TCRLA_Public/091102.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

           Monday, November 2, 2009, Vol. 10, No. 216

                            Headlines



A R G E N T I N A

ARLUNI AUTO: Requests for Preventive Contest
C & L FARMING: Requests for Preventive Contest
DIROS SRL: Asks for Preventive Contest
KARNAK CONSTRUCCIONES: Asks for Preventive Contest
MI VAL: Creditors' Proofs of Debt Due on December 22

SOLUCIONES INTEGRALES: Asks for Preventive Contest
UNIQUE INTERNATIONAL: Creditors' Proofs of Debt Due on December 3
* ARGENTINA: IDB OKs US$25 Million Loan for Citizen Security
* ARGENTINA: May Face Beef Shortage in November, Farm Group Says


B E R M U D A

CONCORDIA TRADING: Creditors' Proofs of Deb Due on November 10
CONCORDIA TRADING: Shareholder to Hear Wind-Up Report on Nov. 17
EMPRESA BRASILEIRA: Posts US$1.246BB Net Sales in Third Quarter
PRINCE DELI: Releases Liquidator
TOTAL FITNESS: Releases Liquidator

* BRAZIL: IDB OKs US$25MM to Support Energy Saving Projects


C A Y M A N  I S L A N D S

GED VOLATILITY: Members' Final Meeting Set for November 5
GIPS TRADING: Members' Final Meeting Set for November 4
GNC HOLDINGS: Members Receive Wind-Up Report
GREENWICH STRUCTURED: Members' Final Meeting Set for November 4
GREENWICH STRUCTURED: Members' Final Meeting Set for November 4

GSC PARTNERS: Members' Final Meeting Set for November 4
MAM SECURITY: Members' Final Meeting Set for November 4
MOUNTAIN VIEW: Members' Final Meeting Set for November 4
MQ ASIAN: Members' Final Meeting Set for November 4
MQ ASIAN: Members' Final Meeting Set for November 4

NFS ASSET: Members' Final Meeting Set for November 4
NORUM RUSSIA: Members' Final Meeting Set for November 4
OPTIMAL RENAISSANCE: Members' Final Meeting Set for November 5
OPTIMAL RENAISSANCE: Members' Final Meeting Set for November 5
RAB GLOBAL: Members' Final Meeting Set for November 5

RAB GLOBAL: Members' Final Meeting Set for November 5
RIVERSOURCE ABSOLUTE: Members' Final Meeting Set for November 5
RIVERSOURCE ENHANCED: Members' Final Meeting Set for November 5
RIVERSOURCE GLOBAL: Members' Final Meeting Set for November 5
RIVERSOURCE UNIVERSAL: Members' Final Meeting Set for November 5


C O L O M B I A

* COLOMBIA: Remains Qualified to Access FCL Resources, IMF Says


G U Y A N A

* GUYANA: IDB to Provide US$24.8MM Credit Line for Gov't Support


J A M A I C A

AIR JAMAICA: Opposition Demands Answers on Divestment
DIGICEL GROUP: Eyes New Kingston as Jamaican Headquarters
* JAMAICA: Minister Dismisses Gloomy Winter Season Forecast


M E X I C O

CEMEX SAB: Willing to Discuss Nationalization with Gov't
MERCANTIL CA: Fitch Affirms Issuer Default Ratings at 'B+'
URBI DESARROLLOS: Fitch Affirms Issuer Default Rating at 'BB'
* MEXICO: Moody's Confirms Ratings of Municipality of Tlannepantla


P E R U

* PERU: Gets US$20MM IDB Loan for Water & Sanitation Improvements


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Seeks Up to US$5-Bil. Bond Issue This Year


X X X X X X X X

* BOND PRICING: For the Week October 28 to November 2, 2009




                         - - - - -


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


ARLUNI AUTO: Requests for Preventive Contest
--------------------------------------------
Arluni Auto SRL requests for preventive contest.


C & L FARMING: Requests for Preventive Contest
----------------------------------------------
C & L Farming SA requested for preventive contest.

The company stopped making payments last February 10.


DIROS SRL: Asks for Preventive Contest
--------------------------------------
Diros SRL asked for preventive contest.


KARNAK CONSTRUCCIONES: Asks for Preventive Contest
--------------------------------------------------
Karnak Construcciones SRL asked for preventive contest.


MI VAL: Creditors' Proofs of Debt Due on December 22
----------------------------------------------------
Jorge Raul Mencia, the court-appointed trustee for Mi Val SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until December 22, 2009.

Mr. Mencia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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 Raul Mencia
          RodrĄguez Pena 350
          Argentina


SOLUCIONES INTEGRALES: Asks for Preventive Contest
--------------------------------------------------
Soluciones Integrales Corporativas SA asked for preventive
contest.

The company stopped making payments last September 30.


UNIQUE INTERNATIONAL: Creditors' Proofs of Debt Due on December 3
-----------------------------------------------------------------
Miguel Angel Visco, the court-appointed trustee for Unique
International Corporation SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until December 3, 2009.

Mr. Visco will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 13
in Buenos Aires, with the assistance of Clerk No. 26, 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.


* ARGENTINA: IDB OKs US$25 Million Loan for Citizen Security
------------------------------------------------------------
The Inter-American Development Bank has approved a US$25 million
loan to help the Argentine province of Buenos Aires reduce levels
of crime, violence and insecurity over the next five years.

IDB said that the country's program seeks to achieve this by
strengthening the police emergency response system of the
province?s Ministry of Security.  It also proposes to expand
community participation mechanisms such as the existing
?neighborhood security forums? where citizens are included in the
decision making.  The program includes introducing violence
prevention programs.

Similar multidimensional programs for the prevention of crime and
violence have been successfully implemented in Colombia, Jamaica
and Uruguay, with the IDB participating as financial partner.

Crimes against persons almost doubled nationwide in seven years --
in 2000 there were 39 such offenses per 10,000 inhabitants, and in
2006 that rate increased to 68.  In the province of Buenos Aires,
the rate stood at 77 offenses per 10,000 inhabitants.  According
to a survey conducted in 2008, more than 80% of the population
perceived insecurity as their main cause for concern by 2007,
ahead of unemployment and inflation.  In 2000, only 42% thought
that way.

