TCRLA_Public/091103.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

           Tuesday, November 3, 2009, Vol. 10, No. 217

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Receiver Seeks US$1.5 ++ BB for Jilted Investors


A R G E N T I N A

BAPRO MANDATOS: Moody's Assigns Global Currency Rating at 'B2'
COMPANIA ATLETICA: Creditors' Proofs of Debt Due on December 21
CREDENGRAB SRL: Creditors' Proofs of Debt Due on December 14
MATERIA PRIMA: Creditors' Proofs of Debt Due on November 19
PAPEL EXPRESS: Creditors' Proofs of Debt Due on February 16

* AGENTINA: To Pay Cattle Subsidies This Week, Gov't Says
* ARGENTINA: Province May Sell US$100MM of Bonds, Nacion Says


B E R M U D A

GLOBAL CROSSING: Records US$643MM Consolidated Revenue Third Qtr


B R A Z I L

BROOKFIELD INCORPORACOES: Fitch Changes Outlook to Stable
BROOKFIELD SO PAULO: Fitch Changes Outlook to Stable
CYRELA BRAZIL: Fitch Changes Outlook to Stable
EMPRESA BRASILEIRA: Lowered to "Underperform" at BofA on Valuation
EVEN CONSTRUTORA: Fitch Changes Outlook to Stable

MARFRIG ALIMENTOS: Pares Size of Planned Share Sale
* BRAZIL: Signs Cooperation Agreements With Venezuela


C A Y M A N  I S L A N D S

AIOLOS LIMITED: Shareholder Receives Wind-Up Report
ALTERNATIVE MULTI: Creditors' Proofs of Debt Due Today
ANTHRACITE MASTER: Creditors' Proofs of Debt Due Today
ANTHRACITE MASTER: Creditors' Proofs of Debt Due Today
AUDA EQUITY: Commences Wind-Up Proceedings

AUDA STAR: Commences Wind-Up Proceedings
AVANT FUND: Commences Wind-Up Proceedings
AVANT FUND: Shareholder to Receive Wind-Up Report on November 5
BATTERY PARK: Shareholders to Receive Wind-Up Report on November 6
BATTERY PARK: Shareholders to Receive Wind-Up Report on November 6

GI CAPITAL: Shareholder Receives Wind-Up Report
INVESTCORP CFO: Shareholders Receive Wind-Up Report
INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report
INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report
INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report

MELLON BRAZIL: Creditors' Proofs of Debt Due on November 4
OCEANIC ENERGY: Members' Final Meeting Set for November 4
SHORT CREDIT: Creditors' Proofs of Debt Due on November 4
SHORT CREDIT: Shareholders to Receive Wind-Up Report on November 4
SOLENT GENERAL: Commences Liquidation Proceedings


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: PDVSA to Buy Dominican Rep. Oil Refinery


J A M A I C A

CABLE & WIRELESS: LIME Taps Chris Dehring as Chief Marketing Exec


M E X I C O

CEMEX SAB: Considers Long-Term Bond to Pay Bank Debt
VALUE CASA: Moody's Assigns 'Ba3' Long-Term Currency Issuer Rating


P E R U

BANCO DE CREDITO: Sells US$250M 60Yr Bonds at Par; Yld 9.75%


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Buy Dominican Rep. Oil Refinery
* VENEZUELA: Signs Cooperation Agreements With Brazil


X X X X X X X X

FORD MOTOR: South American Unit Reports US$247MM Q3 Pre-Tax Profit
* Large Companies With Insolvent Balance Sheets


                         - - - - -


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


STANFORD INT'L: Receiver Seeks US$1.5 ++ BB for Jilted Investors
----------------------------------------------------------------
Stanford Financial Group court-appointed receiver, Ralph Janvey,
has filed a report in federal court in Dallas outlining his plan
to go after the US$1.5 billion and provide allegedly defrauded
Stanford investors a return of as much as 20 cents on the dollar,
Jeff Carlton at The Associated Press reports.  However, the report
relates, John Little, a lawyer appointed to represent investors,
said that Mr. Janvey's recovery goal is "something of a fantasy"
and that investors should prepare to get back as little as two
cents on the dollar.

According to the report, Mr. Janvey has about US$71 million in
cash on hand and he is pursuing the rest through lawsuits and
other means.  The report, citing court papers, relates that Mr.
Janvey believes he can get as much as an additional US$44 million
by liquidating Stanford-owned assets and selling the Stanford Bank
of Panama.

The AP notes that whether Mr. Janvey reaches his goal of US$1.5
billion hinges on a federal appeals court approving his plan to
pursue nearly US$900 million in claims against investors and
former financial advisers.  The appeals court is scheduled to hear
arguments soon, the report says.

A federal district judge, The AP recalls, in July ruled that Mr.
Janvey could not go after the principal that people invested in
the CDs.   The report relates that the Securities and Exchange
Commission and other parties have asked the appeals court to limit
Mr. Janvey's ability to pursue claims to people who profited from
Stanford's alleged scheme.

Mr. Little, the report notes, said he believes a total recovery of
around US$150 million is more realistic than the US$1.5 billion
Mr.Janvey wants to get, in part because the courts rarely permit a
receiver to go after investors who are "net losers".  The SEC
branded Mr. Janvey's plan to sue net loser investors as "an
extraordinarily expensive effort" that is "not necessary or
appropriate in the first place," Mr. Little added.

              About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


BAPRO MANDATOS: Moody's Assigns Global Currency Rating at 'B2'
--------------------------------------------------------------
Moody's Latin America has assigned a national scale rating of
Aa3.ar and a global local currency rating of B2 to the debt
securities of Fideicomiso Financiero Multipyme IX issued by Bapro
Mandatos y Negocios S.A. -- acting solely in its capacity as
Issuer and Trustee.

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Garantizar S.G.R., which is a financial
guarantor in Argentina.  Garantizar has a local currency national
scale rating of Aa3.ar and a global local currency rating of B2.

                            Structure

Bapro Mandatos y Negocios S.A. (Issuer and Trustee) issued one
class of debt securities denominated in Argentine pesos.  The
rated securities will bear a 6.5% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate bills
of exchange denominated in US dollars signed by agricultural
producers and guaranteed by Garantizar S.G.R.  The bills of
exchange will have the same interest rate as the rated securities.
The promise to investors is to receive the payment of interest and
principal by the legal final maturity of the transaction, which
will occur 300 days after the closing date of the transaction.

If eight days before each payment date, the funds on deposit in
the trust account are not sufficient to make payments to
investors, the Trustee is obligated to request Garantizar to make
payment under the bills of exchange.  Garantizar, in turn, will
have five days to make this payment into the trust account.  Under
the terms of the transaction documents, the trustee has up to two
days to distribute interest and principal payments to investors.
Interest on the securities will accrue up to the date on which the
funds are initially deposited by either Garantizar, the exporter,
or the individual producers into the Trust account.

The designated Trustee in this transaction is Bapro Mandatos y
Negocios S.A., which is the Banco de la Provincia de Buenos Aires'
trustee company.

                          Rating Action

  -- US$2,035,000 in Fixed Rate Debt Securities of "Fideicomiso
     Financiero MULTIPYME IX", rated Aa3.ar (Argentine National
     Scale) and B2 (Global Scale, Local Currency).


COMPANIA ATLETICA: Creditors' Proofs of Debt Due on December 21
---------------------------------------------------------------
Marta Susana Serra, the court-appointed trustee for Compania
Atletica SA's reorganization proceedings, will be verifying
creditors' proofs of claim until December 21, 2009.

Ms. Serra will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 12
in Buenos Aires, with the assistance of Clerk No. 24, 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 trustee and its creditors.

The Trustee can be reached at:

          Marta Susana Serra
          Avenida Gaona 1488
          Argentina


CREDENGRAB SRL: Creditors' Proofs of Debt Due on December 14
------------------------------------------------------------
Jorge Cern, the court-appointed trustee for Credengrab SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 14, 2009.

Mr. Cern will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 10
in Buenos Aires, with the assistance of Clerk No. 20, 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 trustee and its creditors.

The Trustee can be reached at:

          Jorge Cern
          Benito Juarez 3276
          Argentina


MATERIA PRIMA: Creditors' Proofs of Debt Due on November 19
-----------------------------------------------------------
Mauricio Rosemblum, the court-appointed trustee for Materia Prima
Para La Alimentacion SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until November 19, 2009.

Mr. Rosemblum will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 34, 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 trustee and its creditors.

The Trustee can be reached at:

          Mauricio Rosemblum
          Bartolome Mitre 2296
          Argentina


PAPEL EXPRESS: Creditors' Proofs of Debt Due on February 16
-----------------------------------------------------------
Raul Horacio Trejo, the court-appointed trustee for Papel Express
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 16, 2010.

Mr. Trejo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 4 in
Buenos Aires, with the assistance of Clerk No. 8, 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 trustee and its creditors.

The Trustee can be reached at:

          Raul Horacio Trejo
          Avenida Corrientes 818
          Argentina


* AGENTINA: To Pay Cattle Subsidies This Week, Gov't Says
---------------------------------------------------------
Argentina’s agricultural ministry plans to resume subsidy payments
to feedlots and diary producers this week, Rodrigo Orihuela at
Bloomberg News reports, citing a spokesman of the agricultural
commerce control agency (Oncca).

According to the report, the unnamed spokesman said that Argentina
President Cristina Fernandez de Kirchner's administration will
announce this week the first payment in two months.

The Argentine Rural Society, the report relates, said that
feedlots are short on cash because they aren’t receiving the
payments.  Most feedlots aren’t replacing cattle that have been
sold off for slaughter, raising the risk of a beef shortage by
mid-November, the group added.

                           *     *     *

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: Province May Sell US$100MM of Bonds, Nacion Says
-------------------------------------------------------------
Argentina’s Buenos Aires province may sell US$100 million of bonds
before the end of the year, Bill Faries at Bloomberg News reports,
citing La Nacion newspaper.

According to the report, the newspaper said that Buenos Aires
province faces ARS2.2 billion (US$580 million) financing gap for
the final two months of the year.  The province is also
considering tapping other sources of credit to cover day-to-day
expenses, La Nacion added.

Bloomberg News notes that the press office of the province’s
economy ministry said the sale was under consideration.

As reported in the Troubled Company Reporter-Latin America on
October 28, 2009, Bloomberg News said that Buenos Aires province
is counting on Argentine lawmakers to lift restrictions on
provincial government bond sales as it seeks to offer MXN1.2
billion (US$314.1 million) in debt by the end of the year.
According to the report, a spokeswoman for the Buenos Aires
provincial Finance Ministry, said that the province plans to sell
the bonds, half of them directly to local banks, should Argentina
suspend the so-called fiscal responsibility law that was imposed
after swelling local deficits contributed to the nation’s US$95
billion debt default in 2001.  The report noted that senators will
vote soon on a bill that removes the limits for two years.

