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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

           Thursday, November 5, 2009, Vol. 10, No. 219

                            Headlines

A R G E N T I N A

AGV COMERCIAL: Creditors' Proofs of Debt Due on December 9
BANCO MACRO: Third Quarter Net Income Up 17% to Ps.190.9 Million
CLUB SOCIAL: Creditors' Proofs of Debt Due on February 22
COLINAS DEL SUR: Creditors' Proofs of Debt Due on February 1
DBC SA: Creditors' Proofs of Debt Due on February 17

DIPCOM SRL: Creditors' Proofs of Debt Due on December 17
FALU SRL: Creditors' Proofs of Debt Due on December 30
INTERWORK SA: Creditors' Proofs of Debt Due on December 1
OLANO TOURS: Creditors' Proofs of Debt Due on December 21
ROSA VIEJO: Creditors' Proofs of Debt Due on February 4


B A H A M A S

ULTRAPETROL (BAHAMAS): To Release Third Quarter Results on Nov. 10


B R A Z I L

ANHANGUERA EDUCATIONAL: Starts BRL200 Million Debenture Issue
BANCO BRADESCO: Posts R$5.831BB Net Income for 9-Month Period
CAMAGRO CORREA: To Expand Cement Plants in Argentina, Valor Says
COMPANHIA SIDERURGICA: Records R$1.15 Billion Net Income in 3Q
FIAT SPA: Seeks Brazil Tax-Break Extension to Boost Sales

SUL AMERICA: Fitch Affirms 'BB' Long-Term Issuer Default Rating


C A Y M A N  I S L A N D S

BRYAN GARNIER: Creditors' Proofs of Debt Due on November 11
CITTA MASTER: Commences Liquidation Proceedings
FRONTIER VIII: Creditors' Proofs of Debt Due on November 11
GAIA FUND: Creditors' Proofs of Debt Due on November 11
HANG SENG: Creditors' Proofs of Debt Due on November 13

IMOSANO FUND: Creditors' Proofs of Debt Due on November 16
MARATHON PETROLEUM: Creditors' Proofs of Debt Due on November 12
MUSKET INVESTMENTS: Creditors' Proofs of Debt Due on November 13
PENDVEST MASTER: Creditors' Proofs of Debt Due on November 11
SAAD INVESTMENTS: Creditors' Proofs of Debt Due on November 12

SAQR LIMITED: Creditors' Proofs of Debt Due on November 12
SOLAR GREEN: Creditors' Proofs of Debt Due on November 11
SOUTHSTAR DEVELOPMENTS: Court Enters Wind-Up Order
STRATUM INSURANCE: Placed Under Voluntary Liquidation
TE CANNELL: Creditors' Proofs of Debt Due on November 11

TE CANNELL: Creditors' Proofs of Debt Due on November 11
TE MCM: Creditors' Proofs of Debt Due on November 11
TE MCM: Creditors' Proofs of Debt Due on November 11
TE SLS: Creditors' Proofs of Debt Due on November 11
TE SLS: Creditors' Proofs of Debt Due on November 11


C O L O M B I A

ISAGEN SA: 3Q Net Income Up 37% to COP91 Billion
PACIFIC RUBIALES: Reveals US$853-Million 2010 CapEx Plan
PACIFIC RUBIALES: S&P Assigns 'B+' Long-Term Corp. Credit Rating


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: Closes Purchase of Refiner Stake


E C U A D O R

* ECUADOR: Could Start Mineral Exports in 2012


J A M A I C A

AIR JAMAICA: OCG to Clarify DPP Report on Heathrow Slots Sale
AIR JAMAICA: S&P Downgrades Corporate Credit Rating to 'CCC'
JAMAICAN URBAN: Starts Rationalization of Bus Routes in KMTR
* JAMAICA: Government’s Revenue Gap Grows


M E X I C O

COLUMBUS INTERNATIONAL: S&P Assigns Corporate Credit Rating at 'B'
FORD CREDIT: Moody's Upgrades National Scale Debt Rating to 'B1'
GRUPO TMM: Reports Third-Quarter 2009 Financial Results
OPERADORA DE FONDOS: Moody's Takes Rating Actions on 17 Funds
URBI DESARROLLOS: 3Q Net Income Drops 30% to MXN459 Million


P U E R T O R I C O

FIRSTBANK PUERTO: Moody's Downgrades Bank Strength Ratings to 'D-'


T U R K S  &  C A I C O S  I S L A N D S

OLINT CORP: Former Boss Returned to Court on November 3


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Completes 49% Stake Buyout in Refidomsa


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


AGV COMERCIAL: Creditors' Proofs of Debt Due on December 9
----------------------------------------------------------
Hugo Oscar D'Ubaldo, the court-appointed trustee for Agv Comercial
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 9, 2009.

Mr. D'Ubaldo 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. 19, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Hugo Oscar D'Ubaldo
          Tucuman 1577
          Argentina


BANCO MACRO: Third Quarter Net Income Up 17% to Ps.190.9 Million
----------------------------------------------------------------
Banco Macro S.A. disclosed its results for the third quarter ended
September 30, 2009.  All figures are in Argentine pesos (Ps.) and
have been prepared in accordance with Argentine GAAP.

The Bank's net income totaled Ps.190.9 million.  This result was
17% higher than the Ps.163.3 million posted for the third quarter
of 2008.  The annualized 3Q09 ROAE and ROAA were 25.5% and 3.1%,
respectively.  In 3Q09, the Bank's net financial income was
Ps.662.5 million, increasing 80% year to year.  In addition, Banco
Macro's operating income rose 89% YoY to Ps.413.8 million.

Banco Macro's financing to the private sector grew 2% quarter to
quarter, or Ps.184.5 million, led by consumer loans, mortgages and
discounted documents.  In 3Q09, total deposits grew 5% QoQ,
totaling Ps.18.5 billion and representing 80% of the Bank's
liabilities. The quarterly deposit growth was led by checking
accounts and time deposits from the private sector.

Banco Macro continued showing a strong solvency ratio, with excess
capital of Ps.2.1 billion (25.3% capitalization ratio) in 3Q09. In
addition, the Bank's liquid assets remained at a high level,
reaching 59.7% of its total deposits.  In 3Q09, the Bank's non-
performing to total financing ratio reached 3.1% and the coverage
ratio was 116%.

A full text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?4854

                       About Banco Macro

Headquartered in Buenos Aires, Argentina, Banco Macro SA --
http://www.macro.com.ar/-- offers traditional commercial banking
products and services to small and medium-sized companies,
companies operating in regional economies, and to low and middle-
income individuals.  It offers savings and checking accounts,
credit and debit cards, consumer finance loans, other credit-
related products and transactional services to its individual
customers, and small and medium-sized businesses through its
branch network.  The bank also offers Plan Sueldo payroll
services, lending, corporate credit cards, mortgage finance,
transaction processing and foreign exchange.  In March 2007, it
merged with Nuevo Banco Suquia S.A (Nuevo Banco Suquia).

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009 Moody's Investors Service has affirmed Banco
Macro's D BFSR with stable outlook.  The global local currency
deposit rating was downgraded to Ba2 from Ba1; global local
currency debt rating lowered to Ba2 from Ba1.  Both new ratings
were placed on stable outlook.


CLUB SOCIAL: Creditors' Proofs of Debt Due on February 22
---------------------------------------------------------
The court-appointed trustee for Club Social y Deportivo Defensores
de Banfield's reorganization proceedings, will be verifying
creditors' proofs of claim until February 22, 2010.

The trustee will present the validated claims in court as
individual reports on April 19, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 2, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 27, 2010.


COLINAS DEL SUR: Creditors' Proofs of Debt Due on February 1
------------------------------------------------------------
The court-appointed trustee for Colinas del Sur S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until February 1, 2010.

The trustee will present the validated claims in court as
individual reports on March 15, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 28, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 8, 2010.


DBC SA: Creditors' Proofs of Debt Due on February 17
----------------------------------------------------
Anibal Alcides Estava, the court-appointed trustee for DBC SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 17, 2010.

Ms. Estava will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 11, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Anibal Alcides Estava
          Bulnes 779
          Argentina


DIPCOM SRL: Creditors' Proofs of Debt Due on December 17
--------------------------------------------------------
Gerardo Horacio Madero, the court-appointed trustee for Dipcom
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 17, 2009.

Mr. Madero will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Gerardo Horacio Madero
          Marcelo T. de Alvear 1364
          Argentina


FALU SRL: Creditors' Proofs of Debt Due on December 30
------------------------------------------------------
Jose Angel Sallon, the court-appointed trustee for Falu SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 30, 2009.