In 2008, the crime rate in the province was of 1,843 cases per
100,000 inhabitants.  Among other results, the program?s target is
to reduce this figure by over 10 percent in five years, reaching
1,671 cases by 2013.  The community perception of insecurity is
expected to drop from 88% in 2008 to 72% by 2013.

The program has a total cost of US$36.6 million and the IDB
becomes its financial partner with a US$25 million contribution.
The remaining US$11.6 million will come from local funds.

The US$25 million loan will be disbursed in trenches during the
five years of execution of the program.  It was approved with a
25-year amortization period, five years of grace and a Libor-based
interest rate.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires.  At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating.  The outlook on the local and foreign
currency long-term issuer credit ratings is stable.


* ARGENTINA: May Face Beef Shortage in November, Farm Group Says
----------------------------------------------------------------
Argentina may face a shortage of beef as early as next month if
the government continues to withhold subsidies to feedlots,
Rodrigo Orihuela at Bloomberg News reports, citing a farm group
official.  Feedlots ?are short of cash,? Eduardo Ambrosetti, chief
economist of the Argentine Rural Society, told the news agency in
a telephone interview.  ?Feedlot operators are replacing less than
40% of the cattle,? he added.

According to the report, Argentina?s more than 500 feedlots rely
on the 200 pesos (US$52) per head that the government has failed
to pay since September 1 as a steady source of income.  The report
relates that the reduced income for cattle growers follows
government policies that have made it unprofitable to export beef
for many producers.

Bloomberg News notes that Hugo Biolcati, president of the rural
society, said that a cattle shortage would lead Argentineans to
cut down domestic consumption by almost a third in the next two
years.


                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires.  At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating.  The outlook on the local and foreign
currency long-term issuer credit ratings is stable.


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


CONCORDIA TRADING: Creditors' Proofs of Deb Due on November 10
--------------------------------------------------------------
The creditors of Concordia Trading Asia Ltd. are required to file
their proofs of debt by November 10, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Glen Griffin
          c/o Mello Jones & Martin
          Thistle House, 4 Burnaby Street
          Hamilton, HM11


CONCORDIA TRADING: Shareholder to Hear Wind-Up Report on Nov. 17
----------------------------------------------------------------
The shareholder of Concordia Trading Asia Ltd. will receive, on
November 17, 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:

          Glen Griffin
          c/o Mello Jones & Martin
          Thistle House, 4 Burnaby Street
          Hamilton, HM11


EMPRESA BRASILEIRA: Posts US$1.246BB Net Sales in Third Quarter
---------------------------------------------------------------
Empresa Brasileira de Aeronautica SA (Embraer) recorded net sales
of US$1.246 billion in the third quarter of 2009 (3Q09), and net
income of US$57.7 million, equivalent to basic and diluted
earnings per ADS of US$0.3188.  In 3Q09, Embraer delivered 57 jets
to the commercial aviation, executive aviation and defense
segments, compared to 48 jet deliveries in the third quarter of
2008 (3Q08).  The company?s firm order backlog on September 30,
2009, totaled US$18.6 billion.

Despite a higher number of deliveries, net revenues for 3Q09
totaled US$1.246 billion, or a 19.4% decrease from the US$1.546
billion in net revenues of 3Q08, basically due to 3Q09 product
mix, that included 22 Phenom 100 jet delivered.  The gross margin
for 3Q09 totaled 18.8% or a decrease over the 21.7% gross margin
of 3Q08, mainly due to the product mix, and the reduction in
revenues which caused a lower dilution of fixed costs.  Income
from operations totaled US$68.0 million in 3Q09, a 32.3% decrease
compared to US$100.5 million recorded for the same period of last
year.  The decrease is due to a lower gross profit in the quarter.
The operating margin was 5.5% in 3Q09, or a decrease over the 6.5%
operating margin for 3Q08. On an accumulated basis, the operating
margin of 2009 is 7.0%, higher than 5.8% margin accumulated in
2008.

After a US$13.0 million income tax benefit, net income
attributable to Embraer was US$57.7 million in 3Q09, a stable
figure compared to the same number in 3Q08.  The net margin was
4.6% in 3Q09 better than the 3.7% in 3Q08.

A full text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?47e2


                         About Embraer

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com?- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB?Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.


                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Bloomberg News said Embraer will lay off around
4,200 workers, which represents 20% of its 21,362 employees, and
reduced its 2009 revenue forecast by 13% due to the global
recession.



PRINCE DELI: Releases Liquidator
--------------------------------
On October 8, 2009, the Supreme Court of Bermuda made an order for
the dissolution of Prince Deli & Bakery Ltd and to release its
liquidator.


TOTAL FITNESS: Releases Liquidator
----------------------------------
On October 8, 2009, the Supreme Court of Bermuda made an order for
the dissolution of Total Fitness Centre Ltd. and to release its
liquidator.


* BRAZIL: IDB OKs US$25MM to Support Energy Saving Projects
-----------------------------------------------------------
The Inter-American Development Bank approved a US$25 million
guarantee program to support energy saving projects in privately
owned buildings in Brazil.

The US$25 million for Brazil's "Energy Efficiency Guarantee
Mechanism" include US$15 million from the Bank's capital and a
US$10 million grant from the Global Environment Facility.  The
EEGM will be deployed in parallel with technical assistance
activities by the United Nations Development Program.

IDB said that the guarantee program will provide various types of
local currency credit guarantees to help commercial banks and
other lenders or investors finance energy saving projects for
buildings promoted by Brazilian energy service companies.  These
projects typically include replacing inefficient lighting systems,
air conditioning, chillers, motors and pumps with more efficient
models or technology, and installing or improving control systems
that optimize energy consumption, the bank added.

The EEGM is dimensioned to support over 200 projects developed by
up to 40 Brazilian ESCOs over a period of five years, with a total
project energy savings in excess of US$100 million.

The mechanism is a fully independent facility designed to
complement PROESCO, a specialized program of Brazil?s national
development bank BNDES that finances energy efficiency
investments.

EEGM end-users are expected to be mainly private-sector companies
or institutions that own buildings in need of retrofitting to
become more energy efficient.