Buenos Aires, Bloomberg News added, joins Cordoba among local
governments planning a bond sale as deficits more than double.

                          *     *     *

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
=============


GLOBAL CROSSING: Records US$643MM Consolidated Revenue Third Qtr
----------------------------------------------------------------
Global Crossing disclosed third quarter 2009 results.

Global Crossing generated consolidated revenue of US$643 million
for the third quarter of 2009.  Revenue from the company's "invest
and grow" category --that part of the business focused on serving
global enterprises and carrier customers, excluding wholesale
voice -- was US$553 million, representing a sequential increase of
3% and a year-over-year decrease of 2%.

On a constant currency basis, "invest and grow" revenue decreased
1% sequentially and increased 4% year over year.  Operating Income
Before Depreciation and Amortization (OIBDA) for the quarter was
US$91 million, representing a decrease of 2% sequentially and an
increase of 30% year over year.  Free Cash Flow was US$52 million
in the quarter, an improvement of US$62 million sequentially and
US$19 million year over year.

Year-to-date Free Cash Flow was US$10 million through the third
quarter.  OIBDA and Free Cash Flow are non-GAAP measures that are
defined and reconciled in the company's financial tables.   All
constant currency comparisons herein reflect third quarter 2009
and prior period results translated at the average actual foreign
exchange rates for the applicable prior period.

A full text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?4806

                           *     *     *

As reported by the Troubled Company Reporter on August 7, 2009,
Global Crossing Ltd. reported $2.32 billion in total assets and
$2.61 billion in total liabilities, resulting in $28.5 million in
stockholders' deficit at June 30, 2009.  Global Crossing's balance
sheet at June 30 also showed strained liquidity, with $749 million
in total current assets, including $268 million in cash and cash
equivalents, against $945 million in total current liabilities.


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


BROOKFIELD INCORPORACOES: Fitch Changes Outlook to Stable
---------------------------------------------------------

Fitch Ratings has revised the Rating Outlook for these Brazilian
homebuilders to Stable from Negative as well as affirmed their
ratings:

Brookfield Incorporacoes S.A. (Brookfield Incorporacoes)

  -- Local currency Issuer Default Rating at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)';
  -- First debenture issuance at 'A+(bra)'.

Brookfield Sao Paulo Empreendimentos Imobiliarios S.A. (Brookfield
Sao Paulo)

  -- Local currency IDR at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)';
  -- Third debenture issuance at 'A+(bra)'.

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes

  -- Local currency IDR at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)'.

Even Construtora e Incorporadora S.A.

  -- Local currency IDR at 'B+';
  -- Foreign currency IDR at 'B+';
  -- National scale rating at 'BBB+(bra)';
  -- Second and third debenture issuances at 'BBB+(bra)'.

MRV Engenharia e Participacoes S.A.

  -- National scale rating at 'A+(bra)';
  -- Second debenture issuance at 'A+(bra)'.

Fitch also maintains ratings of these companies with a Negative
Outlook with the exception of Tenda, which is in the process of
merging into higher rated Gafisa and is on Rating Watch Positive.
The rating levels are:

Gafisa S.A.

  -- National scale rating 'A-(bra)';
  -- Fifth debenture issuance 'A-(bra)'.

Trisul S.A.

  -- National scale rating 'A-(bra)';
  -- First debenture issuance 'A-(bra)'.

Construtora Tenda S.A.

  -- National scale rating 'BBB(bra)';
  -- First debenture issuance 'BBB+(bra)'.

The Stable Rating Outlook for the homebuilders reflects the fast
and consistent changes in the sector's weak fundamentals observed
since January 2009 and the limited impact of the global credit
crisis on the Brazilian economy.  The valuable support extended by
the Brazilian government to homebuilders during the crisis limited
the liquidity risk in an environment of softened demand.  The
majority of companies analyzed by Fitch successfully managed the
adverse environment and reduced project launches, focused on the
sale of inventory and preserved liquidity.  Some homebuilders are
expected to recapitalize in the short term, improving the
liquidity position to sustain its growth plans.  Fitch also
expects homebuilders in Brazil to resume their growth strategy, as
the availability of real estate credit, consumer confidence and
demand has improved, if compared to the levels reported in the
last quarter of 2008.

The Negative Outlooks for Gafisa and Trisul reflect the companies'
weak credit metrics during the last 12 months and the expectation
that they will continue to face operating and financial challenges
to recover its credit metrics to levels reported before the crisis
and more in line with their current ratings.

Fitch will review the Brazilian homebuilders' ratings in the near
term and further rating actions will be driven by the company's
individual operational and financial performance and the
expectation for its business in a more favorable operating
environment.

Brazilian Economy Resilience to Improve Sector Fundamentals:

The faster than expected recovery of the Brazilian economy is key
to improving real estate sector's fundamentals.  Fitch expects
Brazilian GDP to contract 0.4% in 2009 and grow 3.8% in 2010,
compared to the initial forecasts at the beginning of 2009 of a
contraction of 1% and growth of 3.2%, respectively.  Although the
unemployment rate increased since January 2009, reaching a peak of
9% in March 2009, it has shown signs of improvement to 7.7% in
September 2009.  Demand and consumer confidence, which
significantly dropped during the last quarter of 2008 and first
quarter of 2009, have recovered since May 2009 and the upward
trend is expected to continue.

Return of Credit Supports Business Growth and Demand:

The slow return of the availability of credit lines in the
Brazilian market should support the homebuilders' growth plans and
stimulate demand.  The local market has shown signs of recovery
since the second quarter of 2009, underpinned by a moderate
recovery of market sentiment.  While no debt issuances were made
by real estate companies in the local capital markets from January
to March 2009, about BRL900 million was issued since April 2009,
of which BRL600 million is related to funding from Caixa Economica
Federal.  The Brazilian capital market has recently opened for new
issuances and homebuilders are expected to reinforce their cash
position to support business growth, land bank acquisition and
high working capital needs inherent to the business nature.

The Brazilian government has extended valuable support to
homebuilders during the crisis, stimulating demand, especially in
lower income segments.  Since the announcement of the 'My Home My
Life' program ('Minha Casa Minha Vida') in March 2009, with a
total funding amount expected to reach BRL36.5 billion for the
construction of 1 million homes, only about 13,300 homes were
financed by Caixa up to June 2009.  The program facilitates access
to real estate credit for the low- and middle-income homebuyers by
providing subsidized interest rates with a grace period, longer
terms and lower installments.  The program's strong dependence on
Caixa and the slow and bureaucratic process to obtain all the
licenses may continue to delay the implementation of all measures
of the program.

Majority of Fitch Rated Companies Successfully Managed Crisis:

The adverse environment observed since the last quarter of 2008
resulted in weaker overall credit metrics.  Based on the companies
analyzed by Fitch, liquidity, measured by cash and receivables
from ready and delivered units to short-term debt, dropped to an
average of 2.7 times in June 2009, from an average of 6.7x in June
2008.  Despite weaker credit metrics and higher levels of
leverage, the majority of homebuilders were able to preserve
adequate liquidity to face debt amortization and cover high
working capital needs, thanks to their strategy of dramatically
slowing growth plans and increasing sales of inventories.  Fitch
expects free cash flow to remain negative in 2009 and, following
the completion of the majority of the projects launched in 2007
and 2008, some homebuilders should report positive cash flow
during 2010 and thereafter.

Brazilian Homebuilders Resume Their Growth Plans:

After a dramatic drop in project launches and several initiatives
to protect liquidity, homebuilders resumed their growth plans
since the second quarter of 2009.  Total project launchings of the
companies analyzed by Fitch decreased to BRL4 billion in the first
half of 2009, down 40% and 60% compared to the second half of 2008
and first half of 2008, respectively.  Fitch does not expect
project launches to return to the levels observed before the
credit crisis in the short term for all homebuilders.  Only more
robust companies that successfully managed liquidity position
during the crisis, with good access to debt and capital markets,
should report a sharp increase in project launches in the short
term.

The reduction in demand was smoother than previously expected,
evidencing the surprising response of the Brazilian economy to the
more challenging global environment.  Considering the companies
analyzed by Fitch, presales totaled BRL5.8 billion in the first
half of 2009, compared to BRL4.2 billion in the second half of
2008 and BRL6.7 billion in the first half of 2008.  The good
performance reported in the first half of 2009 reflects the
recovery of demand during the second quarter of 2009 and the
positive impact of the Brazilian government program.  During the
crisis, homebuilders focused on the sale of inventory and were
able to successfully reduce the combined market value of inventory
by 14%, considering only companies analyzed by Fitch.  Fitch
expects demand to further increase, especially in the low income
segment, supported by high housing deficit in Brazil and improved
access to real estate credit.

Migration to the Low Income Segment to Continue:

Higher competition is expected, as homebuilders' interest in the
economic segment further increased in 2009 following the
announcement of the 'Minha Casa Minha Vida' program.  The average
price per unit dropped in September 2009 compared to December 2008
and a sharp increase in future project launches up to BRL130,000
per unit, eligible to the government program, is expected.  Some
homebuilders will need to adjust the land bank to include other
areas with lower costs to preserve profitability in the low income
segment.  Fitch understands that success factors and
differentiation among homebuilders operating in the economic
segment should be driven by scale, access to real estate credit,
operational efficiency and strong cost control.


BROOKFIELD SO PAULO: Fitch Changes Outlook to Stable
----------------------------------------------------
Fitch Ratings has revised the Rating Outlook for these Brazilian
homebuilders to Stable from Negative as well as affirmed their
ratings:

Brookfield Incorporacoes S.A. (Brookfield Incorporacoes)

  -- Local currency Issuer Default Rating at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)';
  -- First debenture issuance at 'A+(bra)'.

Brookfield Sao Paulo Empreendimentos Imobiliarios S.A. (Brookfield
Sao Paulo)

  -- Local currency IDR at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)';
  -- Third debenture issuance at 'A+(bra)'.

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes

  -- Local currency IDR at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)'.

Even Construtora e Incorporadora S.A.

  -- Local currency IDR at 'B+';
  -- Foreign currency IDR at 'B+';
  -- National scale rating at 'BBB+(bra)';
  -- Second and third debenture issuances at 'BBB+(bra)'.

MRV Engenharia e Participacoes S.A.

  -- National scale rating at 'A+(bra)';
  -- Second debenture issuance at 'A+(bra)'.

Fitch also maintains ratings of these companies with a Negative
Outlook with the exception of Tenda, which is in the process of
merging into higher rated Gafisa and is on Rating Watch Positive.
The rating levels are:

Gafisa S.A.

  -- National scale rating 'A-(bra)';
  -- Fifth debenture issuance 'A-(bra)'.

Trisul S.A.

  -- National scale rating 'A-(bra)';
  -- First debenture issuance 'A-(bra)'.

Construtora Tenda S.A.

  -- National scale rating 'BBB(bra)';
  -- First debenture issuance 'BBB+(bra)'.