Mr. Sallon will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Jose Angel Sallon
          Libertad 860
          Argentina


INTERWORK SA: Creditors' Proofs of Debt Due on December 1
---------------------------------------------------------
Marta Susana Polistina, the court-appointed trustee for Interwork
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 1, 2009.

Ms. Polistina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Marta Susana Polistina
          H. Irigoyen 4027
          Argentina


OLANO TOURS: Creditors' Proofs of Debt Due on December 21
---------------------------------------------------------
Maria Alejandra Barbieri, the court-appointed trustee for Olano
Tours Transportes SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until December 21, 2009.

Ms. Barbieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Maria Alejandra Barbieri
          Av. Cabildo 2040
          Argentina


ROSA VIEJO: Creditors' Proofs of Debt Due on February 4
-------------------------------------------------------
Maria Carolina Osso, the court-appointed trustee for Rosa Viejo
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until February 4, 2010.

Ms. D'Ubaldo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Maria Carolina Osso
          Amenabar 1975
          Argentina


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): To Release Third Quarter Results on Nov. 10
------------------------------------------------------------------
Ultrapetrol (Bahamas) Limited will release its third quarter 2009
financial results on Tuesday, November 10, 2009, after the close
of stock market trading.  Ultrapetrol will host a related
conference call on Wednesday, November 11, 2009, at 10:00 a.m.
Eastern Time, accessible via telephone and Internet with an
accompanying slide presentation.

On the call, Felipe Menendez Ross, President and Chief Executive
Officer, and Leonard Hoskinson, Chief Financial Officer, will
discuss Ultrapetrol's results and the outlook for its three
businesses.  There also will be a question and answer session.
The call is expected to last approximately one hour and the
audio webcast and slide presentation will be available on the
Investor Relations section of Ultrapetrol's Web site at
http://ww.ultrapetrol.net.

Investors and analysts may participate in the live conference call
by dialing:

   888-495-9739 (toll-free U.S.) or
   + 212-287-1658 (outside of the U.S.);
   passcode: ULTR.

  The replay can be accessed at

   866-498-9752 (toll-free U.S.) or
   + 203-369-1801 (outside of the U.S.);
   passcode: 3251.

                        About Ultrapetrol

Ultrapetrol -- http://www.ultrapetrol.net/-- is an industrial
transportation company serving the marine transportation needs of
its clients in the markets on which it focuses.  It serves the
shipping markets for grain, forest products, minerals, crude oil,
petroleum and refined petroleum products, as well as the offshore
oil platform supply market with its extensive and diverse fleet of
vessels.  These include river barges and pushboats, platform
supply vessels, tankers and oil-bulk-ore/capesize vessels.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, Standard & Poor's Rating Services said that it
revised its outlook on Bahamas-based transportation company
Ultrapetrol (Bahamas) Ltd. to negative from stable.  At the same
time, S&P affirmed the ratings, including the corporate credit
rating on the company, at 'B'.


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


ANHANGUERA EDUCATIONAL: Starts BRL200 Million Debenture Issue
-------------------------------------------------------------
Anhanguera Educacional Participacoes SA has started the issue
of non-convertible debentures worth BRL200 million Brazilian
(US$114 million), Rogerio Jelmayer at Dow Jones Newswires reports,
citing a company statement.

As reported in the Troubled Company Reporter-Latin America on
November 29, 2009, Dow Jones Newswires said the Brazilian
Securities and Exchange Commission (CVM) on October 29, approved
Anhanguera Educacional's plan to issue debentures.  According to
the report, the first series, worth BRL190 million, will mature
Nov. 3, 2012, and the company will pay an annual interest rate of
2.15 percentage points over the local interbank rate (DI).  The
report related that the second series, totaling BRL10 million,
will mature Nov. 3, 2014, and the company will pay an interest
rate of 8.7% per year.  Banco Itau BBA will coordinate the
operation.

                 About Anhanguera Educacional

Anhanguera Educacional Participacoes SA --
http://www.unianhanguera.edu.br/-- is a Brazil-based private,
for-profit professional education company.  AESA is a holding
company which directly or indirectly controls and supports the
operations of all of its campuses and owns 100% of the capital of
Poona, Sapiens, Jacareiense, and AESA Publicacoes.  The company
operates three education networks, Microlins, providing vocational
training centers offering short-term programs in Information
Technology and Business Administration, Anhanguera/LFG, composed
by distance-learning centers, offering undergraduate, graduate and
extension programs, and Anhanguera, constituted by campuses
offering more than 90 undergraduate programs, in addition to on-
campus and distance-learning graduate and extension programs.  In
2008, the company acquired 30% of the share capital of Editora
Microlins Brasil Ltda and fully acquired LFG Business e
Participacoes Ltda.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 21, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' global scale corporate credit rating to
Anhanguera Educacional Participacoes S.A. and affirmed its 'brA'
Brazilian national scale corporate credit and debenture ratings on
the company.  The outlooks are stable.


BANCO BRADESCO: Posts R$5.831BB Net Income for 9-Month Period
-------------------------------------------------------------
Banco Bradesco SA's net income for the 9-month period totaled
R$5.831 billion (a 0.2% y-o-y variation relative to the adjusted
net income of R$5.819 billion), corresponding to EPS of R$2.49
(accumulated over 12 months) and a 21.8% annualized return on
Average Shareholders' Equity.  Net income comprised R$3.936
billion from financial activities, which represented 68% of the
total, and R$1.895 billion from insurances and private pension
plans, which accounted for 32% of total Net Income.

Banco Bradesco's market capitalization as of September 30, 2009
stood at R$98.751 billion, highlighting that its preferred shares
increased by 57.8% during the 9 month period of 2009.  Total
Assets reached R$485.686 billion in September 2009, an increase of
14.9% vis-avis 2008.  Annualized return on average Assets reached
1.6%, vis-a-vis 2.0% in the same period of last year.

The Total Loan Portfolio stood at R$215.536 billion in September
2009, 10.2% higher on a y-o-y analysis.  Operations with
individuals totaled R$75.528 billion (up by 8.2%), while loans to
corporations totaled R$140.008 billion (up by 11.3%).  Total
Assets under Management reached R$674.788 billion, an increase of
18.3% vis-avis September 2008.

Shareholders' Equity totaled R$38.877 billion in September 2009, a
13.8% y-o-y growth.  The Capital Adequacy Ratio (Basel II) stood
at 17.7% in September 2009, 14.3% of which being Tier I Capital.
In the 9-month period of 2009, shareholders were paid, in the form
of Interest on Shareholders' Capital and Dividends, R$3.868
billion, R$1.987 billion of which referring to the income
generated in the period and R$1.881 billion referring to the year
of 2008.

A full text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?4852

                       About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                          *     *     *

As of October 12, 2009, Banco Bradesco S.A. continues to carry
Moody's "Ba2" long-term foreign bank deposits.  The company also
continues to carry Fitch rating's "BB" Support Rating Floor.


CAMAGRO CORREA: To Expand Cement Plants in Argentina, Valor Says
----------------------------------------------------------------
Camargo Correa SA plans to invest US$108 million to double output
of clinker, an intermediate substance in the production of cement,
in Argentina, Lucia Kassai at Bloomberg News reports, citing Valor
Economico newspaper.

According to the report, Ricardo Lima, managing director at Loma
Negra SA, said that Camargo Correa plans to double clinker
grinding capacity at two facilities.   Loma Negra is the biggest
cement maker in Argentina and a subsidiary of Camargo Correa.

Bloomberg News notes that the clinker grinding capacity will
double to 3.7 million tons yearly.

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 24, 2009, Standard & Poor's Ratings Services said that
it affirmed its 'BB' long-term corporate credit rating on Camargo
Correa S.A. and on CCSA's cement company Camargo Correa Cimentos
S.A. (CCC).  S&P removed the ratings from CreditWatch Negative
where they were placed Feb. 2, 2009.  The outlook is negative.


COMPANHIA SIDERURGICA: Records R$1.15 Billion Net Income in 3Q
--------------------------------------------------------------
Companhia Siderurgica Nacional's net income totaled R$1.15 billion
in the 3Q09, 243% up on the R$335 million recorded in the previous
quarter. In the first nine months, net income stood at R$1.85
billion, also an improvement over the same period last year.

Steel product sales volume amounted to 1.32 million tonnes, 39%
more than the 2Q09.  Crude steel production in the 3Q09 came to
1.18 million tonnes, with rolled output of 1.32 million tonnes,
35% and 37% up, respectively, on the 2Q09.