The facility will be implemented with the involvement of a third
party administrator, to be selected through a competitive bidding
process and which is expected to be a bank, a firm, or individuals
with expertise both in energy efficiency projects and financing.

                         *     *     *

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


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


GED VOLATILITY: Members' Final Meeting Set for November 5
---------------------------------------------------------
The members of GED Volatility Fund 1 Limited will hold their final
meeting on November 5, 2009, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


GIPS TRADING: Members' Final Meeting Set for November 4
-------------------------------------------------------
The members of Gips Trading Ltd. will hold their final meeting on
November 4, 2009, at 2:45 p.m., to receive the liquidator's report
on the company's wind-up proceeedings and property disposal.

The company's liquidator is:

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


GNC HOLDINGS: Members Receive Wind-Up Report
--------------------------------------------
On October 30, 2009, the members of GNC Holdings Inc received the
liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


GREENWICH STRUCTURED: Members' Final Meeting Set for November 4
---------------------------------------------------------------
The members of Greenwich Structured Arm Products CI 2005-4 will
hold their final meeting on November 4, 2009, at 10:20 a.m., to
receive the liquidator's report on the company's wind-up
proceeedings and property disposal.

The company's liquidator is:

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


GREENWICH STRUCTURED: Members' Final Meeting Set for November 4
---------------------------------------------------------------
The members of Greenwich Structured Arm Products CI 2005-3 will
hold their final meeting on November 4, 2009, at 10:20 a.m., to
receive the liquidator's report on the company's wind-up
proceeedings and property disposal.

The company's liquidator is:

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


GSC PARTNERS: Members' Final Meeting Set for November 4
-------------------------------------------------------
The members of GSC Partners CDO Fund III, Limited will hold their
final meeting on November 4, 2009, at 2:30 p.m., to receive the
liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


MAM SECURITY: Members' Final Meeting Set for November 4
-------------------------------------------------------
The members of MAM Security Corporation will hold their final
meeting on November 4, 2009, at 2:50 p.m., to receive the
liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


MOUNTAIN VIEW: Members' Final Meeting Set for November 4
--------------------------------------------------------
The members of Mountain View CLO IV Ltd. will hold their final
meeting on November 4, 2009, at 2:20 p.m., to receive the
liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


MQ ASIAN: Members' Final Meeting Set for November 4
---------------------------------------------------
The members of MQ Asian Multi-Strategy Master Fund will hold their
final meeting on November 4, 2009, at 3:10 p.m., to receive the
liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


MQ ASIAN: Members' Final Meeting Set for November 4
---------------------------------------------------
The members of MQ Asian Multi-Strategy Fund will hold their final
meeting on November 4, 2009, at 3:10 p.m., to receive the
liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


NFS ASSET: Members' Final Meeting Set for November 4
----------------------------------------------------
The members of NFS Asset Cayman will hold their final meeting on
November 4, 2009, at 10:10 a.m., to receive the liquidator's
report on the company's wind-up proceeedings and property
disposal.

The company's liquidator is:

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


NORUM RUSSIA: Members' Final Meeting Set for November 4
-------------------------------------------------------
The members of Norum Russia General Partner Limited will hold
their final meeting on November 4, 2009, at 3:00 p.m., to receive
the liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


OPTIMAL RENAISSANCE: Members' Final Meeting Set for November 5
--------------------------------------------------------------
The members of Optimal Renaissance Institutional Futures Feeder
Fund Ltd. will hold their final meeting on November 5, 2009, at
10:20 a.m., to receive the liquidator's report on the company's
wind-up proceeedings and property disposal.

The company's liquidator is:

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


OPTIMAL RENAISSANCE: Members' Final Meeting Set for November 5
--------------------------------------------------------------
The members of Optimal Renaissance Institutional Equities Feeder
Fund Ltd. will hold their final meeting on November 5, 2009, at
10:20 a.m., to receive the liquidator's report on the company's
wind-up proceeedings and property disposal.

The company's liquidator is:

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


RAB GLOBAL: Members' Final Meeting Set for November 5
-----------------------------------------------------
The members of Rab Global Financials Fund Limited will hold their
final meeting on November 5, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


RAB GLOBAL: Members' Final Meeting Set for November 5
-----------------------------------------------------
The members of Rab Global Financials (Master) Fund Limited will
hold their final meeting on November 5, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceeedings and property disposal.

The company's liquidator is:

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


RIVERSOURCE ABSOLUTE: Members' Final Meeting Set for November 5
---------------------------------------------------------------
The members of Riversource Absolute Return Fund Inc. will hold
their final meeting on November 5, 2009, at 10:45 a.m., to receive
the liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


RIVERSOURCE ENHANCED: Members' Final Meeting Set for November 5
---------------------------------------------------------------
The members of Riversource Enhanced Absolute Return Fund Inc. will
hold their final meeting on November 5, 2009, at 10:45 a.m., to
receive the liquidator's report on the company's wind-up
proceeedings and property disposal.

The company's liquidator is:

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


RIVERSOURCE GLOBAL: Members' Final Meeting Set for November 5
-------------------------------------------------------------
The members of Riversource Global Long Short Fund Inc. will hold
their final meeting on November 5, 2009, at 10:45 a.m., to receive
the liquidator's report on the company's wind-up proceeedings and
property disposal.

The company's liquidator is:

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


RIVERSOURCE UNIVERSAL: Members' Final Meeting Set for November 5
----------------------------------------------------------------
The members of Riversource Universal Equity Long Short Fund, Inc.
will hold their final meeting on November 5, 2009, at 10:45 a.m.,
to receive the liquidator's report on the company's wind-up
proceeedings and property disposal.

The company's liquidator is:

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


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


* COLOMBIA: Remains Qualified to Access FCL Resources, IMF Says
---------------------------------------------------------------
The Executive Board of the International Monetary Fund completed
its six-month review of Colombia?s qualification for the
arrangement under the Flexible Credit Line.  The Board reaffirmed
Colombia?s continued qualification to access FCL resources.  The
Colombian authorities have indicated they intend to continue
treating the arrangement as precautionary and do not intend to
draw on the line.