The Stable Rating Outlook for the homebuilders reflects the fast
and consistent changes in the sector's weak fundamentals observed
since January 2009 and the limited impact of the global credit
crisis on the Brazilian economy.  The valuable support extended by
the Brazilian government to homebuilders during the crisis limited
the liquidity risk in an environment of softened demand.  The
majority of companies analyzed by Fitch successfully managed the
adverse environment and reduced project launches, focused on the
sale of inventory and preserved liquidity.  Some homebuilders are
expected to recapitalize in the short term, improving the
liquidity position to sustain its growth plans.  Fitch also
expects homebuilders in Brazil to resume their growth strategy, as
the availability of real estate credit, consumer confidence and
demand has improved, if compared to the levels reported in the
last quarter of 2008.

The Negative Outlooks for Gafisa and Trisul reflect the companies'
weak credit metrics during the last 12 months and the expectation
that they will continue to face operating and financial challenges
to recover its credit metrics to levels reported before the crisis
and more in line with their current ratings.

Fitch will review the Brazilian homebuilders' ratings in the near
term and further rating actions will be driven by the company's
individual operational and financial performance and the
expectation for its business in a more favorable operating
environment.

Brazilian Economy Resilience to Improve Sector Fundamentals:

The faster than expected recovery of the Brazilian economy is key
to improving real estate sector's fundamentals.  Fitch expects
Brazilian GDP to contract 0.4% in 2009 and grow 3.8% in 2010,
compared to the initial forecasts at the beginning of 2009 of a
contraction of 1% and growth of 3.2%, respectively.  Although the
unemployment rate increased since January 2009, reaching a peak of
9% in March 2009, it has shown signs of improvement to 7.7% in
September 2009.  Demand and consumer confidence, which
significantly dropped during the last quarter of 2008 and first
quarter of 2009, have recovered since May 2009 and the upward
trend is expected to continue.

Return of Credit Supports Business Growth and Demand:

The slow return of the availability of credit lines in the
Brazilian market should support the homebuilders' growth plans and
stimulate demand.  The local market has shown signs of recovery
since the second quarter of 2009, underpinned by a moderate
recovery of market sentiment.  While no debt issuances were made
by real estate companies in the local capital markets from January
to March 2009, about BRL900 million was issued since April 2009,
of which BRL600 million is related to funding from Caixa Economica
Federal.  The Brazilian capital market has recently opened for new
issuances and homebuilders are expected to reinforce their cash
position to support business growth, land bank acquisition and
high working capital needs inherent to the business nature.

The Brazilian government has extended valuable support to
homebuilders during the crisis, stimulating demand, especially in
lower income segments.  Since the announcement of the 'My Home My
Life' program ('Minha Casa Minha Vida') in March 2009, with a
total funding amount expected to reach BRL36.5 billion for the
construction of 1 million homes, only about 13,300 homes were
financed by Caixa up to June 2009.  The program facilitates access
to real estate credit for the low- and middle-income homebuyers by
providing subsidized interest rates with a grace period, longer
terms and lower installments.  The program's strong dependence on
Caixa and the slow and bureaucratic process to obtain all the
licenses may continue to delay the implementation of all measures
of the program.

Majority of Fitch Rated Companies Successfully Managed Crisis:

The adverse environment observed since the last quarter of 2008
resulted in weaker overall credit metrics.  Based on the companies
analyzed by Fitch, liquidity, measured by cash and receivables
from ready and delivered units to short-term debt, dropped to an
average of 2.7 times in June 2009, from an average of 6.7x in June
2008.  Despite weaker credit metrics and higher levels of
leverage, the majority of homebuilders were able to preserve
adequate liquidity to face debt amortization and cover high
working capital needs, thanks to their strategy of dramatically
slowing growth plans and increasing sales of inventories.  Fitch
expects free cash flow to remain negative in 2009 and, following
the completion of the majority of the projects launched in 2007
and 2008, some homebuilders should report positive cash flow
during 2010 and thereafter.

Brazilian Homebuilders Resume Their Growth Plans:

After a dramatic drop in project launches and several initiatives
to protect liquidity, homebuilders resumed their growth plans
since the second quarter of 2009.  Total project launchings of the
companies analyzed by Fitch decreased to BRL4 billion in the first
half of 2009, down 40% and 60% compared to the second half of 2008
and first half of 2008, respectively.  Fitch does not expect
project launches to return to the levels observed before the
credit crisis in the short term for all homebuilders.  Only more
robust companies that successfully managed liquidity position
during the crisis, with good access to debt and capital markets,
should report a sharp increase in project launches in the short
term.

The reduction in demand was smoother than previously expected,
evidencing the surprising response of the Brazilian economy to the
more challenging global environment.  Considering the companies
analyzed by Fitch, presales totaled BRL5.8 billion in the first
half of 2009, compared to BRL4.2 billion in the second half of
2008 and BRL6.7 billion in the first half of 2008.  The good
performance reported in the first half of 2009 reflects the
recovery of demand during the second quarter of 2009 and the
positive impact of the Brazilian government program.  During the
crisis, homebuilders focused on the sale of inventory and were
able to successfully reduce the combined market value of inventory
by 14%, considering only companies analyzed by Fitch.  Fitch
expects demand to further increase, especially in the low income
segment, supported by high housing deficit in Brazil and improved
access to real estate credit.

Migration to the Low Income Segment to Continue:

Higher competition is expected, as homebuilders' interest in the
economic segment further increased in 2009 following the
announcement of the 'Minha Casa Minha Vida' program.  The average
price per unit dropped in September 2009 compared to December 2008
and a sharp increase in future project launches up to BRL130,000
per unit, eligible to the government program, is expected.  Some
homebuilders will need to adjust the land bank to include other
areas with lower costs to preserve profitability in the low income
segment.  Fitch understands that success factors and
differentiation among homebuilders operating in the economic
segment should be driven by scale, access to real estate credit,
operational efficiency and strong cost control.


CYRELA BRAZIL: Fitch Changes Outlook to Stable
----------------------------------------------
Fitch Ratings has revised the Rating Outlook for these Brazilian
homebuilders to Stable from Negative as well as affirmed their
ratings:

Brookfield Incorporacoes S.A. (Brookfield Incorporacoes)

  -- Local currency Issuer Default Rating at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)';
  -- First debenture issuance at 'A+(bra)'.

Brookfield Sao Paulo Empreendimentos Imobiliarios S.A. (Brookfield
Sao Paulo)

  -- Local currency IDR at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)';
  -- Third debenture issuance at 'A+(bra)'.

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes

  -- Local currency IDR at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)'.

Even Construtora e Incorporadora S.A.

  -- Local currency IDR at 'B+';
  -- Foreign currency IDR at 'B+';
  -- National scale rating at 'BBB+(bra)';
  -- Second and third debenture issuances at 'BBB+(bra)'.

MRV Engenharia e Participacoes S.A.

  -- National scale rating at 'A+(bra)';
  -- Second debenture issuance at 'A+(bra)'.

Fitch also maintains ratings of these companies with a Negative
Outlook with the exception of Tenda, which is in the process of
merging into higher rated Gafisa and is on Rating Watch Positive.
The rating levels are:

Gafisa S.A.

  -- National scale rating 'A-(bra)';
  -- Fifth debenture issuance 'A-(bra)'.

Trisul S.A.

  -- National scale rating 'A-(bra)';
  -- First debenture issuance 'A-(bra)'.

Construtora Tenda S.A.

  -- National scale rating 'BBB(bra)';
  -- First debenture issuance 'BBB+(bra)'.

The Stable Rating Outlook for the homebuilders reflects the fast
and consistent changes in the sector's weak fundamentals observed
since January 2009 and the limited impact of the global credit
crisis on the Brazilian economy.  The valuable support extended by
the Brazilian government to homebuilders during the crisis limited
the liquidity risk in an environment of softened demand.  The
majority of companies analyzed by Fitch successfully managed the
adverse environment and reduced project launches, focused on the
sale of inventory and preserved liquidity.  Some homebuilders are
expected to recapitalize in the short term, improving the
liquidity position to sustain its growth plans.  Fitch also
expects homebuilders in Brazil to resume their growth strategy, as
the availability of real estate credit, consumer confidence and
demand has improved, if compared to the levels reported in the
last quarter of 2008.

The Negative Outlooks for Gafisa and Trisul reflect the companies'
weak credit metrics during the last 12 months and the expectation
that they will continue to face operating and financial challenges
to recover its credit metrics to levels reported before the crisis
and more in line with their current ratings.

Fitch will review the Brazilian homebuilders' ratings in the near
term and further rating actions will be driven by the company's
individual operational and financial performance and the
expectation for its business in a more favorable operating
environment.

Brazilian Economy Resilience to Improve Sector Fundamentals:

The faster than expected recovery of the Brazilian economy is key
to improving real estate sector's fundamentals.  Fitch expects
Brazilian GDP to contract 0.4% in 2009 and grow 3.8% in 2010,
compared to the initial forecasts at the beginning of 2009 of a
contraction of 1% and growth of 3.2%, respectively.  Although the
unemployment rate increased since January 2009, reaching a peak of
9% in March 2009, it has shown signs of improvement to 7.7% in
September 2009.  Demand and consumer confidence, which
significantly dropped during the last quarter of 2008 and first
quarter of 2009, have recovered since May 2009 and the upward
trend is expected to continue.

Return of Credit Supports Business Growth and Demand:

The slow return of the availability of credit lines in the
Brazilian market should support the homebuilders' growth plans and
stimulate demand.  The local market has shown signs of recovery
since the second quarter of 2009, underpinned by a moderate
recovery of market sentiment.  While no debt issuances were made
by real estate companies in the local capital markets from January
to March 2009, about BRL900 million was issued since April 2009,
of which BRL600 million is related to funding from Caixa Economica
Federal.  The Brazilian capital market has recently opened for new
issuances and homebuilders are expected to reinforce their cash
position to support business growth, land bank acquisition and
high working capital needs inherent to the business nature.

The Brazilian government has extended valuable support to
homebuilders during the crisis, stimulating demand, especially in
lower income segments.  Since the announcement of the 'My Home My
Life' program ('Minha Casa Minha Vida') in March 2009, with a
total funding amount expected to reach BRL36.5 billion for the
construction of 1 million homes, only about 13,300 homes were
financed by Caixa up to June 2009.  The program facilitates access
to real estate credit for the low- and middle-income homebuyers by
providing subsidized interest rates with a grace period, longer
terms and lower installments.  The program's strong dependence on
Caixa and the slow and bureaucratic process to obtain all the
licenses may continue to delay the implementation of all measures
of the program.