The average rolled steel unit production cost fell from R$964/t in
the 2Q09 to R$784/t in the 3Q09, a hefty 19% reduction.  3Q09 net
revenue totaled R$3.0 billion, 20% more than the R$2.5 billion
reported in the 2Q09.

3Q09 EBITDA stood at close to R$1.0 billion, a 36% improvement
over the 2Q09, with an EBITDA margin of 33%, up by 4 p.p. on the
2Q09, further underlining the company's margin recovery process;

In 2009 through September 30, CSN's shares appreciated by 100% on
the Bovespa (Brazil), the 10th largest upturn among those firms
listed on the Ibovespa index, while its ADRs climbed by 155% on
the NYSE, the 8th highest increase among all the Latin American
ADRs listed on the New York Stock Exchange.

CSN closed the 3Q09 with a market cap of US$22.3 billion, the
highest figure of any steel manufacturer in the Americas.

Also at the end of the 3Q09, ROE stood at 91%, considering net
income in the last 12 months, growth of 23 p.p. over the previous
quarter.  In September 2009, through its wholly-owned subsidiary
CSN Islands XI Corporation, CSN effected a US$750 million bond
issue at 6.875% p.a., maturing in 10 years.

A full text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?4855

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


FIAT SPA: Seeks Brazil Tax-Break Extension to Boost Sales
---------------------------------------------------------
Fiat SpA wants the Brazilian government to extend tax breaks,
which is scheduled to be phased out by January 2910, for new car
buyers next year to boost sales in its most profitable market,
Sara Gay Forden at Bloomberg News reports.  The report recalls
that Brazil introduced tax relief in January to counter the
effects of the global recession and limit job cuts by automakers.

“Maintaining incentives is a must,” Lelio Ramos, Commercial
Director of Fiat’s Automoveis SA unit in Brazil, told the news
agency in an interview.  “We’re hoping the government will give us
at least a partial reduction in taxes.” Ramos estimates that the
measures have lifted total car sales this year by about 10%, Mr.
Ramos added.

According to the report, Mr. Ramos said Fiat SPA, which records
about EUR10 billion (US$15 billion) a year in revenue from Brazil,
plans to stoke demand next year with at least eight new models,
including two new designs.  Car sales will grow between 3% and 10%
next year if government incentives continue, Mr. Ramos added.

Mr. Ramos, the report relates, said that he expects Fiat SPA to
sell about 800,000 cars in Brazil this year, up from 722,000 last
year.  The Betim factory, one of the biggest car plants in the
world, will produce about 1 million cars next year, Mr. Ramos
said.

Bloomberg News notes that Mr. Ramos expects total car sales in
Brazil to reach between 3.1 and 3.4 million units next year.  Fiat
can grow in Brazil “by selling very basic cars as more people work
and gain purchasing power,” Mr. Ramos added.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on
June 16, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA remains on CreditWatch with negative implications,
where it was placed on Jan. 22, 2009.  At the same time, the 'B'
short-term corporate credit rating was affirmed.


SUL AMERICA: Fitch Affirms 'BB' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed these International and National
ratings assigned to Sul America S.A., the holding company of Sul
America Seguros:

  -- Long-term Foreign Currency Issuer Default Rating at 'BB';
     Outlook Stable;

  -- Long-term Local Currency IDR at 'BB'; Outlook Stable;

  -- Short-term Foreign Currency IDR at 'B';

  -- Short-term Local Currency IDR at 'B';

  -- Long-term National Rating at 'AA-(bra)'; Outlook Stable;

  -- Short-term National Rating at 'F1+(bra)';

  -- US$200 million in senior notes at 'BB-'.

The IDRs and National Ratings assigned to Sasa reflect a strong
franchise within the Brazilian insurance sector, conservative
underwriting policies and adequate operating performance.
However, Sasa's ratings also take into account the concentration
of its premium generation in health and auto lines; the
possibility that it could lose significant distribution channels,
especially in the auto segment; and operating leverage that is
still higher than the average for its major competitors, despite a
significant reduction since 2007.  Sasa's issuance of
US$200 million of Eurobonds in February 2007, and its IPO in
fourth quarter-2007 (4Q'07), not only enabled a capital injection
of BRL775 million, but also allowed improvement of its debt
maturity profile, reduction of overall indebtedness and financial
costs, and a more consistent operating performance throughout the
economic cycle.  A larger distribution network and product
diversification, in addition to an enhancement of its operating
performance could trigger an upgrade of Sasa's ratings.  However,
any deterioration in SAS's operating performance and/or a
substantial increase of leverage could negatively affect its
ratings.

The proceeds of the aforementioned IPO not only improved Sasa's
debt profile and overall leverage, but also contributed to satisfy
the capital requirements in place since 2008.  SAS leverage has
steadily decreased since 2007, being that the total debt to equity
ratio improved to 11.2% in June 2009, compared to a high 76.2% in
2005.  Liquid assets more than covered all the holding company's
financial debt at the same date.  Fitch believes that this
situation should continue, at least in the short term, due to the
company's good liquidity position.  Operating leverage, as
measured by net earned premiums/equity, has also declined to 2.7
times in June 2009 from 6.0x in 2005, more aligned with the peer
average of 1.8x.

In a way to boost in profitability, on Oct. 6, 2009 Banco do
Brasil S.A. (long-term foreign and local currency IDRs of 'BBB-';
long-term national rating of 'AA+(bra)' with a Stable Outlook by
Fitch) announced its intention to acquire Sasa's participation in
Brasilveiculos Companhia de Seguros (Brasilveiculos), although no
price proposal or pre-contract has yet been published.  Upon
conclusion of the process, which should progress gradually, Sasa's
participation in the overall auto business will decrease to around
10% of the total market (currently 16.5%).  However, its
operational efficiency should not be materially affected, as
Brasilveiculos's profile is similar to the company's other
businesses.  In addition, its leverage ratios should be reduced,
while the cash resulting from the sale should allow room for
development of other partnerships and higher organic growth over
the long term.

The Brazilian insurance market has become more competitive since
2008, due to mergers and partnership agreements between the
largest insurers, in particular those affiliated with large
financial conglomerates, which have concentrated most of the
market.  Sasa is part of the group of large, independent insurance
companies in Latin America that lack their own banking
distribution channels, and will face a major challenge to
establish more partnerships for distribution as it faces increased
market competition.

Sasa is part of a traditional insurance group in Brazil, which
operates in practically all industry segments.  According to the
Superintendence of Private Insurance (Susep) and the National
Agency of Supplemental Health (ANS), it was the second largest
insurance company in the country in health and auto lines, with
market shares of 35.8% and 16.5%, respectively, in June 2009, and
the largest independent insurance group.  It relies on around
26,000 active brokers and has been gradually growing its cross
sales and partnerships in the distribution of products and
services.

Sasa is 32.9% controlled by Sulasapar Participacoes and 21.2% by
ING Insurance International BV.  An amount equal to 8.5% of Sasa's
capital is held by affiliated shareholders, which include
management, members of the board and other individuals, while the
remaining 37.3% is the market float.  ING has stated that it is
reviewing its global business strategy and intends to sell its
insurance operations in the world.  Fitch is closely monitoring
the development of Sasa's shareholding composition, and its
possible impacts on the ratings, although it does not incorporate
the benefit of ING's support into the company's ratings.

Fitch's national ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.
National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(bra)' for national ratings in Brazil.


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


BRYAN GARNIER: Creditors' Proofs of Debt Due on November 11
-----------------------------------------------------------
The creditors of Bryan Garnier – European Growth Long/Short Fund
are required to file their proofs of debt by November 11, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 29, 2009.

The company's liquidator is:

          Avalon Management Limited
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          West Bay Beach, PO Box 715, George Town
          Grand Cayman KY1-1107, Cayman Islands


CITTA MASTER: Commences Liquidation Proceedings
-----------------------------------------------
On September 21, 2009, Citta Master Fund commenced liquidation
proceedings.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Wat Chi Ming
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104, Cayman Islands


FRONTIER VIII: Creditors' Proofs of Debt Due on November 11
-----------------------------------------------------------
The creditors of Frontier VIII Limited are required to file their
proofs of debt by November 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 28, 2009.

The company's liquidator is:

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


GAIA FUND: Creditors' Proofs of Debt Due on November 11
-------------------------------------------------------
The creditors of Gaia Fund Ltd. are required to file their proofs
of debt by November 11, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 8, 2009.