The one-year arrangement for Colombia of SDR6.966 billion (about
US$11.13 billion) was approved on May 11, 2009.  Colombia was the
third country to gain access to an FCL, following Mexico and
Poland.  The IMF designed the FCL for countries that have a
history of sound macroeconomic policies and institutional
frameworks. The FCL is designed to help countries? crisis efforts
by providing the flexibility to draw on the credit line at any
time.  The FCL was created as part of an overhaul of the Fund?s
lending framework this spring.

Following the Executive Board discussion of Colombia, Mr. John
Lipsky, First Deputy Managing Director and acting Chairman of the
Board, made the following statement:

?Last May, at a time of heightened global uncertainty, the IMF
Executive Board approved an FCL arrangement for Colombia to serve
as additional balance of payments protection, providing further
room for the authorities to pursue countercyclical policies in the
context of strong institutional policy frameworks.  Developments
since the FCL approval have been generally positive, financial
market conditions have improved and perceptions of tail risks to
the balance of payments have subsided.

?The upturn in the global environment has improved the outlook for
the balance of payments and economic activity.  Exports and
remittances have performed better than anticipated as commodity
prices recovered faster than expected.  Roll-over rates, in
particular for the public sector, also have been higher than
previously anticipated.  Against this background, economic
recovery is taking hold, and growth for the year is expected to
remain positive.

?Colombia?s very strong institutional and policy frameworks
provided scope to support domestic demand, with prudently
expansionary macroeconomic policies.  Since the FCL was approved,
monetary policy has been eased further, while inflation
expectations remained anchored; the exchange rate has continued to
be an effective shock absorber; fiscal policy has helped sustain
domestic demand, in particular through an increase in public
investment; and, the financial system has continued to show
resilience in the context of effective financial sector
supervision.  Looking ahead, monetary policy will continue to be
guided by the inflation targeting framework and fiscal policy by a
medium term framework, which should allow fiscal consolidation to
restart by 2011.

?Against this backdrop of very strong policy frameworks and
actions, the Executive Board today reaffirmed that Colombia
continues to meet the qualification criteria for the FCL.
Accordingly, access to resources under the FCL?which the
authorities intend to continue to treat as precautionary?will
remain available as envisaged through May 2010,? Mr. Lipsky said.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, Fitch Ratings has assigned a long-term foreign
currency rating of 'BB+' to the Republic of Colombia's US$1
billion Eurobond (6.125% coupon) maturing in 2041.


===========
G U Y A N A
===========


* GUYANA: IDB to Provide US$24.8MM Credit Line for Gov't Support
----------------------------------------------------------------
The Inter-American Development Bank approved a US$24.8 million
credit line to improve roads in Guyana to lower transportation
costs and travel time while increasing safety and accessibility to
key residential and agricultural areas.

The IDB funds will support the government's Road Improvement and
Rehabilitation Program, which focuses on rehabilitating 30
kilometers of roads, enhancing mobility within the Georgetown
metropolitan area and making nearby communities more accessible to
markets and services in suburban and rural districts.

Road accidents and vehicle travel time and operation costs are
expected to be reduced by an average 20% in the area covered by
the program.

Specifically, the program seeks to improve the East and West Canje
Roads and the urban arterial network in Georgetown, the access
road to the Cheddi Jagan International Airport from the East Bank
Road, and localized interventions on the EBR between the new
Cricket Stadium and residential areas of the Diamond and Grove
villages south of the capital.

It will also rehabilitate and repave the 7-kilometer long Sheriff
Street?Mandela Road roadway in Georgetown.  The 3.5-kilometer long
airport access road will also be repaved and roadside amenities
will be added at key locations to enhance safety.

The credit line consists of a US$12.4 million loan from the IDB's
ordinary capital for a 30-year term, including a 5-1/2-year grace
period, at a LIBOR-based variable interest rate, and a US$12.4
million credit from the IDB's concessional Fund for Special
Operations for a 40-year term with 40 years of grace at 0.25%
interest.


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


AIR JAMAICA: Opposition Demands Answers on Divestment
-----------------------------------------------------
The Opposition People's National Party is inquiring Bruce
Golding's administration as rumors have emerged that the
government has decided to postpone the divestment of the air
carrier, RadioJamaica reports. Opposition Spokesman on Finance Dr.
Omar Davies told the news agency in an interview that information
had come from a government insider that Air Jamaica has been taken
off the auction block.

According to the report, Dr. Davies said that it is time for the
government to explain clearly to the country what is to become of
the national airline.  "I think it is always the wrong approach to
give yourself public timetables on divestments but the Opposition
has learnt from a high source in the government that the decision
has been taken the position to postpone the divestment," the
report quoted Dr. Davies as saying.

RadioJamaica notes that more questions were raised about the sale
of Air Jamaica following remarks by Chairman of the divestment
committee, Dennis Lalor.  The report relates that Mr. Lalor
disclosed that the airline would be placed under the control of a
low budget, US-based air carrier.

However, the report notes that Mr. Lalor's pronouncement was met
with surprise by trade union officials who said they were informed
by Air Jamaica officials that no agreement had been reached for
the sale.

As reported in the Troubled Company Reporter-Latin America on
October 27, 2009, Jamaica Observer said that the Jamaica Airline
Pilots Association is now waiting a reply from the Jamaican
government after submitting a bid to acquire Air Jamaica Limited,
Jamaica Observer reports.  The report related that JALPA President
Captain Russell Capleton said the association, which comprises the
airline's 140 pilots, is spearheading the acquisition effort on
behalf of the national carrier's staff.

                        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).


DIGICEL GROUP: Eyes New Kingston as Jamaican Headquarters
---------------------------------------------------------
Camilo Thame at Jamaica Observer reports that Digicel Group
yesterday plans to build its headquarters and offices for its
Jamaican operations in downtown Kingston next year.  The report
relates that the company's move will see the telecommunications
company benefit from what could work out to be a sizeable tax
break.

"Jamaica is the home of Digicel and we are proud of the deep
connections we have built here," the report quoted Digicel Group
CEO Colm Delves as saying.  "Since our inception here eight-and-a-
half years ago, we've constantly set new standards in everything
we do and the way in which we do it," Mr. Delves added.