Majority of Fitch Rated Companies Successfully Managed Crisis:

The adverse environment observed since the last quarter of 2008
resulted in weaker overall credit metrics.  Based on the companies
analyzed by Fitch, liquidity, measured by cash and receivables
from ready and delivered units to short-term debt, dropped to an
average of 2.7 times in June 2009, from an average of 6.7x in June
2008.  Despite weaker credit metrics and higher levels of
leverage, the majority of homebuilders were able to preserve
adequate liquidity to face debt amortization and cover high
working capital needs, thanks to their strategy of dramatically
slowing growth plans and increasing sales of inventories.  Fitch
expects free cash flow to remain negative in 2009 and, following
the completion of the majority of the projects launched in 2007
and 2008, some homebuilders should report positive cash flow
during 2010 and thereafter.

Brazilian Homebuilders Resume Their Growth Plans:

After a dramatic drop in project launches and several initiatives
to protect liquidity, homebuilders resumed their growth plans
since the second quarter of 2009.  Total project launchings of the
companies analyzed by Fitch decreased to BRL4 billion in the first
half of 2009, down 40% and 60% compared to the second half of 2008
and first half of 2008, respectively.  Fitch does not expect
project launches to return to the levels observed before the
credit crisis in the short term for all homebuilders.  Only more
robust companies that successfully managed liquidity position
during the crisis, with good access to debt and capital markets,
should report a sharp increase in project launches in the short
term.

The reduction in demand was smoother than previously expected,
evidencing the surprising response of the Brazilian economy to the
more challenging global environment.  Considering the companies
analyzed by Fitch, presales totaled BRL5.8 billion in the first
half of 2009, compared to BRL4.2 billion in the second half of
2008 and BRL6.7 billion in the first half of 2008.  The good
performance reported in the first half of 2009 reflects the
recovery of demand during the second quarter of 2009 and the
positive impact of the Brazilian government program.  During the
crisis, homebuilders focused on the sale of inventory and were
able to successfully reduce the combined market value of inventory
by 14%, considering only companies analyzed by Fitch.  Fitch
expects demand to further increase, especially in the low income
segment, supported by high housing deficit in Brazil and improved
access to real estate credit.

Migration to the Low Income Segment to Continue:

Higher competition is expected, as homebuilders' interest in the
economic segment further increased in 2009 following the
announcement of the 'Minha Casa Minha Vida' program.  The average
price per unit dropped in September 2009 compared to December 2008
and a sharp increase in future project launches up to BRL130,000
per unit, eligible to the government program, is expected.  Some
homebuilders will need to adjust the land bank to include other
areas with lower costs to preserve profitability in the low income
segment.  Fitch understands that success factors and
differentiation among homebuilders operating in the economic
segment should be driven by scale, access to real estate credit,
operational efficiency and strong cost control.


EMPRESA BRASILEIRA: Lowered to "Underperform" at BofA on Valuation
------------------------------------------------------------------
Stephen Kirkland at Bloomberg News reports that Empresa Brasileira
de Aeronautica SA was downgraded to “underperform” from “neutral”
at BofA Merrill Lynch Global Research on November 2, 2009.

According to the report, BofA downgraded the company on valuation,
“weak top-line” growth and a weakening dollar.  The brokerage, the
report relates, lowered its price estimate to US$18 from US$25.50
on the same date.

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.


EVEN CONSTRUTORA: Fitch Changes Outlook to Stable
-------------------------------------------------
Fitch Ratings has revised the Rating Outlook for these Brazilian
homebuilders to Stable from Negative as well as affirmed their
ratings:

Brookfield Incorporacoes S.A. (Brookfield Incorporacoes)

  -- Local currency Issuer Default Rating at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)';
  -- First debenture issuance at 'A+(bra)'.

Brookfield Sao Paulo Empreendimentos Imobiliarios S.A. (Brookfield
Sao Paulo)

  -- Local currency IDR at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)';
  -- Third debenture issuance at 'A+(bra)'.

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes

  -- Local currency IDR at 'BB-';
  -- Foreign currency IDR at 'BB-';
  -- National scale rating at 'A+(bra)'.

Even Construtora e Incorporadora S.A.

  -- Local currency IDR at 'B+';
  -- Foreign currency IDR at 'B+';
  -- National scale rating at 'BBB+(bra)';
  -- Second and third debenture issuances at 'BBB+(bra)'.

MRV Engenharia e Participacoes S.A.

  -- National scale rating at 'A+(bra)';
  -- Second debenture issuance at 'A+(bra)'.

Fitch also maintains ratings of these companies with a Negative
Outlook with the exception of Tenda, which is in the process of
merging into higher rated Gafisa and is on Rating Watch Positive.
The rating levels are:

Gafisa S.A.

  -- National scale rating 'A-(bra)';
  -- Fifth debenture issuance 'A-(bra)'.

Trisul S.A.

  -- National scale rating 'A-(bra)';
  -- First debenture issuance 'A-(bra)'.

Construtora Tenda S.A.

  -- National scale rating 'BBB(bra)';
  -- First debenture issuance 'BBB+(bra)'.

The Stable Rating Outlook for the homebuilders reflects the fast
and consistent changes in the sector's weak fundamentals observed
since January 2009 and the limited impact of the global credit
crisis on the Brazilian economy.  The valuable support extended by
the Brazilian government to homebuilders during the crisis limited
the liquidity risk in an environment of softened demand.  The
majority of companies analyzed by Fitch successfully managed the
adverse environment and reduced project launches, focused on the
sale of inventory and preserved liquidity.  Some homebuilders are
expected to recapitalize in the short term, improving the
liquidity position to sustain its growth plans.  Fitch also
expects homebuilders in Brazil to resume their growth strategy, as
the availability of real estate credit, consumer confidence and
demand has improved, if compared to the levels reported in the
last quarter of 2008.

The Negative Outlooks for Gafisa and Trisul reflect the companies'
weak credit metrics during the last 12 months and the expectation
that they will continue to face operating and financial challenges
to recover its credit metrics to levels reported before the crisis
and more in line with their current ratings.

Fitch will review the Brazilian homebuilders' ratings in the near
term and further rating actions will be driven by the company's
individual operational and financial performance and the
expectation for its business in a more favorable operating
environment.

Brazilian Economy Resilience to Improve Sector Fundamentals:

The faster than expected recovery of the Brazilian economy is key
to improving real estate sector's fundamentals.  Fitch expects
Brazilian GDP to contract 0.4% in 2009 and grow 3.8% in 2010,
compared to the initial forecasts at the beginning of 2009 of a
contraction of 1% and growth of 3.2%, respectively.  Although the
unemployment rate increased since January 2009, reaching a peak of
9% in March 2009, it has shown signs of improvement to 7.7% in
September 2009.  Demand and consumer confidence, which
significantly dropped during the last quarter of 2008 and first
quarter of 2009, have recovered since May 2009 and the upward
trend is expected to continue.

Return of Credit Supports Business Growth and Demand:

The slow return of the availability of credit lines in the
Brazilian market should support the homebuilders' growth plans and
stimulate demand.  The local market has shown signs of recovery
since the second quarter of 2009, underpinned by a moderate
recovery of market sentiment.  While no debt issuances were made
by real estate companies in the local capital markets from January
to March 2009, about BRL900 million was issued since April 2009,
of which BRL600 million is related to funding from Caixa Economica
Federal.  The Brazilian capital market has recently opened for new
issuances and homebuilders are expected to reinforce their cash
position to support business growth, land bank acquisition and
high working capital needs inherent to the business nature.

The Brazilian government has extended valuable support to
homebuilders during the crisis, stimulating demand, especially in
lower income segments.  Since the announcement of the 'My Home My
Life' program ('Minha Casa Minha Vida') in March 2009, with a
total funding amount expected to reach BRL36.5 billion for the
construction of 1 million homes, only about 13,300 homes were
financed by Caixa up to June 2009.  The program facilitates access
to real estate credit for the low- and middle-income homebuyers by
providing subsidized interest rates with a grace period, longer
terms and lower installments.  The program's strong dependence on
Caixa and the slow and bureaucratic process to obtain all the
licenses may continue to delay the implementation of all measures
of the program.

Majority of Fitch Rated Companies Successfully Managed Crisis:

The adverse environment observed since the last quarter of 2008
resulted in weaker overall credit metrics.  Based on the companies
analyzed by Fitch, liquidity, measured by cash and receivables
from ready and delivered units to short-term debt, dropped to an
average of 2.7 times in June 2009, from an average of 6.7x in June
2008.  Despite weaker credit metrics and higher levels of
leverage, the majority of homebuilders were able to preserve
adequate liquidity to face debt amortization and cover high
working capital needs, thanks to their strategy of dramatically
slowing growth plans and increasing sales of inventories.  Fitch
expects free cash flow to remain negative in 2009 and, following
the completion of the majority of the projects launched in 2007
and 2008, some homebuilders should report positive cash flow
during 2010 and thereafter.

Brazilian Homebuilders Resume Their Growth Plans:

After a dramatic drop in project launches and several initiatives
to protect liquidity, homebuilders resumed their growth plans
since the second quarter of 2009.  Total project launchings of the
companies analyzed by Fitch decreased to BRL4 billion in the first
half of 2009, down 40% and 60% compared to the second half of 2008
and first half of 2008, respectively.  Fitch does not expect
project launches to return to the levels observed before the
credit crisis in the short term for all homebuilders.  Only more
robust companies that successfully managed liquidity position
during the crisis, with good access to debt and capital markets,
should report a sharp increase in project launches in the short
term.

The reduction in demand was smoother than previously expected,
evidencing the surprising response of the Brazilian economy to the
more challenging global environment.  Considering the companies
analyzed by Fitch, presales totaled BRL5.8 billion in the first
half of 2009, compared to BRL4.2 billion in the second half of
2008 and BRL6.7 billion in the first half of 2008.  The good
performance reported in the first half of 2009 reflects the
recovery of demand during the second quarter of 2009 and the
positive impact of the Brazilian government program.  During the
crisis, homebuilders focused on the sale of inventory and were
able to successfully reduce the combined market value of inventory
by 14%, considering only companies analyzed by Fitch.  Fitch
expects demand to further increase, especially in the low income
segment, supported by high housing deficit in Brazil and improved
access to real estate credit.

Migration to the Low Income Segment to Continue:

Higher competition is expected, as homebuilders' interest in the
economic segment further increased in 2009 following the
announcement of the 'Minha Casa Minha Vida' program.  The average
price per unit dropped in September 2009 compared to December 2008
and a sharp increase in future project launches up to BRL130,000
per unit, eligible to the government program, is expected.  Some
homebuilders will need to adjust the land bank to include other
areas with lower costs to preserve profitability in the low income
segment.  Fitch understands that success factors and
differentiation among homebuilders operating in the economic
segment should be driven by scale, access to real estate credit,
operational efficiency and strong cost control.


MARFRIG ALIMENTOS: Pares Size of Planned Share Sale
---------------------------------------------------
Katia Cortes and Paulo Winterstein at Bloomberg News reports that
Marfrig Alimentos SA (formerly known as Marfrig Frigoroficos e
Comercio de Alimentos) reduced the size of a planned share sale
and delayed the pricing after a tax on foreign investments
contributed to a rout in the Brazilian stock market.