The company's liquidator is:

          Maricorp Services Ltd.
          J. Andrew Murray
          Telephone: 345 949 9710
          P.O. Box 2075, 31 The Strand
          Grand Cayman KY1-1105, Cayman Islands


HANG SENG: Creditors' Proofs of Debt Due on November 13
-------------------------------------------------------
The creditors of Hang Seng Structured Products (Cayman) Limited
are required to file their proofs of debt by November 13, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 25, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          c/o Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands


IMOSANO FUND: Creditors' Proofs of Debt Due on November 16
----------------------------------------------------------
The creditors of Imosano Fund are required to file their proofs of
debt by November 16, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 23, 2009.

The company's liquidator is:

          K.D Blake
          PO Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Bekilizwe Dube
          Telephone: 345-914-4464
          Facsimile: 345-949-7164
          P.O. Box 493, Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


MARATHON PETROLEUM: Creditors' Proofs of Debt Due on November 12
----------------------------------------------------------------
The creditors of Marathon Petroleum Azul Limited are required to
file their proofs of debt by November 12, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Y. R. Kunetka
          555 San Felipe St.
          Houston, Texas 77056, U.S.A.


MUSKET INVESTMENTS: Creditors' Proofs of Debt Due on November 13
----------------------------------------------------------------
The creditors of Musket Investments are required to file their
proofs of debt by November 13, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 28, 2009.

The company's liquidator is:

          Jackie Stirling
          Bessemer Trust Company (Cayman) Limited
          Telephone: (345) 949-6674
          Facsimile: (345) 945-2722
          Bessemer Trust Company (Cayman) Limited
          PO Box 694GT, Dr Roy's Drive
          Grand Cayman, Cayman Islands


PENDVEST MASTER: Creditors' Proofs of Debt Due on November 11
-------------------------------------------------------------
The creditors of The Pendvest Master Fund are required to file
their proofs of debt by November 11, 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:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


SAAD INVESTMENTS: Creditors' Proofs of Debt Due on November 12
--------------------------------------------------------------
The creditors of Saad Investments Finance Company (No. 5) Limited
are required to file their proofs of debt by November 12, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Nicolas Matthews
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 623 0007


SAQR LIMITED: Creditors' Proofs of Debt Due on November 12
----------------------------------------------------------
The creditors of SAQR Limited are required to file their proofs of
debt by November 12, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Bernard Mcgrath
          69 Dr. Roy's Drive, P.O. Box 1043
          George Town, Grand Cayman KY1-1102


SOLAR GREEN: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Solar Green Limited are required to file their
proofs of debt by November 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 28, 2009.

The company's liquidator is:

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


SOUTHSTAR DEVELOPMENTS: Court Enters Wind-Up Order
--------------------------------------------------
On September 18, 2009, the Grand Court of Cayman Islands entered
an order to have Southstar Developments, Inc's operations wound
up.

Graham Robinson and Peter D. Anderson were appointed as
liquidators.

The Liquidators can be reached at:

          Graham Robinson
          Peter D. Anderson
          RHSW (Cayman) Limited
          P.O. Box 897, One Capital Place
          Shedden Road, Grand Cayman KY1-1103


STRATUM INSURANCE: Placed Under Voluntary Liquidation
-----------------------------------------------------
On August 5, 2009, the sole shareholder of Stratum Insurance
Company, SPC resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
October 30, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Dugald Macleod
          Caledonian House, 69 Dr Roy’s Drive
          PO Box 1043, George Town
          Grand Cayman KY1-1102
          Telephone: 345-914-0050
          Facsimile: 345-814-4875


TE CANNELL: Creditors' Proofs of Debt Due on November 11
--------------------------------------------------------
The creditors of Te Cannell Investors, Ltd. are required to file
their proofs of debt by November 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


TE CANNELL: Creditors' Proofs of Debt Due on November 11
--------------------------------------------------------
The creditors of Te Cannell Portfolio, Ltd. are required to file
their proofs of debt by November 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


TE MCM: Creditors' Proofs of Debt Due on November 11
----------------------------------------------------
The creditors of TE MCM Portfolio, Ltd. are required to file their
proofs of debt by November 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


TE MCM: Creditors' Proofs of Debt Due on November 11
----------------------------------------------------
The creditors of TE MCM Investors, Ltd. are required to file their
proofs of debt by November 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


TE SLS: Creditors' Proofs of Debt Due on November 11
----------------------------------------------------
The creditors of TE SLS Investors, Ltd. are required to file their
proofs of debt by November 11, 2009, to be included in the
company's dividend distributions.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


TE SLS: Creditors' Proofs of Debt Due on November 11
----------------------------------------------------
The creditors of TE SLS Portfolio, Ltd. are required to file their
proofs of debt by November 11, 2009, to be included in the
company's dividend distributions.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Telephone: (345) 914-6314
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands


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


ISAGEN SA: 3Q Net Income Up 37% to COP91 Billion
------------------------------------------------
Isagen SA's third quarter net income rose 37% to COP91 billion
from the same period a year ago, Inti Landauro at Dow Jones
Newswires reports.  The report relates that the company's overall
revenue totaled COP342 billion over the third quarter; while
operating profit rose 28% to COP121 billion.

According to the report, the profit was higher than the COP76
billion expected by the country's largest brokerage, Interbolsa.
The company's net profit, the report notes, had increased faster
in the first half of the year, when its net profit had jumped 94%
on year.

Dow Jones Newswires says that the company's net profit for the
first nine months of the year rose 73% to COP322 billion.  The
company had reported a net profit of COP260 billion in 2008, the
report relates.

The government, the report says, plans to sell its majority stake
in Isagen by the end of the year.

                       About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 1, 2009, Fitch Ratings has downgraded ISAGEN's local currency
Issuer Default Rating to 'BB+' from 'BBB-' and has affirmed the
company's foreign currency IDR at 'BB+'.  The Rating Outlook is
Stable.


PACIFIC RUBIALES: Reveals US$853-Million 2010 CapEx Plan
--------------------------------------------------------
Pacific Rubiales Energy Corp. disclosed an expanded capital plan
for 2010 that includes a US$853 million capital expenditure
program.  With this investment program the companies will double
its net production, after royalties, from the current estimate for
year end 2009 of 46,000 boe per day to 92,000 boe at the end of
next year.  At Quifa, the company will spend US$162 million for
the accelerated development of the block, which includes drilling
20 exploration/appraisal wells and 36 development wells during
2010.

Ronald Pantin, the company's Chief Executive Officer, stated:
"Given the stellar performance we have had ramping up production
at the Rubiales/Piriri fields to date, the exploration success at
the Quifa block, and the successful opening of the ODL pipeline,
we believe there is a compelling rationale to accelerate the
development of both these fields, with a particular focus on the
Quifa block.  This will allow us to significantly increase our
production, expected to reach 225,000 boe per day of gross
production by the end of next year, equivalent to 92,000 boe per
day net to the company after royalties.  The expanded production
targets reinforce our company's strategy to remain as the fastest
growing and most dynamic low-cost producer in the region."

                Capital Expenditure Program

The US$853 million capital program for 2010 includes US$165.5
million for development drilling, US$190.8 million for
exploration, US$471.8 million for production facilities and US$25
million to advance the STAR pilot project.  This is an increase of
US$471 million over the 2009 capital expenditures and US$394
million over the previously projected 2010 budget.

The company is financing its 2010 capital plan from current
operating cash flow and from the early exercise of its warrants
which, if exercised in full, would result in net proceeds to the
company of approximately US$275 million, after payment of
incentive fees.

               Highlights of The Capital Budget

Development Drilling: US$97 million is allocated to drill 113
producing wells at the Rubiales/Piriri Field (41 vertical, 62
horizontal and 10 injector wells); US$53.2 million is designated
to drill 36 producing wells at Quifa (1 vertical and 35
horizontal); and US$15.3 million will go to increase production in
the medium-light oil fields to 11,000 bopd by year end.

Exploration: US$94.7 million will go to acquire 6,000 kilometers
of seismic work and US$96.1 million to drill 36
exploration/appraisal wells, of which US$43.4 million will be
dedicated to drill 20 new wells at Quifa.  The 2010 exploration
campaign is targeting 405 million boe of mean un-risked resources.

Production Facilities: US$342.3 million will be spent to increase
the Rubiales field capacity up to 170,000 bopd; and most
importantly, US$65.5 million will go to begin building a new
production facility at Quifa that will allow for an initial 30,000
bopd capacity; US$21.5 million is dedicated to upgrade facilities
in the medium-light oil and natural gas fields; and US$42.5
million is assigned to the Llanomulsion project, transportation
optimization and Information Technology Projects.