According to the report, Digicel Group will also benefit from tax
incentives, for which Cabinet approved revisions only last month.
The report relates in early September Daryl Vaz, the minister with
responsibility for information, said that the Urban Renewal Tax
Relief Act was amended to create a stimulus for private sector
companies to relocate their head offices downtown.

The amendments, the report notes, will give capital allowances to
owners of buildings in the areas designated for development, which
"can be claimed over two years instead of the life of the asset",
and an increase in investment tax credit from 25% to 33.3% for
central head offices.

Digicel Group, the report adds, said it was "currently in the
final stages of negotiating terms and carrying out feasibility
studies on a plot of land right on the waterfront in downtown
Kingston".


                        About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


* JAMAICA: Minister Dismisses Gloomy Winter Season Forecast
-----------------------------------------------------------
Jamaica Tourism Minister Ed Bartlett has dismissed forecasts that
the upcoming Winter Tourist Season could be a dim one for the
country, RadioJamaica reports.  The report relates that the
protracted global recession has led some stakeholders in the
travel market to predict that the Season will be characterized by
weak bookings.

However, the report notes, that Mr. Bartlett said that an expected
increase in flights to the island will help the tourism sector to
weather the effects of the sluggish international economy.

"We are cautiously optimistic that we will have a good season
based on the seats we have coming in for winter.  This winter is
the largest number of seats ever in Jamaica.  We have well over a
million seats for the winter season with the United States and
Canada leading the way together will nearly 900,000 seats and with
Europe making up the figure," the report quoted Mr. Bartlett as
saying.

Meanwhile, the report relates, Opposition Spokesman on Tourism Dr.
Wykeham McNeil is urging caution with optimistic predictions for
the Winter Tourism Season.   The report notes that Dr. McNeil said
that there signs that the period will be an extremely challenging
one for Jamaica.

"The European market has been down for the past year more than
last year.  The truth of the matter is that we have been saying
for some time now that the recession was going to take root," the
report quoted Mr. McNeil as saying.  "What is happening now is
that unemployment is peaking so when so many people have lost
their jobs there are uncertainty and they are not traveling like
they used to so it is going to have an effect on us," Dr. McNeil
added.

                         *     *     *

Fitch currently rates Jamaica's foreign currency and local
currency Issuer Default Ratings at 'B'.  The Rating Outlook on the
ratings is Negative.


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


CEMEX SAB: Willing to Discuss Nationalization with Gov't
--------------------------------------------------------
CEMEX, S.A.B. de C.V. is open to come to terms concerning the
expropriation of its manufacturing plants by the Venezuelan
government outside the arbitration process commenced in
international courts, El Universal News reports.

"We began a process of arbitration in an international court.
However, we keep our stance before the (Venezuelan) government to
negotiate outside the process of arbitration," the report quoted
Hector Medina, the executive vice president, Finance, of the
Mexican company as saying.

In December 2008, the report recalls Cemex SAB applied for
arbitration at the International Center for Settlement of
Investment Disputes, an institution of the World Bank.  The report
relates that the dispute can last several years.

According to the report, Cemex SAB demands payment of about US$1.3
billion for its assets expropriated by President Hugo Chavez's
government.


                          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)'.


MERCANTIL CA: Fitch Affirms Issuer Default Ratings at 'B+'
----------------------------------------------------------
Fitch Ratings has upgraded the long-term National rating for
Venezuela-based Mercantil, C.A. Banco Universal to 'AA+(ven)' from
'AA(ven)' and its short-term National rating to 'F1+(ven)' from
'F1(ven)'.

Fitch also affirms MB's international ratings:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'B+';

  -- Short-term foreign and local currency rating at 'B';

  -- Individual at 'D';

  -- Support 5.

  -- Support Floor NF.

The Rating Outlook for the long-term IDR is Stable.

The upgrade of MB's National ratings reflects its resilient
performance in an extremely difficult operating environment, where
government intervention and volatile economic activity have
undermined private sector activities.  This above average
performance has been explained by MB's conservative business plan,
adequate risk control techniques, long-lasting expertise, and
strong capital base.  Going forward those strengths should provide
some room for maneuver in case of further intervention.

MB ratings reflect its strong franchise, stable retail deposit
base, and adequate performance sustained by an above-average risk
control culture.  MB's ratings are constrained by the negative
effects of government intervention over the bank business and
overall private sector activities.

Venezuela's current sovereign rating is sub-investment grade, and
the country lacks a consistent policy regarding bank support.
Also, in Fitch's view, current interference with the banking
system could influence decisions faced by shareholders.  Given all
of these factors, financial support, although possible, cannot be
relied on in the event that MB should require it.

Interest rate caps and ceilings, control over fee income, the lack
of foreign exchange gains, and still heavy operating costs have
been mitigated by larger business volume, expansion of retail
lending, and appropriate asset and liability management.  MB's
return-on-average-assets ratio has remained above 2% for a number
of years, although decreasing.  A precautionary loan loss
provision policy since FY07 has reduced MB's profitability but
should pay benefits in the medium-term.  The complex set of
controls imposed by the government on banking activity creates
uncertainty about the ability of Venezuelan banks to keep posting
strong results, although MB has proven it is able to handle those
pressures.

Thanks to its above-average risk control tools and thorough
knowledge of the Venezuelan market, MB has been able to sustain
strong asset quality metrics despite the volatile operating
environment.  Since mid-2008, loan growth has been curbed by MB's
management, while loan loss reserves have increased significantly.
As such, the past due loan to total loan ratio remains below 1%
since FY05, while loan loss reserves improved to 3.5% of total
lending at June 30, 2009, a level considered prudent given the
negative operating environment.

Controlled growth and still adequate profitability preserve MB's
capital position, which is mostly unencumbered and all considered
Tier I capital.  At June 30, 2009, the equity-to-assets ratio
stood at 8.8%, while the Fitch free-capital ratio, which excludes
the burden of fixed and foreclosed assets, increased almost up to
7.4%, a level considered adequate given the risk profile of the
bank and good provisioning.