According to Rogerio Jelmayer at Dow Jones Newswires, Marfrig
Alimentos planned to sell at least 60.8 million shares through a
primary offer on the Brazilian Stock Exchange (BMFBovespa).  Dow
Jones Newswires relates that the offer could raise around BRL1.22
billion (US$698 million) based on Marfrig's closing price of
BRL20.11 on October 29.  Dow Jones Newswires says  that the
company, which could offer an extra lot of shares if there is
sufficient demand, said its shares will be sold in Brazil and to
qualified foreign investors in the U.S.  The report adds that
investors can reserve shares Nov. 9 and 10.  The shares under the
offer will start trading on November 13.

Bloomberg News says that the Bovespa stock index plunged 11% from
Oct. 19 through October 29, after the government imposed a 2% tax
(IOF), on purchases of equity and fixed-income investments by
foreigners.  According to Bloomberg, Januario Hostin Jr., who
oversees BRL60 million (US$35 million) as chief equity portfolio
manager at Leme Investimentos in Florianopolis, Brazil, said the
tax likely hurt demand for Marfrig shares.

“This is likely a result of the IOF, which is hurting demand,” Mr.
Hostin told Bloomberg News in a phone interview.  “Cetip prices
came out at the low end of the expected range, which signals that
the tax is curbing demand for shares by foreign investors,” Mr.
Hostin added.

The company, Dow Jones Newswires says, will use the proceeds to
finance the recent acquisition of Seara Alimentos Ltd., a local
poultry, pork and consumer food company.   Bradesco BBI, BB
Investimentos, Credit Suisse, Itau BBA and Santander are
coordinating the operation.

                    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.


* BRAZIL: Signs Cooperation Agreements With Venezuela
-----------------------------------------------------
Venezuelan President Hugo Chavez and his visiting Brazilian
counterpart Luiz Inacio Lula da Silva signed 15 cooperation
agreements on October 30, during a trimestral meeting in
Venezuela's Anzoategui state, Xinhua News reports.

According to the report, Bolivarian News Agency, some of the
agreements were related to joint feasibility studies for
hydrocarbons development in Mara Oeste and La Sibucarain
Venezuela's Zulia state.

The two leaders, Xinhua News says, agreed to wrap up negotiations
on relevant affairs between Petroleos de Venezuela and Brazil's
Petrobras.

Meanwhile, Xinuha News relates, PDVSA signed an agreement with
Norberto Odebrecht Constructor to create the company Convenpro,
which will be in charge of developing the Deep Conversion project
in Puerto La CruzRefinery.  Moreover, Xinhua News adds, state-
owned Venezuelan Pequiven and Brazilian Braskem signed a
memorandum of understanding to implement petrol-chemical
facilities in Camazari, in the Brazilian state of Bahia.

Regarding technology, Chavez and Lula signed two agreements to
ease the recovery of two hotel complexes in the Venezuelan state
of Vargas, north of Caracas.

                         *     *     *

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

                         *     *     *

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


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


AIOLOS LIMITED: Shareholder Receives Wind-Up Report
---------------------------------------------------
On October 28, 2009, the shareholder of Aiolos Limited received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634
          P.O. Box 1109GT, Grand Cayman


ALTERNATIVE MULTI: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of The Alternative Multi Strategy Fund Limited are
required to file their proofs of debt by today, November 3, 2009,
to be included in the company's dividend distribution.

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

The company's liquidator is:

          Ian D. Stokoe
          c/o Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


ANTHRACITE MASTER: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of Anthracite Master Company (4) Limited are
required to file their proofs of debt by today, November 3, 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:

          Ian D. Stokoe
          c/o Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


ANTHRACITE MASTER: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of Anthracite Master Company (5) Limited are
required to file their proofs of debt by today, November 3, 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:

          Ian D. Stokoe
          c/o Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


AUDA EQUITY: Commences Wind-Up Proceedings
------------------------------------------
On September 22, 2009, the sole shareholder of Auda Equity
Long/Short Ltd. passed a resolution that voluntarily winds up
operations.

Only creditors who were able to file their proofs of debt by
November 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Susan Taylor
          Telephone: (345) 8151898
          Facsimile: (345) 949 1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


AUDA STAR: Commences Wind-Up Proceedings
----------------------------------------
On September 22, 2009, the sole shareholder of Auda Star Ltd.
passed a resolution that voluntarily winds up operations.

Only creditors who were able to file their proofs of debt by
November 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Susan Taylor
          Telephone: (345) 8151898
          Facsimile: (345) 949 1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


AVANT FUND: Commences Wind-Up Proceedings
-----------------------------------------
On September 23, 2009, the sole shareholder of Avant Fund passed a
resolution that voluntarily winds up operations.

Only creditors who were able to file their proofs of debt by
September 23, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jonathan Bernstein
          Telephone: (345) 815 1897
          Facsimile: (345) 949 1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


AVANT FUND: Shareholder to Receive Wind-Up Report on November 5
---------------------------------------------------------------
The shareholder of Avant Fund will receive, on November 5, 2009,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan Bernstein
          Telephone: (345) 815 1897
          Facsimile: (345) 949 1986


BATTERY PARK: Shareholders to Receive Wind-Up Report on November 6
------------------------------------------------------------------
The shareholders of Battery Park Distressed Opportunity Master
Fund, Ltd. will receive, on November 6, 2009, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jennifer Chailler
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258



BATTERY PARK: Shareholders to Receive Wind-Up Report on November 6
------------------------------------------------------------------
The shareholders of Battery Park Distressed Opportunity Offshore
Fund, Ltd. will receive, on November 6, 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:

          Stuart Sybersma
          c/o Jennifer Chailler
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


GI CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------
On September 10, 2009, the shareholder of GI Capital Ltd received
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          c/o Beverly Bernard
          Telephone: 914-7514
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands


INVESTCORP CFO: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Investcorp CFO Limited received on November 1,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920
          Boundary Hall, Cricket Square
          P.O. Box 1111 Grand Cayman, Cayman Islands


INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Investcorp Washington Corner Distressed
Opportunity Master Fund Limited received on November 1, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920
          Boundary Hall, Cricket Square
          P.O. Box 1111 Grand Cayman, Cayman Islands


INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Investcorp Washington Corner Distressed
Opportunity Fund Limited received on November 1, 2009, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920
          Boundary Hall, Cricket Square
          P.O. Box 1111 Grand Cayman, Cayman Islands


INVESTCORP WASHINGTON: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Investcorp Washington Corner Distressed
Opportunity Intermediate Fund Limited received on November 1,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920
          Boundary Hall, Cricket Square
          P.O. Box 1111 Grand Cayman, Cayman Islands


MELLON BRAZIL: Creditors' Proofs of Debt Due on November 4
----------------------------------------------------------
The creditors of Mellon Brazil Multi-Strategy Fund Limited are
required to file their proofs of debt by November 4, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 2, 2009.

The company's liquidator is:

          Ogier
          c/o Bryant Terry
          Telephone: (345) 815 1803
          Facsimile: (345) 949 1986
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


OCEANIC ENERGY: Members' Final Meeting Set for November 4
---------------------------------------------------------
The members of Oceanic Energy Fund will hold their final general
meeting on November 4, 2009, at 3:30 p.m., to receive the
liquidator's repor on the company's wind-up proceedings 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


SHORT CREDIT: Creditors' Proofs of Debt Due on November 4
---------------------------------------------------------
The creditors of Short Credit Fund, Ltd are required to file their
proofs of debt by November 4, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Richard Finlay
          c/o Angela Pearce
          Telephone: (345) 814 7390
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


SHORT CREDIT: Shareholders to Receive Wind-Up Report on November 4
------------------------------------------------------------------
The shareholders of Short Credit Fund, Ltd. will receive, on
November 4, 2009, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard Finlay
          c/o Angela Pearce
          Telephone: (345) 814 7390
          Facsimile: (345) 945 3902
          P.O. Box 2681, Grand Cayman KY1-1111
          Cayman Islands


SOLENT GENERAL: Commences Liquidation Proceedings
-------------------------------------------------
On September 17, 2009, the shareholder of Solent General Partner
Limited passed a resolution that voluntarily winds up operations.

Only creditors who were able to file their proofs of debt by
November 2, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Hugh Dickson
          c/o Peter Bigwood
          P.O. Box 1370, Grand Cayman KY1- 1108
          Cayman Islands
          Telephone: (345) 815 8242
          Facsimile: (345) 949 7120


==================================
D O M I N I C A N  R E P U B L I C
==================================


* DOMINICAN REPUBLIC: PDVSA to Buy Dominican Rep. Oil Refinery
--------------------------------------------------------------
Petroleos de Venezuela has agreed to buy nearly half of the
government-owned Dominican Oil Refinery, REFIDOMSA, for US$131.5
million dollars, Caribbean Net News reports, citing Finance
Secretary Vicente Bengoa.  The report relates that Mr. Bengoa said
that talks to sell 49% of the refinery shares concluded on October
29 after negotiations with a senior Petroleos de Venezuela
official.

According to the report, PDVSA official Amilcar Mata said both
sides were still working out the final details of the plan which
will be finalized at a ceremony in early November.

Until 2008, the report notes, REFIDOMSA was half owned by Royal
Dutch Shell, which sold its share to the government following a
series of disagreements.

The Dominican Republic, the report says, belongs to Petrocaribe, a
regional initiative in which Venezuela offers discounted oil to
friendly countries in the Caribbean basin, including Cuba.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:

  -- Foreign currency Issuer Default Rating at 'B';
  -- Local currency IDR at 'B';
  -- Country ceiling at 'B+';
  -- Short-term foreign currency IDR at 'B';
  -- Senior unsecured debt at 'B'.

                        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


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


CABLE & WIRELESS: LIME Taps Chris Dehring as Chief Marketing Exec
----------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica), has appointed Chris
Dehring as Chief Marketing Officer effective November 1, Jamaica
Observer reports.  The report relates that Mr. Dehring, a Jamaican
national, will be responsible for LIME's brand and the company's
One Caribbean marketing strategy across the region.

According to the report, Mr. Dehring is a highly experienced
professional with a strong reputation as a dynamic marketing-
oriented executive and entrepreneur, having started two major
financial institutions, including: Jamaica's first investment
bank, the Caribbean's first sports television channel, and a
digital wireless cable TV company.

The report notes that CEO David Shaw commented "I am delighted to
be welcoming Chris to LIME.  His appointment is the final major
piece in the new LIME senior team which includes five leading
Caribbean nationals. We believe that our focus on Caribbean
leadership puts us in a stronger position to deliver the great
service that our customers deserve and to help create a better
life for the people of the Caribbean."