STAR: US$25 million has been allocated to develop the secondary
recovery pilot project at the Rubiales/Piriri Field as part of the
phase III of the STAR project, namely on-site testing at Rubiales.

Year-end production rates: The capital expansion program projects
a target operated production rate of 225,000 boepd gross for year-
end 2010 (92,000 boepd net), a significant increase from previous
projections.  Within this target, the company is targeting an
increase in production at La Creciente to 80 MMscfd.

With this expanded capital plan the company estimates operating
costs to increase to US$185 million, a US$99 million increase over
the 2009 budget.

The announced capital plan of the company and the corresponding
new production targets will take the company to a new level of
asset development, particularly in the Quifa block.  To date the
company has announced exploration success on 6 wells in the Quifa
block, located in the Llanos Basin of Colombia, namely Prospects
"D", "E", "H" and "I".  The company is now preparing the necessary
documentation to request the declaration of commerciality for the
whole south-western Quifa area.  The Quifa block is an Association
Contract with Ecopetrol, S.A. in which Meta Petroleum (a wholly-
owned subsidiary of Pacific Rubiales) holds a 60% working interest
and Ecopetrol S.A. holds a 40% working interest.

                   About Pacific Rubiales

Pacific Rubiales, a Canadian-based company and producer of natural
gas and heavy crude oil, owns 100% of Meta Petroleum Corp., a
Colombian oil operator which operates the Quifa block in the
Llanos Basin in association with Ecopetrol S.A., the Colombian
national oil company.  The company is focused on identifying
opportunities primarily within the eastern Llanos Basin of
Colombia as well as in other areas in Colombia and northern Peru.
Pacific Rubiales has a current net production of approximately
36,000 barrels of oil equivalent per day, with working interests
in 32 blocks in Colombia and Peru.

                        *     *     *

As of November 4, 2009, the company continues to carry Standard
and Poor's B+ Issuer Credit ratings.


PACIFIC RUBIALES: S&P Assigns 'B+' Long-Term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to Pacific Rubiales Energy Corp.
S&P also assigned its 'B+' senior unsecured debt rating to its
proposed issuance of around $400 million notes.  The outlook is
positive.

"The ratings assigned to Pacific Rubiales reflect its short track
record and relatively small size, a growth strategy that requires
important investments during the remainder of 2009 and 2010, and
the company's heavy oil concentration," said Standard & Poor's
credit analyst Enrique Gomez Tagle, CFA.  Expected strong growth
in its production and reserves, an experienced management team,
and strong key financial ratios for its rating category offset
these factors.  S&P assess the company's business profile as weak
and its financial profile as aggressive.

Pacific Rubiales produces heavy crude oil and natural gas.  As of
Oct. 22, 2009, it had a net production of approximately 41,000
barrels of oil equivalent per day, with working interests in 31
blocks -- 28 in Colombia and three in Peru.  It is registered in
Canada and trades on the Toronto Stock Exchange.  Pacific Rubiales
has been one of the most dynamic exploration and production
companies in Colombia.  During second-quarter 2009, its production
almost doubled that of second-quarter 2008.  Similarly, reserve
life has continued to grow as a result of exploration activities
and acquisitions, and stood at 16.4 years as of June 2009.

The positive outlook reflects the expected cost reductions arising
from the completion and start of pipeline operations in September
2009, S&P's belief that the company will continue to increase its
production during 2010, and that it will have access to funds and
post sufficient operating cash flow to finance most of its
required investments.  It also reflects the expected recovery of
its financial metrics during 2010.  If production targets are not
achieved, oil prices fall below S&P's estimates, or debt increases
above its expectations, S&P could lower the ratings.  If the
company continues to implement its growth strategy successfully
and its total debt-to-EBITDA and funds from operations-to-total
debt ratios improve during 2010, S&P could raise the ratings.


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


* DOMINICAN REPUBLIC: Closes Purchase of Refiner Stake
------------------------------------------------------
Eric Watkins at OGJ Oil Diplomacy reports that Petroleos de
Venezuela SA completed its purchase of a 49% stake in the
Dominican Republic’s state refiner Refineria Dominicana de
Petroleo SA (Refidomsa).

As reported in the Troubled Company Reporter-Latin America on
November 3, 2009, Caribbean Net News said that PDVSA agreed to buy
nearly half of REFIDOMSA, for US$131.5 million dollars.  The
report related that Finance Secretary Vicente Bengoasaid
that talks to sell the refinery shares concluded on
October 29 after negotiations with a senior PDVSA official.

According to OGJ Oil Diplomacy, PDVSA wil buy REFIDOMSA's  stakes
as partial payment of oil debts.  The Dominican Republic, the
report notes, owed US$1 billion to Venezuela for oil supplied
under the PetroCaribe program.

As part of the agreement, the report relates, the Dominican
Republic will buy 30,000 b/d of oil from Venezuela in addition to
the 50,000 b/d it already receives under the Caracas-sponsored
PetroCaribe accord, which provides Venezuelan oil and gas at
preferential prices.

The report recalls that Venezuela Presidsent Hugo Chavez showed
interest in the agreement in June, but PDVSA did not obtain a
purchase memorandum of understanding from the Dominican government
due to a regional crisis involving the ouster of Honduran
President Manuel Zelaya, a close political ally of Chavez.  The
report relates that a further delay arose in August after
California legislator Loretta Sanchez suggested the agreement
would violate the terms of the free trade agreement between the
United States and the Dominican Republic.

                           *     *     *

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


=============
E C U A D O R
=============


* ECUADOR: Could Start Mineral Exports in 2012
----------------------------------------------
Ecuador could start exporting minerals in 2012 once the country's
nascent mining sector moves into production, Alexandra Valencia at
Reuters reports, citing President Rafael Correa.  The report
relates that Mr. Correa predicted that the industry will propel
economic development.

According to the report, Mr. Correa signed a mining law reform
that could help clear the way for gold, copper and silver
exploration to resume in the Andean country, setting the stage for
production and eventual exportation.  "The exportation of minerals
will probably begin in 2012," the report quoted Mr. Correa as
saying.

The report notes that Ecuador's biggest mining projects --
involving Canadian firms Kinross Gold, Corriente Resource and
Iamgold -- have been paralyzed while the leftist government draws
up rules to govern the sector aimed at giving the state more
control over the country's natural resources.

Mr. Correa, the report recalls, froze all major exploration
operations in April of last year.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 28, 2009, Moody's changed the rating on Ecuador's
outstanding global bonds to Caa3 with a stable outlook from Ca
with a developing outlook, while the ratings on its defaulted
bonds were moved to C, reflecting recovery rates of around 35% for
investors.   The foreign currency ceilings on bonds and deposits
are at Caa2, with a stable outlook.


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


AIR JAMAICA: OCG to Clarify DPP Report on Heathrow Slots Sale
-------------------------------------------------------------
Contractor General Greg Christie raised concerns regarding
the Director of Public Prosecutions (DPP)'s report on the
investigation of the sale of Air Jamaica Limited’s London Heathrow
slots to Virgin Atlantic Airways, Gleaner/Power 106 News reports.
The report relates that the concerns are primarily in relation to
referrals, which were made by the Office of the Contractor General
to the DPP concerning former chairman of Air Jamaica, OK Melhado
and Senator Noel Sloley.

According to the report, the OCG evidence from sworn statements
submitted by the men suggested that they attempted to mislead the
contractor general, and or knowingly made a false statement
contrary to the provisions of the Perjury Act.  The report notes
that the OCG said that the DPP, Paula Llewellyn failed to address
any of the referrals made to her in relation to perjury by Mr.
Melhado, Senator Sloley and former finance minister Dr. Omar
Davies.

The DPP, Gleaner/Power 106 News says, recommended that the Police
Commissioner determine whether action should be taken against Dr.
Davies for breaches of the Contractor General Act.  The DPP, the
report relates, agreed with the contractor general’s findings that
Dr. Davies made a false statement to mislead or attempted to
mislead a contractor general in his submissions.

However, Gleaner/Power 106 News points out, no mention was made of
possible breaches by Mr. Melhado and Mr. Sloley.  Ms. Llewellyn,
the report adds, also ruled that no one should be held liable
under the Corruption Prevention Act in relation to the Heathrow
slots sale arrangement.