MB was the second largest universal bank in Venezuela at June 2009
in terms of assets, with a 10.1% asset market share, and a leader
in many market segments.  MB is 99.9% owned by Mercantil Servicios
Financieros, a holding company with major investments in Venezuela
and the U.S.


URBI DESARROLLOS: Fitch Affirms Issuer Default Rating at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings and outstanding debt ratings of Urbi Desarrollos
Urbanos, S.A.B. de C.V.:

  -- Local currency IDR at 'BB';
  -- Foreign currency IDR at 'BB';
  -- US$150 million senior notes due 2016 at 'BB';
  -- Long-term national scale at 'A(mex)';
  -- Short-term national scale at 'F2(mex)'.

The Rating Outlook is Stable.

Urbi's ratings reflect its strong market position in the highly
fragmented Mexican homebuilding industry, being the third largest
homebuilder in Mexico in terms of homes sold; its geographic
diversification; significant land reserve; and its financial
profile.  Urbi's ratings are constrained by dependency of
financing of government-related mortgage funding of low-income
homes, and the high working capital requirements related with the
operation of the company.

The Stable Outlook reflects Urbi's consistent operating
performance over the last several years and its proven ability to
weather current difficult environment affecting the Mexican
homebuilding sector and pursue its operating strategies without
compromising its capital structure.  Further, Fitch considers that
there is significant room for consolidation and Urbi is
competitively positioned to benefit as a result of its market
share and liquidity positions, and management commitment to
sustainable growth while maintaining leverage similar to current
levels.  The ratings incorporate Fitch's expectations that URBI's
total debt to EBITDA to be approximately 1.9 times (x) considering
the adoption of INIF-14, starting 2010, which recognizes revenues
under the title-method rather than Urbi's historical use of
percentage-of-completion method.  Additionally, Fitch incorporates
a gradual strengthening of its debt to EBITDA indicator during
2010; otherwise the current rating could be notched downward.

Fitch views URBI's focus on cash flow generation as a positive.
Since early 2009, Urbi's financial strategy is focused on growing
liquidity, and favoring financial strength and free cash flow
generation over growth.  The company reduced its target revenue
growth for fiscal year end 2009 from +10% to -13%, which will
allow the company to reduce its working capital needs and generate
positive free cash flow.  Urbi's free cash flow had been negative
during the last several years as cash flow was used to fund
significant increases in working capital, particularly account
receivable.

In line with these goals, Urbi has generated positive free cash
flow over the last two quarters and increased liquidity, due to
better working capital management.  During the last 12 month
period ended in September 2009, the company has been able to
reduce working capital and generate positive free cash flow of MXN
444 million and during the first nine month of the 2009, Urbi's
free cash flow was MXN 946 million, Further improvements are
expected in working capital management during the fourth quarter
of 2009 and should result in free cash flow generation of MXN
2,000 million through the full year.

Manageable Debt Schedule:

Urbi's leverage, measure as the total debt/EBITDA ratio, was 2.1x
by the end of September 2009, and it was 1.8x by the end of
December 2008.  By the end of September 2009, company's debt was
MXN8.3 billion, and it was composed mostly of local and
international bonds (MXN3.1 billion), bank loans (MXN2.8 billion);
factoring transactions (MXN2 billion), and leasing transactions
(MXN335 million).  Urbi faces debt amortizations of MXN1.3 billion
and MXN1.8 billion during 2009 and 2010, respectively, which is
comfortably covered by its current cash and marketable securities
balance of MXN3 billion by the end of September 2009.  Urbi has
good access to credit through capital markets and banks, and
financial flexibility resulting from its strong cash position.
The company is exploring options to improve its average debt
maturity profile, which is, currently, approximately four years.

Consistent Diversification Strategy:

Urbi has an important geographic diversification with operations
in 10 states of Mexico, which diminishes operating and funding
risks.  Baja California has traditionally been one of the most
important locations for Urbi, nonetheless, other regions have
started to become increasingly important, most notably Mexico
City, Sinaloa and the Monterrey region.  This strategy follows the
company's diversification strategy away from the border region of
Baja California towards densely populated regions with more
attractive growth prospects.  In terms of product diversification,
Urbi's strong growth in low-middle income housing for the last
year is the result of the company's decision to focus on these
market segments, to take advantage of the mortgage availability
for this type of housing mainly through Mexican government
agencies, i.e.  Infonavit, Fovissste and SHF's Rent-to-Own
program.  For the third quarter 2009 (3Q'09), the Affordable
Entry-Level segment account for 73% and 88% of URBI's total
revenues and unit sold; while during 3Q'08 this segment
represented only 53% and 76%, respectively.

Sizable Land Reserve:

Urbi's land reserve is adequate, well-distributed, and reduces the
need for major land acquisitions in the medium term; an adequate
land bank provides the company with additional operating and
financial flexibility.  By the end of September 2009, Urbi's land
reserve of 4,765 hectares represented approximately 6.5 years of
production at current run rates, equivalent to 259,095 housing
units.  Urbi has land reserves in more than 10 states, providing
to the company a strong platform to support its growth without
requiring the need to complete major land acquisitions.  Urbi's
policy and operating strategy are to maintain land reserves of
approximately 2.5 to 3 years of future production in medium-sized
cities and from 5 to 7 years in major metropolitan areas.  Of this
reserve, approximately 4,332 hectares, 90% of Urbi's total land
reserve is suitable for the development of affordable entry level
and low middle-income housing, which is sufficient to build
239,983 units.  Additionally, 433 hectares are classified for high
middle-income and upper-income housing, with construction capacity
of 19,112 units.

Strong Long Term Sector Fundamentals:

Despite difficult economic environment resulting from Mexico's
recession, the Mexican homebuilding sector maintains strong
fundamentals in the long term based on its underlying strengths,
positive demographic trends, and the housing deficit.  It is
important to note, a full recovery will depend on the future
health of the Mexican economy and the government's continued
support of the housing sector.