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                     About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                         *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


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

CEMEX SAB: Considers Long-Term Bond to Pay Bank Debt
----------------------------------------------------
CEMEX, S.A.B. de C.V. is considering selling a 5-year to 10-year
bond within six months to pay bank debt and push maturities beyond
2014, Thomas Black at Bloomberg News reports, citing Chief
Executive Officer Lorenzo Zambrano.

Capital markets have opened enough for the company to try to sell
a bond only months after completing an agreement with banks to
refinance debt in August, Mr. Zambrano told the news agency in an
interview.  The sale would be in addition to a convertible bond
Cemex has said it will sell, Mr. Zambrano added.

As reported in the Troubled Company Reporter-Latin America on
August 17, 2009, CEMEX, S.A.B. de C.V. disclosed that it has
completed its refinancing of the majority of the Company's
outstanding debt.   The refinancing plan extends the maturities of
roughly US$15 billion in syndicated and bilateral obligations with
roughly 75 banks and private placement noteholders, providing for
a semi-annual amortization schedule, with a final maturity of
February 14, 2014.  Final documentation has been signed and all
conditions precedent have been satisfied in full

“The indication we have so far is that there is significant market
for us in long-term 5-, 7-, 10-year paper,” Mr. Zambrano was
quoted by Bloomberg News as saying.  “I don’t know exactly what we
will do, but definitely we will try to stretch our payment
schedules,” Mr. Zambrano added.

According to Bloomberg News, Mr. Zambrano said that Cemex SAB
wants to regain its financial health and investment- grade rating
as quickly as possible.  The company has already taken steps to
repay debt with a share sale in September that raised net proceeds
of US$1.78 billion and the sale of its Australian operations in
October for US$1.7 billion, Mr. Zambrano added.

A TCRLA report on March 11, citing Reuters, related that According
Cemex SAB has been slammed by debt problems after its
ambitious Rinker takeover in 2007, slumping sales, and losses on
derivatives amid turmoil caused by the global credit crisis.

Cemex SAB, Bloomberg News points out, plans to continue selling
assets to pay debt, although it will now be able to choose the
timing and get a better price.

Meanwhile, Bloomberg News says, Cemex SAB won’t renounce
acquisitions even after the Rinker purchase.  Mr. Zambrano, the
report adds, said that growing through acquisitions is “within our
DNA,” and the company will watch for opportunities even as it
repays bank debt.

                        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)


VALUE CASA: Moody's Assigns 'Ba3' Long-Term Currency Issuer Rating
------------------------------------------------------------------
Moody's Investors Service assigned its long and short-term Ba3/Not
Prime global local currency issuer ratings to Value Casa de Bolsa,
S.A. de C.V.  On its Mexican National Scale, Moody's de Mexico
assigned A3.mx long term and MX-2 short-term issuer ratings.  All
these ratings have stable outlooks.

The ratings assigned to CB Value reflect the broker's good
franchise and brand name in Mexico's securities industry developed
after a track record of nearly 16 years under its current
ownership.  The ratings also reflect the company's ability to
generate recurrent pre-tax earnings from its low-risk agency
business focus.  The company is run under conservative risk
management guidelines, which are also positively captured by the
ratings.

The ratings assigned to CB Value also incorporates the company's
small size and limited market share of around 1.3% of the Mexican
securities industry's assets under management.  CB Value is
challenged by a highly competitive industry that is dominated by
the largest financial groups in Mexico and the currently difficult
operating environment, which has taken its toll on the company's
recent operating performance.

The long-term Mexican National Scale rating of A3.mx indicates
issuers or issues with above average creditworthiness relative to
other domestic issuers.  The short-term Mexican National Scale
rating of MX-2 indicates that the issuer has an above average
ability to repay short-term senior unsecured debt obligations
relative to other domestic issuers.

CB Value is headquartered in Monterrey, N.L. Mexico.  As of June
2009, CB Value had around Mx$1.1 billion (US$84.6 million) in
equity.

These issuer ratings were assigned to Value Casa de Bolsa, S.A. de
C.V.:

* Global local currency, long term: Ba3, stable outlook
* Global local currency, short term: Not-Prime
* Mexican National Scale, long term: A3.mx, stable outlook
* Mexican National Scale, short term: MX-2


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


BANCO DE CREDITO: Sells US$250M 60Yr Bonds at Par; Yld 9.75%
------------------------------------------------------------
Banco de Credito del Peru raised US$250 million through a 60-year
bond offer Friday, which priced at par with a yield of 9.75%,
Kejal Vyas at Dow Jones Newswires reports, citing a person
familiar with the deal.  The report relates that the issue's size
was increased from US$225 million.

According to the report, BofA Merrill Lynch and JPMorgan were the
bookrunners on the deal.  Proceeds from the issue will be used to
strengthen the bank's capital base as it resumes growth in the
wake of the global financial crisis, the report says.

Dow Jones Newswires says that the company's terms were:

   Amount:         US$250 Million
   Maturity:       Nov. 5, 2069
   Coupon:         9.75%
   Price:          Par
   Yield:          9.75%
   Ratings:        BBB (Fitch Ratings)
                   BB  (Standard & Poor's)

                About Banco de Credito del Peru

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 2, 2009, Moody's Investors Service has placed on review
for possible upgrade the Ba2 long term foreign currency deposit
ratings of Banco de Credito del Peru and Banco Internacional del
Peru -- Interbank, following the same action taken on Peru's
sovereign ceiling for foreign currency deposits.


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


PETROLEOS DE VENEZUELA: To Buy Dominican Rep. Oil Refinery
----------------------------------------------------------
Petroleos de Venezuela has agreed to buy nearly half of the
government-owned Dominican Oil Refinery, REFIDOMSA, for US$131.5
million dollars, Caribbean Net News reports, citing Finance
Secretary Vicente Bengoa.  The report relates that Mr. Bengoa said
that talks to sell 49% of the refinery shares concluded on October
29 after negotiations with a senior Petroleos de Venezuela
official.

According to the report, PDVSA official Amilcar Mata said both
sides were still working out the final details of the plan which
will be finalized at a ceremony in early November.

Until 2008, the report notes, REFIDOMSA was half owned by Royal
Dutch Shell, which sold its share to the government following a
series of disagreements.

The Dominican Republic, the report says, belongs to Petrocaribe, a
regional initiative in which Venezuela offers discounted oil to
friendly countries in the Caribbean basin, including Cuba.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 26, 2009, Fitch Ratings affirmed the Dominican Republic's
ratings:

  -- Foreign currency Issuer Default Rating at 'B';
  -- Local currency IDR at 'B';
  -- Country ceiling at 'B+';
  -- Short-term foreign currency IDR at 'B';
  -- Senior unsecured debt at 'B'.

                        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


* VENEZUELA: Signs Cooperation Agreements With Brazil
-----------------------------------------------------
Venezuelan President Hugo Chavez and his visiting Brazilian
counterpart Luiz Inacio Lula da Silva signed 15 cooperation
agreements on October 30, during a trimestral meeting in
Venezuela's Anzoategui state, Xinhua News reports.

According to the report, Bolivarian News Agency, some of the
agreements were related to joint feasibility studies for
hydrocarbons development in Mara Oeste and La Sibucarain
Venezuela's Zulia state.

The two leaders, Xinhua News says, agreed to wrap up negotiations
on relevant affairs between Petroleos de Venezuela and Brazil's
Petrobras.

Meanwhile, Xinuha News relates, PDVSA signed an agreement with
Norberto Odebrecht Constructor to create the company Convenpro,
which will be in charge of developing the Deep Conversion project
in Puerto La CruzRefinery.  Moreover, Xinhua News adds, state-
owned Venezuelan Pequiven and Brazilian Braskem signed a
memorandum of understanding to implement petrol-chemical
facilities in Camazari, in the Brazilian state of Bahia.

Regarding technology, Chavez and Lula signed two agreements to
ease the recovery of two hotel complexes in the Venezuelan state
of Vargas, north of Caracas.

                         *     *     *

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

                         *     *     *

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
===============


FORD MOTOR: South American Unit Reports US$247MM Q3 Pre-Tax Profit
------------------------------------------------------------------
Ford Motor Company on Tuesday said Ford South America reported a
pre-tax operating profit of $247 million for the third quarter
2009, compared with a profit of $480 million a year ago.  The
decrease is more than explained by unfavorable exchange, primarily
in Brazil and Argentina.  Third quarter revenue was $2.1 billion,
down from $2.7 billion a year ago.

