the exact assets that were subject to expropriation
and those that are not required for the Venezuelan core oil
business.

"Once the decrees are published and the auditing board has
performed the relevant appraisals, we will talk to all of the
concerned companies to make an estimation of value of the assets
subject to expropriation.  We will negotiate with all the
companies willing to talk to us and negotiate based on terms of
fairness and economic balance.  We will attain agreements with all
of them."

"All of the companies will be compensated, all of them. The
prerequisite for such compensation, however, are the relevant
appraisals of all the assets subject to expropriation," Mr. Del
Pino highlighted.

Mr. Del Pino stressed that payments to the suppliers of the oil
industry have been met for the last one month and a half. "We made
payments to the companies we owed less than US dollar 2.5
million."

                           *     *     *

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


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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 * * *