The affordable entry or low-income segment remains the primary
growth driver in the sector.  The strength in the low-income
sector remains supported by government efforts to make lenders
shift their focus towards it.  Government agencies, Infonavit will
issue 500 thousand and 570 thousand mortgages in 2009 and 2010,
while Fovissste, Infonavit's equivalent for public sector
employees, will issue 100 thousand and 121 thousand, respectively.
However, growth prospects for homebuilding remain limited as new
construction financing is scarce.  Consolidation in the industry
continues, as small homebuilders find it increasingly difficult to
fund construction and are forced to walk away from projects.  Main
players, as Urbi, are well positioned to weather the recession
over the intermediate term based on their operational efficiency,
financial strengthen; and, purchase power with supplier.


* MEXICO: Moody's Confirms Ratings of Municipality of Tlannepantla
------------------------------------------------------------------
Moody's de Mexico has confirmed the B1 (global scale, local
currency) and Baa1.mx (Mexican national scale) issuer ratings of
the Municipality of Tlalnepantla.  At the same time, Moody's de
Mexico revised the outlook on the Municipality of Tlalnepantla's
B1 (global scale, local currency) and Baa1.mx (Mexican national
scale) ratings to stable from under review with uncertain
implications.  These actions conclude the review that was
initiated on December 23, 2008.

The ratings confirmation and the outlook change reflect Moody's
assessment that the early amortization clauses, which could
potentially bring forward the maturity date of the municipality's
loans under current conditions, are unlikely to be triggered by
the lender, Banco Interacciones.  The new administration of
Tlalnepantla, which took power on August 2009, is seeking to amend
these clauses to avoid unintended financial stress on the
municipality.

The early amortization clauses state that, if the assigned ratings
to the loans remain at Baa1.mx or below for more than six months
beginning in January 2009, the bank could trigger the early
amortization of MXN 563.5 million in loans.  Moody's de Mexico
view is that such an act would offer substantially less financial
benefit to the lender than would an agreed restructuring.  The
ratings incorporate both the possibility of some higher costs to
Tlalnepantla from a renegotiation, as well as the uncertainty of
the timing that any renegotiation may be completed.

The last rating action with respect to Tlalnepantla was taken on
December 23, 2008, when the global scale, local currency, issuer
rating was downgraded to B1 from Ba3.  At this time the issuer
ratings were placed under review with uncertain implications.


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


* PERU: Gets US$20MM IDB Loan for Water & Sanitation Improvements
-----------------------------------------------------------------
The Inter-American Development Bank approved a US$20 million loan
to help Peru?s government to implement reforms to improve the
efficiency, equity, access and sustainability of water and
sanitation services.

The program aims to correct service deficiencies, which include
intermittent water supply in many areas, low quality of water,
particularly in rural districts, high level of unmetered water,
average payment arrears of five months, and rates too low to cover
operational costs.

The operation, third in a series of three annual loans for this
sector, will support government efforts to implement structural,
institutional, legal and regulatory reforms in the following
areas:

    * The sector?s institutional framework, in order to build the
      capacity of institutions and improve regional planning
      capacity, particularly in small communities.
    * Financial policy, aimed at establishing criteria for public
      resources allocation and improving the financial condition
      of municipal water and sanitation service providers.
    * Rate policy, intended to simplify rate structures, target
      subsidies, and incorporate the concept of environmental
      costs.
    * Service providers' management, seeking to institute good
      corporate governance practices and reporting by operators.
    * Private sector participation, aiming to optimize the process
      for structuring public-private partnerships.

The loan is for a 20-year term, with a 5-year grace period, at a
variable interest rate based on Libor.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 1, 2009, Moody's Investors Service has placed Peru's Ba1
foreign-currency government bond rating on review for possible
upgrade, reflecting the country's track record of stable economic
policymaking and reduced risks from the economy's relatively high
degree of dollarization.


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


PETROLEOS DE VENEZUELA: Seeks Up to US$5-Bil. Bond Issue This Year
------------------------------------------------------------------
Petroleos de Venezuela is seeking to issue around $3 billion to
$5 billion before year-end, adding to the recent bond sales by the
company, Darcy Crowe at Dow Jones Newswires reports, citing
Barclays PLC.  "Authorities are seeking new issuance from PdVSA
before the year-end," possibly totaling US$3 billion to US$5
billion, analysts Alejandro Grisanti and Donato Guarino wrote in a
note obtained by the news agency.

According to Dow Jones Newswires, Barclays expects the new bond
sale "to be a repeat of the last issuance." Dow Jones Newswires,
citing Barclays, relates that the company plans to use the money
for capital investments and could issue at least US$6 billion next
year.  New issuance next year by the central government could
reach US$6 billion, the analysts added.

Venezuela, Dow Jones Newswires notes, has entered a "vicious debt
circle," seeking to issue dollar-denominated debt to control the
unofficial market for U.S. currency.  "The debt level is still
favorable but its trends are worrisome to us," Barclays' report
said, Dow Jones Newswires adds.

As reported in the Troubled Company Reporter-Latin America on
October 28, 2009, Bloomberg News reports that Petroleos de
Venezuela SA boosted a bond sale to US$3.26 billion from US$3
billion to meet local investor demand for dollar-based assets.
According to the report, PDVSA met 100% of the orders for the
securities.  The company, the report related, sold:

   -- US$1.4 billion of notes due in 2014 with an interest
      rate of 4.9%;
   -- US$1.4 billion of securities due in 2015 with a rate of
      5%; and
   -- US$435 million of bonds due in 2016 with a rate of
      5.125%.