Ford said a strong product lineup drove market share gains in
South America as well as continued improvements in transaction
prices and margins.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                           *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                                        Total
                                        Total        Shareholders
                                        Assets         Equity
Company              Ticker            (US$MM)         (US$MM)
-------              ------           ------------     -------
CIA PETROLIFERA      1CPMON BZ        377602195.17     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ        377602195.17     -3014291.72
GASCOIGNE EMPREE     1GASON BZ        881202387.66    -501612577.9
GASCOIGNE EMP-PF     1GASPN BZ        881202387.66    -501612577.9
NOVA AMERICA SA      1NOVON BZ            21287489   -183535527.21
NOVA AMERICA-PRF     1NOVPN BZ            21287489   -183535527.21
TRESSEM PART SA      1TSSON BZ       1060478942.97   -123550800.05
IMPSAT FIBER NET     330902Q GR          535007008       -17165000
MMX MINERACA-GDR     3M11 GR         1060478942.97   -123550800.05
TELECOMUNICA-ADR     81370Z BZ        219200060.46     -3774997.87
ARTHUR LANGE SA      ALICON BZ         21333792.82    -16295577.05
ARTHUR LANGE-PRF     ALICPN BZ         21333792.82    -16295577.05
ARTHUR LANG-RT C     ARLA1 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC P     ARLA10 BZ         21333792.82    -16295577.05
ARTHUR LAN-DVD C     ARLA11 BZ         21333792.82    -16295577.05
ARTHUR LAN-DVD P     ARLA12 BZ         21333792.82    -16295577.05
ARTHUR LANG-RT P     ARLA2 BZ          21333792.82    -16295577.05
ARTHUR LANGE         ARLA3 BZ          21333792.82    -16295577.05
ARTHUR LANGE-PRF     ARLA4 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC C     ARLA9 BZ          21333792.82    -16295577.05
AZEVEDO              AZEV3 BZ          58171856.05     -4288079.64
AZEVEDO-PREF         AZEV4 BZ          58171856.05     -4288079.64
AZEVEDO E TRAVAS     AZEVON BZ         58171856.05     -4288079.64
AZEVEDO E TRA-PR     AZEVPN BZ         58171856.05     -4288079.64
B&D FOOD CORP        BDFC US              15779763         -588840
B&D FOOD CORP        BDFCE US             15779763         -588840
BALADARE             BLDR3 BZ         141215707.17    -12257915.87
BOMBRIL              BMBBF US         239716189.99   -242287717.11
BOMBRIL SA-ADR       BMBBY US         239716189.99   -242287717.11
BOMBRIL SA-ADR       BMBPY US         239716189.99   -242287717.11
BOMBRIL-RIGHTS       BOBR1 BZ         239716189.99   -242287717.11
BOMBRIL-RGTS PRE     BOBR2 BZ         239716189.99   -242287717.11
BOMBRIL              BOBR3 BZ         239716189.99   -242287717.11
BOMBRIL-PREF         BOBR4 BZ         239716189.99   -242287717.11
BOMBRIL CIRIO SA     BOBRON BZ        239716189.99   -242287717.11
BOMBRIL CIRIO-PF     BOBRPN BZ        239716189.99   -242287717.11
BUETTNER SA-RTS      BUET1 BZ          86940610.88    -37817234.67
BUETTNER SA-RT P     BUET2 BZ          86940610.88    -37817234.67
BUETTNER             BUET3 BZ          86940610.88    -37817234.67
BUETTNER-PREF        BUET4 BZ          86940610.88    -37817234.67
BUETTNER SA          BUETON BZ         86940610.88    -37817234.67
BUETTNER SA-PRF      BUETPN BZ         86940610.88    -37817234.67
SOC COMERCIAL PL     CAD IX           146090772.51    -255079026.8
SOC COMERCIAL PL     CADN EO          146090772.51    -255079026.8
SOC COMERCIAL PL     CADN SW          146090772.51    -255079026.8
CAF BRASILIA         CAFE3 BZ          18218224.29   -631269432.16
CAF BRASILIA-PRF     CAFE4 BZ          18218224.29   -631269432.16
CAMBUCI SA           CAMB3 BZ          87269252.24    -22493566.05
CAMBUCI SA-PREF      CAMB4 BZ          87269252.24    -22493566.05
CAMBUCI SA           CAMBON BZ         87269252.24    -22493566.05
CAMBUCI SA-PREF      CAMBPN BZ         87269252.24    -22493566.05
TELEBRAS-PF RCPT     CBRZF US         219200060.46     -3774997.87
CHIARELLI SA         CCHI3 BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF     CCHI4 BZ          22274026.77    -44537138.21
CHIARELLI SA         CCHON BZ          22274026.77    -44537138.21
CHIARELLI SA-PRF     CCHPN BZ          22274026.77    -44537138.21
TELMEX CORP SA       CHILESAT CI      432460542.94    -44559657.55
CHILESAT CO-RTS      CHISATOS CI      432460542.94    -44559657.55
SOC COMERCIAL PL     COME AR          146090772.51    -255079026.8
COMERCIAL PLA-BL     COMEB AR         146090772.51    -255079026.8
COMERCIAL PL-C/E     COMEC AR         146090772.51    -255079026.8
COMERCIAL PLAT-$     COMED AR         146090772.51    -255079026.8
TELMEX CORP-ADR      CSAOY US         432460542.94    -44559657.55
CAFE BRASILIA SA     CSBRON BZ         18218224.29   -631269432.16
CAFE BRASILIA-PR     CSBRPN BZ         18218224.29   -631269432.16
MARAMBAIA-PREF       CTMMF US          38740523.05      -671039.81
CTM CITRUS-ADR       CTMMY US          38740523.05      -671039.81
CTM CITRUS SA        CTMON BZ          38740523.05      -671039.81
CTM CITRUS-PREF      CTMPN BZ          38740523.05      -671039.81
CTM CITRUS-RCT C     CTP5 BZ           38740523.05      -671039.81
CTM CITRUS-RCT P     CTP6 BZ           38740523.05      -671039.81
CTM CITRUS-COM R     CTPC1 BZ          38740523.05      -671039.81
CTM CITRUS-RCT P     CTPC10 BZ         38740523.05      -671039.81
CTM CITRUS- PR R     CTPC2 BZ          38740523.05      -671039.81
MARAMBAIA            CTPC3 BZ          38740523.05      -671039.81
MARAMBAIA-PREF       CTPC4 BZ          38740523.05      -671039.81
CTM CITRUS-RCT C     CTPC9 BZ          38740523.05      -671039.81
SOC COMERCIAL PL     CVVIF US         146090772.51    -255079026.8
CAMBUCI SA-PREF      CXDOF US          87269252.24    -22493566.05
D H B                DHBI3 BZ         108241401.93   -350596880.48
D H B-PREF           DHBI4 BZ         108241401.93   -350596880.48
DHB IND E COM        DHBON BZ         108241401.93   -350596880.48
DHB IND E COM-PR     DHBPN BZ         108241401.93   -350596880.48
DOCAS SA-RTS PRF     DOCA2 BZ          88417960.92    -18059127.86
DOCA INVESTIMENT     DOCA3 BZ          88417960.92    -18059127.86
DOCA INVESTI-PFD     DOCA4 BZ          88417960.92    -18059127.86
DOCAS SA             DOCAON BZ         88417960.92    -18059127.86
DOCAS SA-PREF        DOCAPN BZ         88417960.92    -18059127.86
ACO ALTONA SA        EAAON BZ          80647079.55    -12603367.15
ACO ALTONA-PREF      EAAPN BZ          80647079.55    -12603367.15
ACO ALTONA           EALT3 BZ          80647079.55    -12603367.15
ACO ALTONA-PREF      EALT4 BZ          80647079.55    -12603367.15
ESTRELA SA           ESTR3 BZ          61011893.59    -54580283.64
ESTRELA SA-PREF      ESTR4 BZ          61011893.59    -54580283.64
ESTRELA SA           ESTRON BZ         61011893.59    -54580283.64
ESTRELA SA-PREF      ESTRPN BZ         61011893.59    -54580283.64
FABRICA RENAUX       FRNXON BZ          61543317.9     -41332379.8
FABRICA RENAUX-P     FRNXPN BZ          61543317.9     -41332379.8
FABRICA TECID-RT     FTRX1 BZ           61543317.9     -41332379.8
FABRICA RENAUX       FTRX3 BZ           61543317.9     -41332379.8
FABRICA RENAUX-P     FTRX4 BZ           61543317.9     -41332379.8
TECEL S JOSE         FTSJON BZ         17924946.14    -18569451.23
TECEL S JOSE-PRF     FTSJPN BZ         17924946.14    -18569451.23
CIMOB PARTIC SA      GAFON BZ          36817394.78    -33083086.54
CIMOB PARTIC SA      GAFP3 BZ          36817394.78    -33083086.54
CIMOB PART-PREF      GAFP4 BZ          36817394.78    -33083086.54
CIMOB PART-PREF      GAFPN BZ          36817394.78    -33083086.54
ALL MALHA PAULIS     GASC3 BZ         881202387.66    -501612577.9
ALL MALHA PAULIS     GASC3B BZ        881202387.66    -501612577.9
GASCOIGNE EMP-PF     GASC4 BZ         881202387.66    -501612577.9
GASCOIGNE EMP-PF     GASC4B BZ        881202387.66    -501612577.9
GAZOLA-RCPT PREF     GAZO10 BZ         12452143.07    -40298506.25
GAZOLA SA-DVD CM     GAZO11 BZ         12452143.07    -40298506.25
GAZOLA SA-DVD PF     GAZO12 BZ         12452143.07    -40298506.25
GAZOLA               GAZO3 BZ          12452143.07    -40298506.25
GAZOLA-PREF          GAZO4 BZ          12452143.07    -40298506.25
GAZOLA-RCPTS CMN     GAZO9 BZ          12452143.07    -40298506.25
GAZOLA SA            GAZON BZ          12452143.07    -40298506.25
GAZOLA SA-PREF       GAZPN BZ          12452143.07    -40298506.25
HAGA                 HAGA3 BZ          14321550.12    -58418359.49
FER HAGA-PREF        HAGA4 BZ          14321550.12    -58418359.49
FERRAGENS HAGA       HAGAON BZ         14321550.12    -58418359.49
FERRAGENS HAGA-P     HAGAPN BZ         14321550.12    -58418359.49
DOC IMBITUBA-RTC     IMBI1 BZ         105243414.69    -12993146.26
DOC IMBITUBA-RTP     IMBI2 BZ         105243414.69    -12993146.26
DOC IMBITUBA         IMBI3 BZ         105243414.69    -12993146.26
DOC IMBITUB-PREF     IMBI4 BZ         105243414.69    -12993146.26
DOCAS IMBITUBA       IMBION BZ        105243414.69    -12993146.26
DOCAS IMBITUB-PR     IMBIPN BZ        105243414.69    -12993146.26
IMPSAT FIBER-CED     IMPT AR             535007008       -17165000
IMPSAT FIBER-BLK     IMPTB AR            535007008       -17165000
IMPSAT FIBER-C/E     IMPTC AR            535007008       -17165000
IMPSAT FIBER-$US     IMPTD AR            535007008       -17165000
IMPSAT FIBER NET     IMPTQ US            535007008       -17165000
LATTENO FOOD COR     LATF US              15779763         -588840
PARMALAT             LCSA3 BZ         309941582.04   -122361607.12
PARMALAT-PREF        LCSA4 BZ         309941582.04   -122361607.12
PARMALAT BR-RT C     LCSA5 BZ         309941582.04   -122361607.12
PARMALAT BR-RT P     LCSA6 BZ         309941582.04   -122361607.12
PARMALAT BRASIL      LCSAON BZ        309941582.04   -122361607.12
PARMALAT BRAS-PF     LCSAPN BZ        309941582.04   -122361607.12
LAEP INVESTMENTS     LEAP LX          394093845.55    -11420162.73
PETRO MANGUINHOS     MANGON BZ         76852724.18   -212528966.16
PETRO MANGUIN-PF     MANGPN BZ         76852724.18   -212528966.16
LAEP-BDR             MILK11 BZ        394093845.55    -11420162.73
MMX MINERACAO        MMXCF US        1060478942.97   -123550800.05