As reported in the Troubled Company Reporter-Latin America on
April 3, 2009, RadioJamaica reports that OCG concluded its
investigation on Air Jamaica's controversial GBP5-million
slot sale to Virgin Atlantic Airlines at London's Heathrow Airport
in 2007.  The report related that the investigation was initiated
by Mr. Christie last April after Air Jamaica CEO Don Wehby
raised concern about impropriety and a lack of transparency in the
sale of state assets.  Questions were raised about breach of the
Government's Procurement Guidelines, mismanagement and a breach of
accounting procedures, Radio Jamaica said.  According to Radio
Jamaica, the Bruce Golding administration had taken issue with the
decision by the previous government to divest the Heathrow slots.
The report noted Finance Minister Audley  Shaw maintained that
they were sold too cheaply and accused the People's National Party
administration of gross dereliction of duty in the manner it
disposed of the slots.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its foreign currency corporate credit rating on Air
Jamaica Ltd. to 'CCC+' from 'B-'.  The outlook is negative.  The
rating action followed S&P's recent lowering of the long-term
sovereign credit rating on Jamaica (CCC+/Negative/C).


AIR JAMAICA: S&P Downgrades Corporate Credit Rating to 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Air Jamaica Ltd. to 'CCC' from
'CCC+'.  The outlook is negative.

The rating action follows the recent downgrade of Jamaica.  "The
downgrade and the negative outlook reflect S&P's view that
Jamaica's vulnerable fiscal profile and difficult financing
conditions may compel the government to undertake a debt exchange
operation that S&P could regard as a distressed debt exchange
under its criteria," said Standard & Poor's credit analyst
Carolina Duran.

S&P's long-term corporate credit rating on Jamaican national
airline Air Jamaica Ltd. is aligned with the long-term foreign
currency sovereign credit rating on Jamaica (CCC/Negative/C),
given the government's unconditional guarantee of both principal
and interest payments on the company's $200 million and
$125 million notes due in 2015 and 2027, respectively.

The downgrade of Jamaica follows the resignation of Central Bank
governor Derick Latibeaudiere, who was the lead negotiator within
the framework of a possible standby facility from the
International Monetary Fund.

Jamaica's fiscal position was already under pressure before the
international financial crisis started last September, and has
deteriorated even further this year.

Air Jamaica relies solely on government support as the government
owns 72.3% of its outstanding shares.  However, the government of
Jamaica has publicly announced a plan to divest noncore assets,
including Air Jamaica.  S&P is closely reviewing the possible
privatization of Air Jamaica and its potential impact on the
rating.

The negative outlook reflects the outlook on Jamaica and signals
the growing risk of a debt-exchange operation that could be an
event of selective default under S&P's distressed debt exchange
criteria.  Any rating action on the sovereign would affect the
ratings on Air Jamaica.  Although the government's engagement with
the IMF is a positive effort to address the long-standing
structural issues in Jamaica, recent events highlight the
complexity of the negotiation process and create more uncertainty
about the timeframe for reaching an agreement with the Fund.


JAMAICAN URBAN: Starts Rationalization of Bus Routes in KMTR
------------------------------------------------------------
Jamaica Urban Transit Company has started a rationalization of
selected bus routes in the Kingston Metropolitan Transport Region
(KMTR) which includes Kingston and St. Andrew and St. Catherine,
RadioJamaica reports.

According to the report, the JUTC has been seeking applications
from contractors to provide transportation services on various
routes including Rock Hall, Above Rocks, Border and Mount Airy.

The report relates that Reginald Allen, JUTC Spokesman, said print
advertisements seeking proposals from suitable contractors forms
the first phase of a route rationalization program.  "The
advertisement invites transport operators to submit proposals to
provide service along selected routes in the KMTR.  This is part a
rationalization exercise being conducted by the JUTC in
conjunction with the Transport Ministry to ensure the continuous
service to the commuters with the KMTR," the report quoted Mr.
Allen as saying.

                            About JUTC

Jamaica Urban Transit Company was established in 1998 to provide a
centrally managed state-of-the-art public bus service.  The
government invested US$6 billion aiming to have an efficient
transport system and for the Jamaican people.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2009, RadioJamaica said JUTC has defaulted on loan
obligations with RBTT Bank and Petrocaribe Development Fund, among
others, due to cash flow problems.

The Ministry of Information, as cited by Radio Jamaica, stated
that the JUTC operates an overdraft facility of US$520 million at
the National Commercial Bank which expired in February.  The
report noted that the Ministry said this facility is consistently
utilised at the upper limit and, on occasions, exceeds the limit
giving rise to the imposition of penalty charges above 43%.


* JAMAICA: Government’s Revenue Gap Grows
-----------------------------------------
The Jamaican government collected JM$134.9 billion in revenues and
grants for the April to September, RadioJamaica News reports.
However, the report relates that this was JM$15.7 billion less
than the JM$150.7 billion which it had projected for the six month
period.

According to the report, the tax revenue was down by an alarming
JM$12.8 billion while inflows from grants were more than JM$2
billion behind target.  The report notes that due to the
continuing fall-off in inflows, the Bruce Golding administration
cut spending by just under JM$8 billion.

Meanwhile, RadioJamaica relates that the government's extended six
month tax amnesty closed on November 2 from the supposed   October
30 deadline.
                         *     *     *

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


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


COLUMBUS INTERNATIONAL: S&P Assigns Corporate Credit Rating at 'B'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B' long-term corporate credit rating to Columbus International
Inc.  At the same time, S&P assigned its 'B' rating to its
$450 million long-term senior secured notes due 2014.

"S&P's rating on Columbus reflects: its weak business risk profile
and its highly leveraged financial risk profile; its exposure to
foreign exchange risk, which is somewhat mitigated by its dollar-
denominated revenues; its exposure to regulatory and license
renewal risk, given its operations in various Caribbean, Latin
American, and North American jurisdictions; and the rapid pace of
technological change in its capital-intensive industry.
Mitigating factors include Columbus' advanced subsea cable network
throughout the Caribbean, its favorable growth prospects in the
markets where it operates due to low penetration rates, and its
geographic diversification," said Standard & Poor's credit analyst
Marcela Duenas.

The rating on the notes reflects the upstream guarantees provided
by most of Columbus' subsidiaries, which mitigates the notes'
structural subordination.  According to Standard and Poor's
criteria, S&P consider these guarantees as sound, since around 50%
of the proceeds from the bond issuance will be downstreamed to
prepay the operating company's debt and to fund capital
expenditures (capex).  The subsidiaries providing senior
guarantees represent about 80% of the company's consolidated
EBITDA.

"The stable outlook reflects S&P's expectation that Columbus will
generate a sustained operating cash flow in support of its highly
leveraged capital structure.  S&P could lower the rating if a
major debt-financed acquisition or operating weakness leads to a
higher debt-to-EBITDA ratio or if the company does not generate
free operating cash flow beyond 2010.  On the other hand, while
not likely in the near term, S&P could raise the rating if
Columbus is able to decrease its leverage," Ms. Duenas added.


FORD CREDIT: Moody's Upgrades National Scale Debt Rating to 'B1'
----------------------------------------------------------------
Moody's de Mexico upgraded Ford Credit de Mexico S.A. de C.V.'s
long-term Mexican National Scale debt rating to B1.mx from
Caa1.mx.  At the same time, Moody's confirmed the short-term
Mexican National Scale debt rating of MX-4.  Ford Credit de
Mexico's long term Mexican National Scale rating remains on review
for further possible upgrade.

The rating upgrade follows Moody's rating action on parent company
Ford Motor Credit Company LLC's rating - senior unsecured rating
upgraded to B3 from Caa1, which remains on review for further
possible upgrade.

Ford Credit de Mexico's debt ratings are based on an irrevocable
and unconditional guarantee provided by Ford Motor Credit Company
LLC.

The last rating action taken on Ford Credit de Mexico was on
September 3, 2009, when Moody's de Mexico placed the company's
long-term Mexican National Scale debt rating on review for
possible upgrade.

The long-term Mexican National Scale rating of B1.mx indicates
issuers or issues are below average and demonstrate very weak
creditworthiness relative to other domestic issuers.  The short-
term Mexican National Scale rating of MX-4 indicates that issuer
has a below average ability to repay short-term senior unsecured
debt obligations relative to other domestic issuers.

These ratings actions were taken:

* Mexican National Scale long-term debt rating: Upgraded to B1.mx
  from Caa1.mx, on review for possible upgrade

* Mexican National Scale short-term debt rating of MX-4: Confirmed


GRUPO TMM: Reports Third-Quarter 2009 Financial Results
-------------------------------------------------------
Grupo TMM, S.A.B.'s consolidated operating profit up US$4.7
million for quarter and 34.5% in first nine months.  The company's
maritime operating profit up 40.8% for quarter and 21.9% in first
nine months.  EBITDA up 119.2% for quarter and 42.0% in first nine
months.