                            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


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


* BOND PRICING: For the Week October 28 to November 2, 2009
-----------------------------------------------------------


Issuer               Coupon    Maturity   Currency        Price
------              ------    --------   --------        -----


ARGENTINA

ALTO PALERMO SA        7.88      5/11/2017   USD           74.66
ALTO PALERMO SA        7.88      5/11/2017   USD            78.6
ARGENT-$DIS            8.28      12/31/2033  USD           64.48
ARGENT-$DIS            8.28      12/31/2033  USD           72.94
ARGENT-PAR             1.18      12/31/2038  ARS           30.08
ARGENT-=DIS            7.82      12/31/2033  EUR           61.67
ARGNT-BOCON PR13          2      3/15/2024   ARS           62.06
ARGNT-BOCON PRE8          2      1/3/2010    ARS            15.9
AUTOPISTAS DEL S       11.5      5/23/2017   USD              41
BANCO MACRO SA         9.75      12/18/2036  USD              77
BONAR X                   7      4/17/2017   USD           72.42
BUENOS AIRE PROV       9.38      9/14/2018   USD           67.67
BUENOS AIRE PROV       9.63      4/18/2028   USD           63.44
BUENOS-$DIS            9.25      4/15/2017   USD            70.8
MENDOZA PROVINCE        5.5      9/4/2018    USD           74.61
TRANSENER              8.88      12/15/2016  USD           80.25


BRAZIL

CESP                   9.75      1/15/2015   BRL           69.31
REDE EMPRESAS         11.13      #N/A N Ap   USD            80.5

CAYMAN ISLAND

AIG SUNAMERICA         6.38      10/5/2020   GBP           83.97
BARION FUNDING          0.1      12/20/2056  EUR             8.4
BARION FUNDING         0.25      12/20/2056  USD            7.11
BARION FUNDING         0.25      12/20/2056  USD            7.11
BARION FUNDING         0.25      12/20/2056  USD            7.11
BARION FUNDING         0.25      12/20/2056  USD            7.11
BARION FUNDING         0.25      12/20/2056  USD            7.11
BARION FUNDING         0.25      12/20/2056  USD            7.16
BARION FUNDING         0.63      12/20/2056  GBP            17.2
BARION FUNDING         1.44      12/20/2056  GBP           30.41
C&M FINANCE LTD         8.1      2/1/2016    USD              75
CHINA MED TECH            4      8/15/2013   USD            67.5
CHINA SUNERGY          4.75      6/15/2013   USD           61.81
FERTINITRO FIN         8.29      4/1/2020    USD           67.63
GOL FINANCE            8.75      #N/A N Ap   USD            88.5
LDK SOLAR CO LTD       4.75      4/15/2013   USD            69.5
LDK SOLAR CO LTD       4.75      4/15/2013   USD           69.39
MALACHITE FDG          0.63      12/21/2056  EUR           21.64
MAZARIN FDG LTD         0.1      9/20/2068   EUR            5.16
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.19
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.24
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.19
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.19
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.19
MAZARIN FDG LTD        0.25      9/20/2068   USD            5.19
MAZARIN FDG LTD        0.63      9/20/2068   GBP            14.2
MAZARIN FDG LTD        1.44      9/20/2068   GBP           27.89
PUBMASTER FIN          6.96      6/30/2028   GBP           64.17
PUBMASTER FIN          8.44      6/30/2025   GBP           71.33
SHINSEI FIN CAYM       6.42      #N/A N Ap   USD           56.63
SHINSEI FIN CAYM       6.42      #N/A N Ap   USD           56.62
SHINSEI FINANCE        7.16      #N/A N Ap   USD           56.37
SHINSEI FINANCE        7.16      #N/A N Ap   USD              54
XL CAPITAL LTD          6.5      #N/A N Ap   USD            74.5


ECUADOR

REP OF ECUADOR         9.38      12/15/2015  USD           91.42


JAMAICA

AIR JAMAICA LTD        8.13      6/14/2027   USD              72
JAMAICA GOVT              8      3/15/2039   USD              74
JAMAICA GOVT            8.5      2/28/2036   USD            74.5
JAMAICA GOVT          13.38      4/27/2032   JMD           60.53
JAMAICA GOVT LRS      12.75      6/29/2022   JMD           60.25
JAMAICA GOVT LRS      12.75      6/29/2022   JMD           60.27
JAMAICA GOVT LRS      12.85      5/31/2022   JMD           60.89
JAMAICA GOVT LRS      13.38      12/15/2021  JMD           64.16
JAMAICA GOVT LRS      13.58      12/15/2026  JMD           61.43
JAMAICA GOVT LRS         14      6/30/2021   JMD           67.92
JAMAICA GOVT LRS       14.4      8/3/2027    JMD           66.97
JAMAICA GOVT LRS         15      9/6/2032    JMD            69.7
JAMAICA GOVT LRS         15      8/30/2032   JMD            69.7
JAMAICA GOVT LRS         15      11/15/2021  JMD           71.68
JAMAICA GOVT LRS       15.5      3/24/2028   JMD            70.1
JAMAICA GOVT LRS         16      6/13/2022   JMD           74.98
JAMAICA GOVT LRS         16      12/6/2032   JMD           72.34
JAMAICA GOVT LRS      16.13      8/21/2032   JMD           74.93
JAMAICA GOVT LRS      16.25      5/22/2027   JMD           73.56
JAMAICA GOVT LRS      16.25      7/26/2032   JMD           73.47
JAMAICA GOVT LRS       16.5      6/14/2027   JMD           74.64

PUERTO RICO

DORAL FINL CORP           7      4/26/2012   USD              51
DORAL FINL CORP         7.1      4/26/2017   USD            44.5
DORAL FINL CORP        7.15      4/26/2022   USD              37
DORAL FINL CORP        7.65      3/26/2016   USD           45.63
PUERTO RICO CONS        6.1      5/1/2012    USD              62
PUERTO RICO CONS        6.2      5/1/2017    USD              48
PUERTO RICO CONS        6.5      4/1/2016    USD              48

VENEZUELA

PETROLEOS DE VEN       5.25      4/12/2017   USD            57.9
PETROLEOS DE VEN       5.38      4/12/2027   USD           45.26
PETROLEOS DE VEN        5.5      4/12/2037   USD           45.14
VENEZUELA              5.75      2/26/2016   USD           71.45
VENEZUELA                 6      12/9/2020   USD           57.98
VENEZUELA                 7      12/1/2018   USD           68.45
VENEZUELA                 7      3/31/2038   USD           55.53
VENEZUELA              7.65      4/21/2025   USD           62.83
VENEZUELA              7.75      10/13/2019  USD           66.28
VENEZUELA              8.25      10/13/2024  USD           62.44
VENEZUELA                 9      5/7/2023    USD           70.89
VENEZUELA              9.25      9/15/2027   USD            73.4
VENEZUELA              9.25      5/7/2028    USD           71.55
VENZOD - 189000        9.38      1/13/2034   USD           71.17


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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