MMX MINERACAO        MMXM3 BZ        1060478942.97   -123550800.05
MMX MINERACA-GDR     MMXMY US        1060478942.97   -123550800.05
MINUPAR              MNPR3 BZ          89611489.39    -20702110.72
MINUPAR-PREF         MNPR4 BZ          89611489.39    -20702110.72
MINUPAR SA           MNPRON BZ         89611489.39    -20702110.72
MINUPAR SA-PREF      MNPRPN BZ         89611489.39    -20702110.72
CIA PETROLIFERA      MRLM3 BZ         377602195.17     -3014291.72
CIA PETROLIFERA      MRLM3B BZ        377602195.17     -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ         377602195.17     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ        377602195.17     -3014291.72
WETZEL SA            MWELON BZ         69983432.56     -6279264.91
WETZEL SA-PREF       MWELPN BZ         69983432.56     -6279264.91
WETZEL SA            MWET3 BZ          69983432.56     -6279264.91
WETZEL SA-PREF       MWET4 BZ          69983432.56     -6279264.91
NORDON MET-RTS       NORD1 BZ           14029500.1    -17709728.15
NORDON MET           NORD3 BZ           14029500.1    -17709728.15
NORDON METAL         NORDON BZ          14029500.1    -17709728.15
NOVA AMERICA SA      NOVA3 BZ             21287489   -183535527.21
NOVA AMERICA SA      NOVA3B BZ            21287489   -183535527.21
NOVA AMERICA-PRF     NOVA4 BZ             21287489   -183535527.21
NOVA AMERICA-PRF     NOVA4B BZ            21287489   -183535527.21
NOVA AMERICA SA      NOVAON BZ            21287489   -183535527.21
NOVA AMERICA-PRF     NOVAPN BZ            21287489   -183535527.21
PARQUE TEM-DV CM     PQT5 BZ           58692385.42   -188832203.73
PARQUE TEM-DV PF     PQT6 BZ           58692385.42   -188832203.73
PARQUE TEM-RT CM     PQTM1 BZ          58692385.42   -188832203.73
PARQUE TEM-RCT P     PQTM10 BZ         58692385.42   -188832203.73
PARQUE TEM-RT PF     PQTM2 BZ          58692385.42   -188832203.73
HOPI HARI SA         PQTM3 BZ          58692385.42   -188832203.73
HOPI HARI-PREF       PQTM4 BZ          58692385.42   -188832203.73
PARQUE TEM-RCT C     PQTM9 BZ          58692385.42   -188832203.73
PROMAN               PRMN3 BZ          12167222.17      -207882.19
PROMAN               PRMN3B BZ         12167222.17      -207882.19
TELEBRAS-CEDE BL     RCT4B AR         219200060.46     -3774997.87
TELEBRAS-CED C/E     RCT4C AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $     RCT4D AR         219200060.46     -3774997.87
TELEBRAS-RTS CMN     RCTB1 BZ         219200060.46     -3774997.87
TELEBRAS-RTS PRF     RCTB2 BZ         219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB30 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB31 BZ        219200060.46     -3774997.87
TELEBRAS-CM RCPT     RCTB32 BZ        219200060.46     -3774997.87
TELEBRAS-RCT         RCTB33 BZ        219200060.46     -3774997.87
TELEBRAS-CEDE PF     RCTB4 AR         219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB40 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB41 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     RCTB42 BZ        219200060.46     -3774997.87
RIMET                REEM3 BZ          63757621.65   -107162239.91
RIMET-PREF           REEM4 BZ          63757621.65   -107162239.91
RIMET                REEMON BZ         63757621.65   -107162239.91
RIMET-PREF           REEMPN BZ         63757621.65   -107162239.91
REII INC             REIC US              15779763         -588840
TEXTEIS RENAUX       RENXON BZ         50909736.38    -79601048.99
TEXTEIS RENAUX       RENXPN BZ         50909736.38    -79601048.99
PET MANG-RIGHTS      RPMG1 BZ          76852724.18   -212528966.16
PET MANG-RECEIPT     RPMG10 BZ         76852724.18   -212528966.16
PET MANG-RIGHTS      RPMG2 BZ          76852724.18   -212528966.16
PETRO MANGUINHOS     RPMG3 BZ          76852724.18   -212528966.16
PET MANGUINH-PRF     RPMG4 BZ          76852724.18   -212528966.16
PET MANG-RECEIPT     RPMG9 BZ          76852724.18   -212528966.16
RIOSULENSE SA        RSUL3 BZ          56866478.19     -9053574.99
RIOSULENSE SA-PR     RSUL4 BZ          56866478.19     -9053574.99
RIOSULENSE SA        RSULON BZ         56866478.19     -9053574.99
RIOSULENSE SA-PR     RSULPN BZ         56866478.19     -9053574.99
TELEBRAS-ADR         RTB US           219200060.46     -3774997.87
SOC COMERCIAL PL     SCDPF US         146090772.51    -255079026.8
SCHLOSSER SA         SCHON BZ          10818026.01    -65846678.92
SCHLOSSER SA-PRF     SCHPN BZ          10818026.01    -65846678.92
SCHLOSSER            SCLO3 BZ          10818026.01    -65846678.92
SCHLOSSER-PREF       SCLO4 BZ          10818026.01    -65846678.92
COMERCIAL PL-ADR     SCPDS LI         146090772.51    -255079026.8
SNIAFA SA-B          SDAGF US          11489328.24      -840226.12
TECEL S JOSE         SJOS3 BZ          17924946.14    -18569451.23
TECEL S JOSE-PRF     SJOS4 BZ          17924946.14    -18569451.23
SNIAFA SA            SNIA AR           11489328.24      -840226.12
SNIAFA SA-B          SNIA5 AR          11489328.24      -840226.12
SANESALTO            SNST3 BZ          24569561.13      -754460.51
SANSUY               SNSY3 BZ         100279114.92    -45812488.77
SANSUY-PREF A        SNSY5 BZ         100279114.92    -45812488.77
SANSUY-PREF B        SNSY6 BZ         100279114.92    -45812488.77
SANSUY SA-PREF A     SNSYAN BZ        100279114.92    -45812488.77
SANSUY SA-PREF B     SNSYBN BZ        100279114.92    -45812488.77
SANSUY SA            SNSYON BZ        100279114.92    -45812488.77
STAROUP SA           STARON BZ         31385624.73     -9890708.41
STAROUP SA-PREF      STARPN BZ         31385624.73     -9890708.41
BOTUCATU TEXTIL      STRP3 BZ          31385624.73     -9890708.41
BOTUCATU-PREF        STRP4 BZ          31385624.73     -9890708.41
TELEBRAS-PF RCPT     TBAPF US         219200060.46     -3774997.87
TELEBRAS-ADR         TBAPY US         219200060.46     -3774997.87
TELEBRAS SA          TBASF US         219200060.46     -3774997.87
TELEBRAS-ADR         TBASY US         219200060.46     -3774997.87
TELEBRAS-ADR         TBH US           219200060.46     -3774997.87
TELEBRAS/W-I-ADR     TBH-W US         219200060.46     -3774997.87
TELEBRAS-ADR         TBRAY GR         219200060.46     -3774997.87
TELEBRAS-CM RCPT     TBRTF US         219200060.46     -3774997.87
TELEBRAS-ADR         TBX GR           219200060.46     -3774997.87
TELEBRAS-RTS CMN     TCLP1 BZ         219200060.46     -3774997.87
TEKA                 TEKA3 BZ         219773260.95   -306726075.74
TEKA-PREF            TEKA4 BZ         219773260.95   -306726075.74
TEKA                 TEKAON BZ        219773260.95   -306726075.74
TEKA-PREF            TEKAPN BZ        219773260.95   -306726075.74
TEKA-ADR             TEKAY US         219773260.95   -306726075.74
TELEBRAS-CED C/E     TEL4C AR         219200060.46     -3774997.87
TELEBRAS-CEDEA $     TEL4D AR         219200060.46     -3774997.87
TELEBRAS-COM RT      TELB1 BZ         219200060.46     -3774997.87
TELEBRAS-RCT PRF     TELB10 BZ        219200060.46     -3774997.87
TELEBRAS SA          TELB3 BZ         219200060.46     -3774997.87
TELEBRAS-BLOCK       TELB30 BZ        219200060.46     -3774997.87
TELEBRAS SA-PREF     TELB4 BZ         219200060.46     -3774997.87
TELEBRAS-CEDE PF     TELB4 AR         219200060.46     -3774997.87
TELEBRAS-PF BLCK     TELB40 BZ        219200060.46     -3774997.87
TELEBRAS SA-RT       TELB9 BZ         219200060.46     -3774997.87
TELEBRAS-CM RCPT     TELE31 BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     TELE41 BZ        219200060.46     -3774997.87
CHILESAT CORP SA     TELEX CI         432460542.94    -44559657.55
TELEX-A              TELEXA CI        432460542.94    -44559657.55
TELEX-RTS            TELEXO CI        432460542.94    -44559657.55
TEKA-PREF            TKTPF US         219773260.95   -306726075.74
TEKA-ADR             TKTPY US         219773260.95   -306726075.74
TEKA                 TKTQF US         219773260.95   -306726075.74
TEKA-ADR             TKTQY US         219773260.95   -306726075.74
CHILESAT CO-ADR      TL US            432460542.94    -44559657.55
TELEBRAS SA          TLBRON BZ        219200060.46     -3774997.87
TELEBRAS SA-PREF     TLBRPN BZ        219200060.46     -3774997.87
TELEBRAS-RECEIPT     TLBRUO BZ        219200060.46     -3774997.87
TELEBRAS-PF RCPT     TLBRUP BZ        219200060.46     -3774997.87
TELEBRAS-RTS PRF     TLCP2 BZ         219200060.46     -3774997.87
MMX MINERACAO        TRES3 BZ        1060478942.97   -123550800.05
TEXTEIS RENAU-RT     TXRX1 BZ          50909736.38    -79601048.99
TEXTEIS RENA-RCT     TXRX10 BZ         50909736.38    -79601048.99
TEXTEIS RENAU-RT     TXRX2 BZ          50909736.38    -79601048.99
RENAUXVIEW SA        TXRX3 BZ          50909736.38    -79601048.99
RENAUXVIEW SA-PF     TXRX4 BZ          50909736.38    -79601048.99
TEXTEIS RENA-RCT     TXRX9 BZ          50909736.38    -79601048.99
VARIG SA             VAGV3 BZ         966298025.55  -4695211316.33
VARIG SA-PREF        VAGV4 BZ         966298025.55  -4695211316.33
VARIG SA             VARGON BZ        966298025.55  -4695211316.33
VARIG SA-PREF        VARGPN BZ        966298025.55  -4695211316.33
VARIG PART EM SE     VPSC3 BZ         101177852.25   -318442006.32
VARIG PART EM-PR     VPSC4 BZ         101177852.25   -318442006.32
VARIG PART EM TR     VPTA3 BZ          49432124.18   -399290425.77
VARIG PART EM-PR     VPTA4 BZ          49432124.18   -399290425.77
FER C ATL-RCT PF     VSPT10 BZ       1050516250.26     -47197918.4
FERROVIA CEN-DVD     VSPT11 BZ       1050516250.26     -47197918.4
FERROVIA CEN-DVD     VSPT12 BZ       1050516250.26     -47197918.4
FER C ATLANT         VSPT3 BZ        1050516250.26     -47197918.4
FER C ATLANT-PRF     VSPT4 BZ        1050516250.26     -47197918.4
FER C ATL-RCT CM     VSPT9 BZ        1050516250.26     -47197918.4
WIEST                WISA3 BZ          39838113.86    -93371563.06
WIEST-PREF           WISA4 BZ          39838113.86    -93371563.06
WIEST SA             WISAON BZ         39838113.86    -93371563.06
WIEST SA-PREF        WISAPN BZ         39838113.86    -93371563.06
IMPSAT FIBER NET     XIMPT SM            535007008       -17165000
MMX MINERACA-GDR     XMM CN          1060478942.97   -123550800.05


                            ***********

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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