Consolidated revenues decreased 21.8% in the 2009 third quarter
and 16.3% in the 2009 nine-month period compared to the same
periods of last year.  Notwithstanding these revenue decreases,
consolidated operating profit in the 2009 third quarter improved
to US$3.8 million compared to an operating loss of US$0.9 million
in the same period last year, and improved to US$14.8 million in
the 2009 nine-month period compared to US$11.0 million in the 2008
nine-month period.

A full text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?4841

                        About Grupo TMM

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

As reported in the Troubled Company Reporter-Latin America on
July 17, 2008, Grant Thornton, S.C., raised substantial doubt
about the ability of Grupo TMM, S.A.B, to continue as a going
concern after it audited the company's financial statements for
the year ended Dec. 31, 2007.  The auditing firm pointed to the
company's sustained substantial losses from continuing
operations during the past five years.


OPERADORA DE FONDOS: Moody's Takes Rating Actions on 17 Funds
-------------------------------------------------------------
Moody's Investors Service has taken rating actions on 17 funds
managed by Operadora de Fondos Banorte, S.A. de C.V, Sociedad
Operadora de Sociedades de Inversión.  At the same time, Moody's
has withdrawn the ratings of these funds for business reasons.

These funds' ratings are affected:

* NteCob, S.A. de C.V. -- Moody's has downgraded and withdrawn the
  fund's market risk rating to MR5 from MR4.  NTECOB essentially
  invests in US Dollar denominated securities and the rating
  action was due to the recent increase in the volatility of the
  Mexican peso per US Dollar parity which has impacted the fund's
  Net Asset Value sensitivity.  At the same time Moody's de Mexico
  has downgraded and withdrawn the fund's market risk rating to 7
  from 5 under the Mexican regulatory, Comisión Nacional Bancaria
  y de Valores homogeneous scale.  In addition the agency has
  affirmed and withdrawn the fund's credit rating of Baa; and
  Moody's de Mexico has affirmed and withdrawn the fund's credit
  national scale rating of Aa.mx and AA under the CNBV homogeneous
  scale.  Previous rating action: December 1, 2005, when the
  agency assigned for the first time the credit and market risk
  ratings to the fund.

* Nteusa, S.A. de C.V. -- Moody's has downgraded and withdrawn the
  fund's market risk rating to MR5 from MR2.  NTE-FC2 essentially
  invests in US Dollar denominated securities and the rating
  action was due to the recent increase in the volatility of the
  Mexican peso per US Dollar parity which has impacted the fund's
  NAV.  At the same time Moody's de Mexico has downgraded and
  withdrawn the fund's market risk rating to 7 from 3 under the
  CNBV homogeneous scale.  The agency has affirmed and withdrawn
  the fund's credit rating of A2; and Moody's de Mexico has
  affirmed and withdrawn the fund's credit national scale rating
  of Aaa.mx and AAA under the CNBV homogeneous scale.  Last rating
  actions of NTE-FC2, were on October 20, 2006, when Moody's
  upgraded the fund's credit and market risk ratings.

* Nortefp, S.A. de C.V. -- Baa/MR5 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aaa.mx and AAA credit rating under the CNBV
  homogeneous scale and 6 market risk rating under CNBV
  homogeneous scale.  Previous rating actions of NTE-IB1, were on
  May 5, 2008, when Moody's upgraded the fund's national scale
  credit rating.

* Ntebono, S.A. de C.V. -- Baa/MR5 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aaa.mx and AAA credit rating under the CNBV
  homogeneous scale and 6 market risk rating under CNBV
  homogeneous scale.  Previous rating actions of NTEBono, were on
  May 5, 2008, when Moody's upgraded the fund's national scale
  credit rating.

* Nortemm, S.A. de C.V. -- Ba/MR5 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of A.mx and A credit rating under the CNBV homogeneous
  scale and 7 market risk rating under CNBV homogeneous scale.
  Last rating actions of NTEPriv, were on August 21, 2009, when
  Moody's downgraded credit and market risk ratings of the fund.

* Fondo de Dinero Innova, S.A. de C.V. -- Baa3/MR2 credit risk and
  market risk ratings affirmed and withdrawn by Moody's Investors
  Service.  Moody's de Mexico has affirmed and withdrawn national
  scale rating of Aa2.mx and AA credit rating under the CNBV
  homogeneous scale and 2 market risk rating under CNBV
  homogeneous scale.  Last rating action: October 2, 2007, when
  the agency downgraded the credit and market risk ratings of the
  fund.

* Ntegub, S.A. de C.V. -- A3/MR2 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aaa.mx and AAA credit rating under the CNBV
  homogeneous scale and 2 market risk rating under CNBV
  homogeneous scale.  Last rating action: October 3, 2007, when
  the agency upgraded the market risk ratings of the fund.

* Nteliq, S.A. de C.V. -- Baa/MR2 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aa.mx and AA credit rating under the CNBV homogeneous
  scale and 2 market risk rating under CNBV homogeneous scale.

* Ntemes, S.A. de C.V. -- Baa/MR3 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aa.mx and AA credit rating under the CNBV homogeneous
  scale and 4 market risk rating under CNBV homogeneous scale.

* Ntetrim, S.A. de C.V. -- Baa/MR3 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aa.mx and AA credit rating under the CNBV homogeneous
  scale and 4 market risk rating under CNBV homogeneous scale.

* Nteaño, S.A. de C.V. -- Baa/MR4 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aa.mx and AA credit rating under the CNBV homogeneous
  scale and 5 market risk rating under CNBV homogeneous scale.

* Afinmd, S.A. de C.V. -- Baa/MR2 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aa.mx and AA credit rating under the CNBV homogeneous
  scale and 2 market risk rating under CNBV homogeneous scale.

* Ntedia, S.A. de C.V. -- Baa/MR2 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aa.mx and AA credit rating under the CNBV homogeneous
  scale and 2 market risk rating under CNBV homogeneous scale.

* Fondo Banpaís, S.A. de C.V. -- Baa/MR2 credit risk and market
  risk ratings affirmed and withdrawn by Moody's Investors
  Service.  Moody's de Mexico has affirmed and withdrawn national
  scale rating of Aa.mx and AA credit rating under the CNBV
  homogeneous scale and 2 market risk rating under CNBV
  homogeneous scale.

* Nortefi, S.A. de C.V. -- Baa/MR2 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aa.mx and AA credit rating under the CNBV homogeneous
  scale and 2 market risk rating under CNBV homogeneous scale.

* Fondo Empresarial Bancrecer, S.A. de C.V. -- Baa/MR2 credit risk
  and market risk ratings affirmed and withdrawn by Moody's
  Investors Service.  Moody's de Mexico has affirmed and withdrawn
  national scale rating of Aaa.mx and AAA credit rating under CNBV
  homogeneous scale and 2 market risk rating under CNBV
  homogeneous scale.

* Nortear, S.A. de C.V. -- Baa/MR3 credit risk and market risk
  ratings affirmed and withdrawn by Moody's Investors Service.
  Moody's de Mexico has affirmed and withdrawn national scale
  rating of Aa.mx and AA credit rating under the CNBV homogeneous
  scale and 4 market risk rating under CNBV homogeneous scale.

Previous rating actions of NTE-CP, NTE-MP, NTESem, NTE-LP, NTE-
MD1, NTEDia, NTE-FD2, NTE-ID1, NTE-MD+ and NTE-FM+ were on
December 1st, 2005 when Moody's assigned initial ratings to the
funds.

Moody's money market and bond fund ratings are opinions of the
investment quality of shares in mutual funds and similar
investment vehicles which principally invest in short- and long-
term fixed-income obligations, respectively.  As such, these
ratings incorporate Moody's analysis of a fund's published
investment objectives and policies, the creditworthiness of the
assets held by the fund, as well as the management characteristics
of the fund.

The national scale ratings are opinions of the relative
creditworthiness of issuers in a particular country and may be
used in specific local capital markets.

Moody's market risk ratings are opinions of the relative degree of
volatility of a rated fund's net asset value.  In forming an
opinion on the fund's future price volatility, Moody's analysts
consider risk elements that may have an effect on a fund's net
asset value, such as interest rate risk, prepayment and extension
risk, liquidity and concentration risks, currency risk, and
derivatives risk.  The ratings are not intended to consider
prospective performance of a fund with respect to price,
appreciation or yield


URBI DESARROLLOS: 3Q Net Income Drops 30% to MXN459 Million
-----------------------------------------------------------
Emily Schmall at Bloomberg News reports that Urbi Desarrollos
Urbanos SAB's third quarter net income declined 30% to MXN459
million (US$34.7 million).  It is 24% lower than the average
estimate of three analysts surveyed by Bloomberg.

Results “fell below our already negative expectations at the
operating level, while we did not see a significant turnaround in
working capital and cash flow generation,” Gonzalo Fernandez, an
analyst with Banco Santander SA, wrote in a report obtained by the
news agency.  “We prefer to stay on the sidelines on Urbi,”  Mr.
Fernandez added.

According to the report, Chief Executive Officer Cuauhtemoc Perez
said that Urbi’s third-party contractors and suppliers are being
hurt by the credit crunch, limiting the company’s ability to grow.

“We’re no longer seeing access to cheap and easy financing,” the
report quoted Mr. Perez as saying. “Those days are over,” he
added.

                      About Urbi Desarrollos

Urbi Desarrollos Urbanos SAB is one of the largest housing
developers in Mexico.  The company builds and sells houses mainly
in the states of Baja California, Sonora, Sinaloa, Chihuahua,
Nuevo Leon, Aguascalientes, Jalisco, and Mexico City's
metropolitan area.  Urbi specializes in affordable entry-level and
low middle-income housing, although it also participates in high
middle-income and upper-income housing segments.

                         *     *     *

As repoted in the Troubled Company Reporter-Latin America on
October 23, 2009, Moody's has affirmed Urbi Desarrollos Urbanos,
S.A.B. de C.V.'s Ba3 global scale, local and foreign currency,
senior unsecured debt rating and A3.mx national scale rating, as
well as Urbi's short-term MX-2 national scale rating (Not Prime,
global scale).  The rating outlook remains stable.  The company's
Ba3 corporate family rating was also affirmed.


===================
P U E R T O R I C O
===================


FIRSTBANK PUERTO: Moody's Downgrades Bank Strength Ratings to 'D-'
------------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
and long term debt and deposit ratings of FirstBank Puerto Rico
(bank financial strength to D- from D+, long-term deposits to Ba3
from Ba1).  Following the downgrade, the rating outlook is
negative.  This concludes the review for possible downgrade which
was initiated on July 31, 2009.  FirstBank Puerto Rico is the
primary operating subsidiary of First BanCorp, which is unrated.

Moody's rating action follows the company's third quarter results
in which it announced a $165.2 million loss to common
shareholders, driven by a loan loss provision of $148.1 million
and a $152.2 million valuation allowance against its deferred tax
assets.  Moody's said its downgrade reflects its opinion that
FirstBank Puerto Rico continues to face sizable credit costs in
its commercial real estate and C&I portfolios, reflecting the
continued downturn in Puerto Rico and South Florida.  Furthermore,
coupled with the likely inability to recognize the tax benefit of
losses going forward, the bank's regulatory capital position may
rapidly fall from current high levels.  Moody's noted that the
bank's capital position benefits from very high double leverage at
its unrated holding company.

The negative outlook reflects the challenging environment
FirstBank Puerto Rico faces for at least the coming six quarters.

FirstBank's CRE portfolio accounts for approximately 2.7 times
tangible common equity, with construction and land comprising 40%
of total CRE -- asset categories that are experiencing significant
deterioration.  The rating agency also notes the broad-based
deterioration in the bank's loan portfolio in Puerto Rico.  The
domestic portfolio drove three-fourths of the provisioning during
the third quarter and was responsible for more than 80% of the
increase in nonperforming assets in 3Q09, reflecting the continued
trend of high unemployment and a weak Puerto Rico economy.
Moody's expects further deterioration in these portfolios as the
credit cycle continues.  NPAs (including 90+) as a percentage of
TCE plus reserves were approximately 100% at September 30, 2009,
which is a high level, in Moody's opinion.  Moody's expects
further deterioration in these portfolios as the credit cycle
continues.

With respect to First BanCorp's corporate governance, the previous
Chairman's resignation, though unexpected, does not appear to have
impacted the company's financial condition, results of operations,
cash flow or business.  Furthermore, there were no financial
reporting issues or internal controls deficiencies reported by the
company related to this matter.  Going forward, it will be
important to assess whether the leadership change has caused any
discernable erosion in the depth and quality of the management
bench and to ongoing management succession planning efforts.

Moody's last rating action on First Bank Puerto Rico was on July
31, 2009, when the bank was placed under review for possible
downgrade.

Downgrades:

Issuer: FirstBank Puerto Rico

  -- Bank Financial Strength Rating, Downgraded to D- from D+

  -- Issuer Rating, Downgraded to B1 from Ba2

  -- OSO Senior Unsecured OSO Rating, Downgraded to B1 from Ba2

  -- Senior Unsecured Bank Note Program, Downgraded to B1 from Ba2

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to B1
     from Ba2

  -- Senior Unsecured Deposit Rating, Downgraded to Ba3 from Ba1

Outlook Actions:

Issuer: FirstBank Puerto Rico

  -- Outlook, Changed To Negative From Rating Under Review


========================================
T U R K S  &  C A I C O S  I S L A N D S
========================================


OLINT CORP: Former Boss Returned to Court on November 3
-------------------------------------------------------
Former Olint Corp. boss David Smith, who is currently out on a
US$1 million bail, was scheduled to return to court in the Turks
and Caicos Islands (TCI) on November 3, RadioJamaica reports.

The report relates that Mr. Smith is facing 26 charges including
theft, false accounting and uttering false documents regarding
Olint in the TCI.

As reported in the Troubled Company Reporter-Latin America on
October 16, 2009, RadioJamaica said that Mr. Smith who was
arrested has vowed to fight all charges brought against him by the
police in the Turks and Caicos Islands According to a TCRLA report
on June 16, 2009, citing Caribbean Net News, said Florida resident
Christopher Walker sued the several parties for their involvement
in (OLINT)'s operations.  The report related Mr. Walker, who is
claiming that he was defrauded in the company's “get-rich-quick
scheme”, is seeking US$2.4 million in damages.  According to the
report, Mr. Walker's complaint involved these defendants:

  -- Hallmark Bank & Trust Ltd;
  -- Hallmark CEO and Chairman Attorney Brian Trowbridge;
  -- Overseas Locket International Corporation;
  -- OLINT Principal David Smith;
  -- Wayne Smith, David Smith's brother and an
     employee of OLINT;
  -- Turks and Caicos Islands Premier Michael Misick
  -- The Turks and Caicos Islands Investment
     Agency, which "encourages foreign investment in
     the Turks & Caicos Islands"; and
  -- MasterCard Worldwide and MasterCard International
     LLC, which provide card services to Hallmark Bank.


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


PETROLEOS DE VENEZUELA: Completes 49% Stake Buyout in Refidomsa
---------------------------------------------------------------
Eric Watkins at OGJ Oil Diplomacy reports that Petroleos de
Venezuela SA completed its purchase of a 49% stake in the
Dominican Republic’s state refiner Refineria Dominicana de
Petroleo SA (Refidomsa).

As reported in the Troubled Company Reporter-Latin America on
November 3, 2009, Caribbean Net News said that PDVSA agreed to buy
nearly half of REFIDOMSA, for US$131.5 million dollars.  The
report related that Finance Secretary Vicente Bengoasaid
that talks to sell the refinery shares concluded on
October 29 after negotiations with a senior PDVSA official.

According to OGJ Oil Diplomacy, PDVSA wil buy REFIDOMSA's  stakes
as partial payment of oil debts.  The Dominican Republic, the
report notes, owed US$1 billion to Venezuela for oil supplied
under the PetroCaribe program.

As part of the agreement, the report relates, the Dominican
Republic will buy 30,000 b/d of oil from Venezuela in addition to
the 50,000 b/d it already receives under the Caracas-sponsored
PetroCaribe accord, which provides Venezuelan oil and gas at
preferential prices.

The report recalls that Venezuela Presidsent Hugo Chavez showed
interest in the agreement in June, but PDVSA did not obtain a
purchase memorandum of understanding from the Dominican government
due to a regional crisis involving the ouster of Honduran
President Manuel Zelaya, a close political ally of Chavez.  The
report relates that a further delay arose in August after
California legislator Loretta Sanchez suggested the agreement
would violate the terms of the free trade agreement between the
United States and the Dominican Republic.

                           *     *     *

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


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


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

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

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

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

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

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

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

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

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

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

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

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *