/raid1/www/Hosts/bankrupt/TCRLA_Public/091109.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, November 9, 2009, Vol. 10, No. 221
Headlines
A R G E N T I N A
1920-2000 SRL: Creditors' Proofs of Debt Due on December 23
DISTRIBUIDORA PARANA: Creditors' Proofs of Debt Due on October 29
FAMALL SRL: Creditors' Proofs of Debt Due on December 7
LA FABRICA: Creditors' Proofs of Debt Due on December 15
NARDONE Y ASOCIADOS: Creditors' Proofs of Debt Due on February 5
TARJETA NARANJA: Fitch Affirms Issuer Default Rating at 'B-'
* ARGENTINA: Economy to Grow 3% in 2010, Central Bank Pres. Says
B E R M U D A
BLUE OCEAN: Creditors' Proofs of Debt Due on November 23
BLUE OCEAN: Members' Meeting Set for December 9
CYPRESS REINSURANCE: Creditors' Proofs of Debt Due on November 23
CYPRESS REINSURANCE: Members' Meeting Set for December 9
INTELSAT LTD: ProtoStar Creditors Challenge US$210M Sale Deal
QUANTRARIAN ASIA: Creditors' Proofs of Debt Due on November 23
QUANTRARIAN ASIA: Members' Meeting Set for December 9
B R A Z I L
BANCO BMG: Moody's Assigns 'Ba3' Rating on US$300 Mil. Notes
BANCO NACIONAL: Lending Has Reached "Plateau," President Says
BANCO NACIONAL: Gov't to Inject Additional BRL100BB Fund to Bank
BR MALLS: 3Q Gross Revenues Up 15.8% to R$102.6 Million
GOL LINHAS: Pioneers Global Communication System for Air Ops. Mngt
* BRAZIL: State of Ceara to Get US$59.4MM Loan From IDB
C A Y M A N I S L A N D S
1903 OFFSHORE: Creditors' Proofs of Debt Due on November 11
ARCADIA PRIME-RETAIL: Creditors' Proofs of Debt Due on November 11
ATTICUS SELECT-SPECIALITY: Creditors' Claims Due on November 13
ATTICUS SELECT-SPECIALITY: Creditors' Claims Due on November 13
CADOGAN CONFERRE: Creditors' Claims Due on November 12
CAYMAANZ INSURANCE: Creditors' Proofs of Debt Due on November 11
CENTURION CDO I: Creditors' Proofs of Debt Due on November 11
DECLARATION FUNDING: Creditors' Proofs of Debt Due on November 11
EP CAYMAN: Creditors' Proofs of Debt Due on November 11
EP CRANE: Creditors' Proofs of Debt Due on November 11
FUSE LIMITED: Creditors' Proofs of Debt Due on November 11
LIGHT FINANCIAL: Creditors' Proofs of Debt Due on November 11
MAKARA SPECIAL: Creditors' Proofs of Debt Due on November 23
MAKARA SPECIAL: Creditors' Proofs of Debt Due on November 23
MAKARA SPECIAL: Creditors' Proofs of Debt Due on November 23
MERIDIAN DIVERSIFIED: Creditors' Proofs of Debt Due on November 11
MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
PRISM TRADING: Commences Liquidation Proceedings
ROULAC TRADING: Commences Liquidation Proceedings
WEST HIGHLAND: Creditors' Proofs of Debt Due on November 11
C H I L E
* CHILE: Economic Activity Contracted 1.1% in September
* CHILE: IDB Approves US$6.5MM LT Loan for Biomass Power Project
C O L O M B I A
BANCOLOMBIA SA: To Post 3rd Quarter 2009 Earnings Tomorrow
J A M A I C A
* JAMAICA: Revenues Will Improve, Finance Minister Says
M E X I C O
CORPORACION INTERAMERICANA: S&P Cuts Corp. Credit Rating to 'CC'
P A R A G U A Y
* PARAGUAY: Gets US$52MM Loan for Expansion of Water Services
V E N E Z U E L A
* VENEZUELA: Inflation Slows in October on Bolivar Gains
X X X X X X X X
* Fitch Issues List on October Latin American Rating Actions
* BOND PRICING: For the Week November 2 to November 6, 2009
- - - - -
=================
A R G E N T I N A
=================
1920-2000 SRL: Creditors' Proofs of Debt Due on December 23
-----------------------------------------------------------
The court-appointed trustee for 1920-2000 S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 23, 2009.
The trustee will present the validated claims in court as
individual reports on March 10, 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
May 10, 2010.
DISTRIBUIDORA PARANA: Creditors' Proofs of Debt Due on October 29
-----------------------------------------------------------------
The court-appointed trustee for Distribuidora Parana S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 29, 2009.
The trustee will present the validated claims in court as
individual reports on December 9, 2009. 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
February 4, 2010.
FAMALL SRL: Creditors' Proofs of Debt Due on December 7
-------------------------------------------------------
The court-appointed trustee for Famall S.R.L.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
December 7, 2009.
The trustee will present the validated claims in court as
individual reports on February 22, 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 7, 2010.
LA FABRICA: Creditors' Proofs of Debt Due on December 15
--------------------------------------------------------
The court-appointed trustee for La Fabrica del Colchon S.A.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until December 15, 2009.
The trustee will present the validated claims in court as
individual reports on March 1, 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 14, 2010.
NARDONE Y ASOCIADOS: Creditors' Proofs of Debt Due on February 5
----------------------------------------------------------------
The court-appointed trustee for Nardone y Asociados S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 5, 2010.
TARJETA NARANJA: Fitch Affirms Issuer Default Rating at 'B-'
------------------------------------------------------------
Fitch Ratings has affirmed Argentina's Tarjeta Naranja S.A.:
-- International long-term local currency Issuer Default Rating
at 'B-';
-- International short-term local currency IDR at 'B';
-- National long-term Rating at 'A+(arg)'.
The Rating Outlook is Stable.
At the same time, Fitch has also affirmed these ratings:
-- Unsubordinated fixed-rate notes totaling US$100 million long-
term local currency rating at 'B-';
-- Recovery Rating at 'RR4';
-- National long-term rating at 'A+(arg)';
-- US$50 million senior unsecured notes national long-term
rating at 'A+(arg)'.
TN's ratings reflect its strong growth, sound historical
profitability, liquidity and asset quality, and satisfactory
capital base. They also take into account the potentially
volatile operating environment in Argentina. Despite TN's stand-
alone strength, the country's low Sovereign Rating puts
significant pressure on the ratings of most Argentine issuers.
TN's sound profitability is based on strong revenue generation and
growth, adequate cost efficiency and healthy asset quality. Fitch
expects TN's profitability to remain robust although it could
suffer some pressure if the environment deteriorates further.
TN's lending has grown significantly in recent years. However,
since the beginning of 2008, growth has slowed significantly due
to lower demand and restrictions imposed by the company in light
of the economic slowdown. Total loans, net of loan loss reserves
and securitized loans, grew by 12.8% at end-June 2009 year over
year. TN's asset quality ratios have historically been very good
for its activity and the segments it serves, based on conservative
credit limits and good scoring systems. However, its non-
performing loans have risen since 2008 due to the economic
deterioration and accounted for 7.1% of total loans at the end of
first-half 2009 (1H'09) and were fully reserved. Fitch expects
TN's asset quality ratios to remain healthy, based on the better
outlook for the economy in 2010, although there could be some
further deterioration.
TN's liquidity is strong, supported by the short-term nature of
its lending. Its liquid assets represented 1.4 times (x) its
short-term liabilities at the end of 1H'09. In addition, the
company has had access to funds from the capital markets through
bond issuance, interbank lending and loan securitizations.
Exposure to foreign currency risk is low.
TN's capital base is ample, with an equity/assets ratio of 20% at
end-June 2009. Despite the significant growth of its assets, the
company's strong internal capital generation has allowed it to
maintain satisfactory capital.
TN was established in 1985 in the Province of Cordoba. Since 1996
it has expanded significantly and now operates in most of the
country. At the end of 1H'09 TN had about 3.7 million credit
cards and 158 branches and commercial offices.
TN is 80% owned by Banco de Galicia y Buenos Aires, the third
largest private sector bank in Argentina by deposits.
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
(arg)' for national ratings in Argentina.
* ARGENTINA: Economy to Grow 3% in 2010, Central Bank Pres. Says
----------------------------------------------------------------
Laura Price and Juan Pablo Spinetto at Bloomberg News report that
Argentina Central Bank President Martin Redrado expect the
country's economy to grow at least 3% in 2010 and sees further
strong demand for food products.
“We are set forth for important growth, also looking at food
prices,” Mr. Redrado told the news agency in an interview.
“Argentina is a very strong agribusiness producer and therefore we
continue to see strong demand in these products,” he added.
According to the report, Mr. Redrado said that South America is
emerging “much stronger,” from the global crisis than other
countries, together with east Asia. South America is a “winner”
in terms of financial stability, he added.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires. At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating. The outlook on the local and foreign
currency long-term issuer credit ratings is stable.
=============
B E R M U D A
=============
BLUE OCEAN: Creditors' Proofs of Debt Due on November 23
--------------------------------------------------------
The creditors of Blue Ocean Re Holdings Ltd. are required to file
their proofs of debt by November 23, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 3, 2009.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
BLUE OCEAN: Members' Meeting Set for December 9
-----------------------------------------------
The members of Blue Ocean Re Holdings Ltd. will hold their general
meeting on December 9, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on November 3, 2009.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
CYPRESS REINSURANCE: Creditors' Proofs of Debt Due on November 23
-----------------------------------------------------------------
The creditors of Cypress Reinsurance, Ltd. are required to file
their proofs of debt by November 23, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 3, 2009.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
CYPRESS REINSURANCE: Members' Meeting Set for December 9
--------------------------------------------------------
The members of Cypress Reinsurance, Ltd. will hold their general
meeting on December 9, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on November 3, 2009.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
INTELSAT LTD: ProtoStar Creditors Challenge US$210M Sale Deal
-------------------------------------------------------------
Law360 reports that ProtoStar Ltd.'s creditors are objecting to
the Debtor's proposed US$210 million asset sale to Intelsat
Subsidiary Holding Co., arguing that ProtoStar passed up a better
bid from Eutelsat America Corp.
As reported by the TCR on Nov. 2, 2009, Intelsat, Ltd. was
selected as the successful bidder in the 29 October public auction
for the ProtoStar 1 satellite with a US$210 million, all cash
offer. Upon conclusion of the transaction, the satellite will be
re-named Intelsat 25 and will join Intelsat's global fleet,
serving with the company's other assets in the Atlantic Ocean
region.
The satellite, built by Space Systems Loral, has 22 Ku-band and 38
C-band transponders. Upon its launch in July 2008, the satellite
was expected to have a 16-year life span.
Intelsat said the transaction is subject to certain regulatory and
bankruptcy court approvals, and is expected to close within the
next 30 days.
About ProtoStar
Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.
The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. In their petition, the Debtors listed
between US$100 million and US$500 million each in assets and
debts. As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.
The Bankruptcy Court has set October 14, 2010, as the general
claims bar date. Proofs of claim by governmental units are due
January 25, 2010.
Meanwhile the Bankruptcy Court entered an order authorizing the
debtors to hire UBS Securities LLC as investment banker and
financial advisor.
About Intelsat
Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira. The company has a
sales office in Brazil.
Intelsat Ltd.'s June 30 balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million.
* * *
As reported in the Troubled Company Reporter on February 6, 2009,
Moody's Investors Service assigned a B3 rating to Intelsat Ltd.'s
new US$400 million note issue (in the name of Intelsat's indirect,
wholly-owned subsidiary, Intelsat Subsidiary Holding Company,
Ltd.; terms and conditions of the new notes mirror those of an
existing senior unsecured 8.875% note issue that matures
January 15, 2015). The proceeds will be used to fund a tender
offer for a portion of Intelsat Ltd.'s 7.625% notes due 2012 and
its 6.5% notes due 2013.
QUANTRARIAN ASIA: Creditors' Proofs of Debt Due on November 23
--------------------------------------------------------------
The creditors of Quantrarian Asia Hedge Ltd. are required to file
their proofs of debt by November 23, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 3, 2009.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
QUANTRARIAN ASIA: Members' Meeting Set for December 9
-----------------------------------------------------
The members of Quantrarian Asia Hedge Ltd. will hold their general
meeting on December 9, 2009, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on November 3, 2009.
The company's liquidator is:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
===========
B R A Z I L
===========
BANCO BMG: Moody's Assigns 'Ba3' Rating on US$300 Mil. Notes
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 long-term foreign
currency debt rating to the US$300 million subordinated notes
issued by Banco BMG S.A. The notes are due November 2019, and are
eligible for Tier 2 capital treatment upon regulatory approval.
The outlook on the rating is stable.
The rating agency noted that the subordination of the notes was
taken into consideration by applying a one notch differential to
BMG's Ba2 global local currency deposit rating per Moody's
notching convention.
Banco BMG is headquartered in Săo Paulo, Brazil and had total
consolidated assets of R$7,911 billion (US$4,060 billion) and
equity of R$1,941 billion (US$996.3 billion) as of June 30, 2009.
The last rating action on Banco BMG was on December 12, 2008, when
Moody's downgraded the bank's BFSR, GLC and NSR ratings, with
stable outlook.
This rating was assigned to the US$ 300 million subordinated notes
due 2019:
-- Ba3 long-term foreign currency subordinated debt rating,
stable outlook
BANCO NACIONAL: Lending Has Reached "Plateau," President Says
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has
reached a lending “plateau” and is counting on private banks to
boost credit to companies, Laura Price and Juan Pablo Spinetto at
Bloomberg News report, citing Bank president Luciano Coutinho.
“BNDES has already reached a plateau of credit-granting and
disbursement, which is quite high,” Mr. Coutinho said in an
interview with Bloomberg Television. “Now it’s time for the
market to come in and to support,” Mr. Coutinho added.
According to the report, Mr. Coutinho said that he expects private
banks to help “share the burden” of investment by lending more to
Brazilian companies that are expanding and investing. The report
relates that BNDES expects to lend at least as much in 2010 as in
this year, a sum he said would be US$65 billion to US$70 billion.
Mr. Coutinho, the report notes, said that an increase in private-
bank lending would help the state development bank avoid having to
expand its own credit lines.
Bloomberg news notes that BNDES lending rose 58% in the first nine
months of the year to BRL95.9 billion (US$55.7 billion).
About BNDES
Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank. It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.
* * *
Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.
BANCO NACIONAL: Gov't to Inject Additional BRL100BB Fund to Bank
----------------------------------------------------------------
The Brazilian government will inject another BRL100 billion (US$58
billion) into Banco Nacional de Desenvolvimento Economico e Social
SA, Brazilian President Luiz Inacio Lula da Silva said in a
exclusive interview with local newspaper Valor Economico, Rogerio
Jelmayer at Dow Jones Newswires reports.
According to Dow Jones Newswires, the capital injection will be
used by the BNDES to increase its lending to domestic companies,
especially for long-term investments projects.
Earlier this year, the Dow Jones Newswires recalls, the government
injected BRL100 billion into the BNDES for short- and long-term
lending to companies.
As reported in the Troubled Company Reporter-Latin America on
January 26, 2009, Reuters said that Brazil's government injected
BRL100 billion in BNDES this year in a bid to spur corporate
investment. According to the report, the government expects that
the move should help provide much needed cash for companies as
private banks have reduced lending because of the global credit
crunch. The report related that the capital injection will help
BNDES have a record BRL160 billion available for credit this year.
About BNDES
Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank. It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.
* * *
Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.
BR MALLS: 3Q Gross Revenues Up 15.8% to R$102.6 Million
-------------------------------------------------------
BR Malls Participacoes S.A.'s gross revenues totaled R$102.6
million in 3Q09, an increase of 15.8% over 3Q08; and R$290.0
million year-to-date, 21.3% over the first nine months of 2008.
Consolidated NOI totaled R$85.8 million in 3Q09, 15.3% higher than
in 3Q08, and R$243.9 million in 9M09, an increase of 87.8% year-
over-year. The NOI margin also increased from 90.8% in 3Q08 to
91.4% in 3Q09, and from 89.8% for 9M08 to 92.0% for 9M09. Also in
3Q09, same-property NOI increased 12.5% over 3Q08, while in 9M09
same-property climbed 16.0% year-over-year.
Adjusted EBITDA stood at R$75.5 million in 3Q09, an increase of
24.2% over 3Q08 and the adjusted EBITDA margin improved
substantially, widening from 73.6%, in 3Q08, to 80.2% in 3Q09.
Year-to-date adjusted EBITDA totaled R$211.8 million, up 31.6%
over 9M08, while the adjusted EBITDA margin increased from 72.7%
to 79.7%.
The company ended the quarter with net income of R$65.2 million,
versus a net loss of R$22.6 million in 3Q08, and a 3Q09 net margin
of 69.2%. Net income in the first nine months of 2009 totaled
R$168.7 million, compared to a net loss of R$30.1 million for
9M08, accompanied by a margin of 63.4%. Earnings per share (EPS)
stood at R$0.32 in 3Q09 and R$0.83 year-to-date. FFO totaled
R$79.1 million in 3Q09, an R$73.6 million increase over the same
period last year, and R$211.2 million in 9M09. AFFO (Adjusted
Funds from Operations) totaled R$58.8 million in 3Q09, an increase
of 58.8% over 3Q08 and R$150.5 million in 9M09, an increase of
125.6% over 9M08.
AFFO/share came to R$0.29 in the third quarter and R$0.74 in the
first nine months.
A full text copy of the company's third quarter results is
available free at http://ResearchArchives.com/t/s?4881
About BR Malls
Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. -- http://www.brmalls.com.br-- is the largest integrated
shopping mall company in Brazil with a portfolio of 34 malls,
representing 985.2 thousand square meters in total Gross Leasable
Area (GLA) and 429.1 thousand square meters in owned GLA.
* * *
As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings has affirmed the ratings of
BRMALLS Participacoes S.A.:
-- Foreign Currency Issuer Default Rating at 'BB-';
-- Local currency IDR at 'BB-';
-- Long-term national scale rating at 'A(Bra)';
-- US$175 million perpetual notes at 'BB-'.
GOL LINHAS: Pioneers Global Communication System for Air Ops. Mngt
------------------------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. is
adopting a new communications and operational management system
with global coverage based on the Iridium satellite network. The
new technology, which allows the exchange of information in real
time via voice and text message, is linked to the Company's ACARS
(Aircraft Communications Addressing and Reporting System) and can
be used as an operational management tool.
The ACARS via Iridium system provides the company with several
benefits: strengthening reliability and operational safety and
offering better control of aircraft performance during flight, as
well as trimming costs by reducing aircraft weight and
streamlining the daily management of the air network. "This type
of communications system is the future in airspace management,"
declared Fernando Rockert de Magalhaes, GOL's Technical Vice-
President. "It will become increasingly common for pilots and air
traffic controllers to communicate through a mixture of voice and
text messages, which will ensure greater safety and allow for more
efficient cost management," he added.
The Iridium satellite network functions over 100% of the globe,
ensuring reliable and accurate communications between all the
different parties making up the air traffic system. The new system
will bolster existing resources for integrating the Company's
technical teams (in-flight and on-land) by complementing
traditional radio communications. Another system, which is also
part of GOL's ACARS, will enable text messages to be exchanged
with air traffic control, further complementing radio
communications.
In addition to boosting operational safety, GOL's Iridium-based
ACARS allows the Company to transmit data during flights, thereby
making daily operations faster and more flexible. "We will have
real-time access to the main aircraft data, such as distance
flown, flight time remaining and fuel levels," explained Adalberto
Bosan, GOL's Operations Control Officer. "Thanks to this
information, we will be able to effect changes or replacements in
aircraft programming and route operations with more precision and
speed," he added.
In addition, the new ACARS will lead reduce aircraft weight by
substituting the printed manuals currently carried on all flights
with new data storage technology. "Less weight means more fuel
efficiency," explained Rockert. "The new system reinforces our
priority commitment to operational safety, at the same time
providing tools that ensure more efficient operations and,
consequently, increased control over costs," he added
Instead of a set of books, pilots can now rely on the Electronic
Flight Bag, which functions like a portable on-board electronic
library. Easy to use and with a user-friendly interface, its
cutting-edge technology allows all the teams involved to receive
real-time updates every time an operating procedure is revised.
The equipment and software have been exhaustively tested in the
laboratories of Avionica, the system's Miami-based American
supplier. The system has also undergone extensive testing in
GOL's operational areas and will be installed in the company's
fleet as of January 2010, when the aircraft undergo routine
maintenance procedures at the Company's Maintenance Center in
Cofins (MG). Certified in 2008 by the ICAO (International Civil
Aviation Organization), the system was included in Standards and
Recommended Practices, a conjunction of non-mandatory, but
recommended, measures by the global aviation regulatory
body.
About GOL Linhas Aereas
Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay. The company's services include passenger, cargo, and
charter services. As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft. The company was founded in 2001.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:
-- Foreign and Local Currency long-term Issuer Default Ratings
at 'B+';
-- Long-term National Rating at 'BBB(bra)';
-- US$200 million perpetual notes at 'B/RR5';
-- US$200 million senior notes due 2017 at 'B/RR5'.
* BRAZIL: State of Ceara to Get US$59.4MM Loan From IDB
-------------------------------------------------------
Brazil’s fifth largest city, Fortaleza, located in the
Northeastern State of Ceara, will receive a US$59.4 million loan
from the Inter-American Development Bank to provide basic
infrastructure, housing and social services to more than 10,000
of its poorest families.
The project will finance integrated urban-upgrading for
neighborhoods located alongside the main rivers in Fortaleza,
eliminating environmental risk and physical vulnerability,
contributing to an overall improvement in the quality of life of
the vulnerable families, and reclaiming these heretofore irregular
settlements to the city proper.
Specifically, the loan will finance the construction of flood-zone
protection civil works, local roads, water supply and sewerage,
street lighting, parks and green space for the communities living
on the banks of the Coco and Maranguapinho rivers.
Moreover, the loan will also finance the construction of 13
childcare centers, three family health clinics, community centers
as well as new low-income housing, improvement of existing homes,
as well as registration and titling for benefitted the families.
The loan was approved by the IDB’s on November 4.
With the investment, the IDB will help Fortaleza address critical
infrastructure and environmental problems resulting from its rapid
urbanization and unplanned occupation of the river banks and of
other areas of environmental and physical risk. Currently, more
than a third of the 3.4 million people living in the metropolitan
area of Fortaleza are poor.
The IDB loan matures in 25 years and has a grace and disbursement
period of 5 years. The loan is denominated in US dollars and its
interest rate is based on the London Interbank Offered Rate.
Local counterpart funds for the project total US$39.6 million.
* * *
Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.
==========================
C A Y M A N I S L A N D S
==========================
1903 OFFSHORE: Creditors' Proofs of Debt Due on November 11
-----------------------------------------------------------
The creditors of 1903 Offshore SPV, 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 October 2, 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
ARCADIA PRIME-RETAIL: Creditors' Proofs of Debt Due on November 11
------------------------------------------------------------------
The creditors of Arcadia Prime-Retail 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 October 1, 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
ATTICUS SELECT-SPECIALITY: Creditors' Claims Due on November 13
---------------------------------------------------------------
The creditors of Atticus Select-Speciality Finance Ltd 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 29, 2009.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
ATTICUS SELECT-SPECIALITY: Creditors' Claims Due on November 13
---------------------------------------------------------------
The creditors of Atticus Select-Speciality Finance Fund Ltd 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 29, 2009.
The company's liquidator is:
Ian Stokoe
c/o Sarah Moxam
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PO Box 258, Grand Cayman KY1-1104
Cayman Islands
CADOGAN CONFERRE: Creditors' Claims Due on November 12
------------------------------------------------------
The creditors of Cadogan Conferre Fund 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 22, 2009.
The company's liquidator is:
Stuart Sybersma
c/o Trudy-Ann Baines
Deloitte & Touche
P.O. Box 1787, Grand Cayman KY1-1109
Cayman Islands
Telephone: (345) 949 7500
Facsimile: (345) 949 8258
e-mail: tabaines@deloitte.com
CAYMAANZ INSURANCE: Creditors' Proofs of Debt Due on November 11
----------------------------------------------------------------
The creditors of Caymaanz Insurance Company 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:
Douglas Lilak
c/o Strategic Risk Solutions (Cayman) Limited
Governors Square, 2nd Floor, Building 3
23 Lime Tree Bay Avenue
P.O. Box 1159, Grand Cayman KY1-1159
Cayman Islands
Ron Sulisz
Telephone: (345) 946-6611
CENTURION CDO I: Creditors' Proofs of Debt Due on November 11
-------------------------------------------------------------
The creditors of Centurion CDO I, 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 October 1, 2009.
The company's liquidator is:
David Dyer
PO Box 1984, Grand Cayman KY1-1104
Cayman Islands
DECLARATION FUNDING: Creditors' Proofs of Debt Due on November 11
-----------------------------------------------------------------
The creditors of Declaration Funding I 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 October 1, 2009.
The company's liquidator is:
David Dyer
PO Box 1984, Grand Cayman KY1-1104
Cayman Islands
EP CAYMAN: Creditors' Proofs of Debt Due on November 11
-------------------------------------------------------
The creditors of EP Cayman II, 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 October 1, 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
EP CRANE: Creditors' Proofs of Debt Due on November 11
------------------------------------------------------
The creditors of EP Crane 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 October 1, 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
FUSE LIMITED: Creditors' Proofs of Debt Due on November 11
----------------------------------------------------------
The creditors of Fuse 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 October 1, 2009.
The company's liquidator is:
David Dyer
PO Box 1984, Grand Cayman KY1-1104
Cayman Islands
LIGHT FINANCIAL: Creditors' Proofs of Debt Due on November 11
-------------------------------------------------------------
The creditors of Light Financial Corporation 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 October 1, 2009.
The company's liquidator is:
David Dyer
PO Box 1984, Grand Cayman KY1-1104
Cayman Islands
MAKARA SPECIAL: Creditors' Proofs of Debt Due on November 23
------------------------------------------------------------
The creditors of Makara Special Situations Asia (US) Fund are
required to file their proofs of debt by November 23, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on September 30, 2009.
The company's liquidator is:
M. Eddi Danusaputro
3 Pickering Street
#03-53, 048660, Singapore
Telephone: +65 6220 1711
Facsimile: +65 6438 0187
MAKARA SPECIAL: Creditors' Proofs of Debt Due on November 23
------------------------------------------------------------
The creditors of Makara Special Situations Asia Fund are required
to file their proofs of debt by November 23, 2009, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on September 30, 2009.
The company's liquidator is:
M. Eddi Danusaputro
3 Pickering Street
#03-53, 048660, Singapore
Telephone: +65 6220 1711
Facsimile: +65 6438 0187
MAKARA SPECIAL: Creditors' Proofs of Debt Due on November 23
------------------------------------------------------------
The creditors of Makara Special Situations Asia Master Fund are
required to file their proofs of debt by November 23, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on September 30, 2009.
The company's liquidator is:
M. Eddi Danusaputro
3 Pickering Street
#03-53, 048660, Singapore
Telephone: +65 6220 1711
Facsimile: +65 6438 0187
MERIDIAN DIVERSIFIED: Creditors' Proofs of Debt Due on November 11
------------------------------------------------------------------
The creditors of Meridian Diversified Portable Alpha 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 16, 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
MUTUAL FUND: Creditors' Proofs of Debt Due on November 11
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-B) 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 October 1, 2009.
The company's liquidator is:
Graham Robinson
Telephone: (345) 949 7576
Facsimile: (345) 949 8295
P.O. Box 897, One Capital Place, George Town
Grand Cayman KY1-1103, Cayman Islands
PRISM TRADING: Commences Liquidation Proceedings
------------------------------------------------
On October 1, 2009, the sole shareholder of Prism Trading Ltd.
passed a resolution that voluntarily liquidates the company's
business.
Only creditors who were able to file their proofs of debt by
October 28, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Mourant Cayman Liquidators, Ltd.
Mourant du Feu & Jeune
c/o Christine Fletcher
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647; or
Mourant Cayman Liquidators, Ltd.
c/o Peter Goulden
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647
Harbour Centre, 42 North Church Street
P.O. Box 1348, George Town
Grand Cayman KY1-1108, Cayman Islands
ROULAC TRADING: Commences Liquidation Proceedings
-------------------------------------------------
On October 1, 2009, the sole shareholder of Roulac Trading Company
Limited passed a resolution that voluntarily liquidates the
company's business.
Only creditors who were able to file their proofs of debt by
October 28, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Mourant Cayman Liquidators, Ltd.
Mourant du Feu & Jeune
c/o Christine Fletcher
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647; or
Mourant Cayman Liquidators, Ltd.
c/o Peter Goulden
Telephone: (+1) 345 949 4123
Facsimile: (+1) 345 949 4647
Harbour Centre, 42 North Church Street
P.O. Box 1348, George Town
Grand Cayman KY1-1108, Cayman Islands
WEST HIGHLAND: Creditors' Proofs of Debt Due on November 11
-----------------------------------------------------------
The creditors of West Highland 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 October 1, 2009.
The company's liquidator is:
David Dyer
PO Box 1984, Grand Cayman KY1-1104
Cayman Islands
=========
C H I L E
=========
* CHILE: Economic Activity Contracted 1.1% in September
-------------------------------------------------------
Chilean economic activity shrank 1.1% in September from a year
earlier, Sebastian Boyd at Bloomberg News reports, citing the
central bank. The median forecast of 19 economists in a Bloomberg
survey was for a contraction of 0.5%.
According to the report, September’s figure implies that gross
domestic product shrank 1.3% in the third quarter from a year
earlier. The report relates the central bank said that activity
contracted 0.3% in September from August after four months of
seasonally-adjusted expansion. Finance Minister Andres Velasco,
the report notes, had predicted the run of month-on-month growth
would continue as the economy accelerates to grow 5% next year.
“This is a yellow light,” the report quoted Jimena Zuniga, an
economist at Barclays Capital in New York, as saying. “It’s not
strong evidence of a change of trend and we think the foundations
of a robust economic recovery remain in place. It does suggest
there’s a risk that the pace of expansion may slow in the fourth
quarter,” Mr. Zuniga added.
Bloomberg News notes that Mr. Zuniga said that the economy is
likely to expand at an annualized pace of around 6% in the fourth
quarter from the third.
The report adds that Oscar Landerretche, a member of the committee
that advises the government on prospects for economic growth, said
that Chilean economic growth is likely to accelerate from 2011.
* CHILE: IDB Approves US$6.5MM LT Loan for Biomass Power Project
----------------------------------------------------------------
The Inter-American Development Bank approved a US$6.5 million
long-term loan for Energia Pacifico to build a 15.6-megawatt
biomass power plant in Chile. The facility, which will use
locally available agricultural, industrial and forestry waste as
fuel to generate electricity and steam, will meet stringent
international environmental standards, with close to zero net
carbon dioxide emissions.
The power plant will be built adjacent to the factory of paper
manufacturer Compania Papelera del Pacifico, about 60 km south of
Santiago. CPP will purchase nearly half of the electricity and
all of the steam produced by the plant. CPP and its parent
company, Empresas Coipsa, are shareholders Energia Pacifico, which
is expected to come on stream by the end of next year.
Another Coipsa subsidiary, Tirsa, will supply the biomass for the
new plant, purchasing much of it from farms, sawmills, packing
plants and canneries in the surrounding region. Some of this
waste, such as corn cobs, grape vines and fruit pits, is currently
burned in open fields. Tirsa will also collect industrial refuse
such as discarded pallets and packaging, which is often buried in
landfills.
IDB said that the new plant will help CPP stabilize its energy
costs, which spiked in recent years due to the limited
availability of natural gas.
“Promoting renewable energy sources and business competitiveness
are top priorities for the IDB. In that sense, this project will
have a double impact, since Energia Pacifico will use locally
available biomass as fuel and will provide electricity to CPP at
predictable prices,” said Jaime Sujoy, the IDB Representative in
Chile.
Through a grant provided by the IDB’s Sustainable Energy and
Climate Change Initiative, the project will also seek to obtain
carbon credits under the United Nation’s Clean Development
Mechanism.
The IDB non-sovereign guaranteed loan will complement the US$8
million in financing for Energia Pacifico provided by the Inter-
American Investment Corporation, the IDB affiliate specialized in
small and medium-size enterprises. The participation of the IDB
and the IIC in this project encouraged Chile’s Banco Estado to
sign on as a parallel lender. CIFI, an infrastructure financing
corporation backed by Latin American and Spanish banks and
multilateral agencies, is also providing a loan.
===============
C O L O M B I A
===============
BANCOLOMBIA SA: To Post 3rd Quarter 2009 Earnings Tomorrow
----------------------------------------------------------
Bancolombia SA will hold its 3rd Quarter 2009 Conference Call
tomorrow, November 10, 2009 at 08:30 EST at
http://www.videonewswire.com/event.asp?id=63710
Catalina Botero Soto,
catabote@bancolombia.com.co,
(574)-404-18-38
Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions. Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.
* * *
In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating. The outlook on the
BFSR was changed to "stable", from "positive". Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's. Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.
Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'. At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.
=============
J A M A I C A
=============
* JAMAICA: Revenues Will Improve, Finance Minister Says
--------------------------------------------------------
Jamaica Finance Minister Audley Shaw is optimistic that the
country's situation will improve despite a JM$16 billion fall in
revenue, RadioJamaica reports. The report relates that Mr. Shaw
expects a reversal of the decline before the end of the fiscal
year.
"They're not below what was projected in the Supplementary Budget
but they're below what we had projected overall in the budget
(but) we're not considering any cuts or anything at this time.
These are challenges and as we go forward into the Christmas
period and the last quarter of the year, you'll see balancing out
because it is this time that you tend to have a higher level of
revenue coming in when people are consolidating their accounts,"
said the report quoted Mr. Shaw as saying.
According to the report, recent data from the Finance Ministry
revealed further signs that the Government's revenue gap is
rapidly widening. The report notes that from April to the end of
September, the government collected JM$134.9 billion in revenues
and grants. However, the report relates this was JM$15.7 billion
less than the JM$150.7 billion which it had projected for the six
month period.
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
adds.
* * *
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
===========
CORPORACION INTERAMERICANA: S&P Cuts Corp. Credit Rating to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
ratings, including the long-term corporate credit rating, on
Mexican entertainment promoter Corporacion Interamericana de
Entretenimiento S.A.B. de C.V. to 'CC' from 'CCC+'. The outlook
is negative.
"The downgrade reflects S&P's continued concern regarding CIE's
liquidity and financial performance. The company's operating
results and key credit measures during third-quarter 2009
continued to be weaker than expected. The 'CC' rating reflects
S&P's expectation that the company will propose a debt refinancing
plan to its domestic bondholders that will probably be considered
as a distressed debt exchange under S&P's criteria, given the
issuer's very tight liquidity position as of third-quarter 2009,"
said Standard & Poor's credit analyst Fabiola Ortiz.
At its last bondholders meeting in October 2009, the company
revealed that it will refinance its debt with its banks, and that
it will try to extend the same conditions to its domestic
bondholders in order to align the company's debt maturity schedule
with its future cash generation. Although CIE has indicated that
it will try to avoid principal haircuts, S&P believes the
extension of its debt maturities will likely mean that the
investors will receive less than the promised value of its
original securities -- something S&P consider to be tantamount to
a distressed exchange offer under its criteria.
S&P's issue-level rating on CIE's $200 million senior unsecured
notes maturing in 2015 is now 'CC'. The recovery rating remains
at '4', indicating that lenders can expect an average (30%-50%)
recovery in the event of payment default. Outstanding debt was
$13.65 million as of Sept. 30, 2009.
"The negative outlook reflects the likelihood of a downgrade based
on S&P's expectation that the company's refinancing plan will
probably be considered as a distressed debt exchange under S&P's
criteria, given the issuer's very tight liquidity position as of
the third quarter of 2009," Ms. Ortiz added.
===============
P A R A G U A Y
===============
* PARAGUAY: Gets US$52MM Loan for Expansion of Water Services
-------------------------------------------------------------
The Inter-American Development Bank and Spain approved US$52
million in financing to help increase access to drinking water and
sanitation services in Paraguay's small rural and indigenous
communities.
The funds include a US$40 million grant from the Spanish
Cooperation Fund for Water and Sanitation in Latin America and the
Caribbean and a US$12 million loan from the Bank's ordinary
capital. This is the third project jointly funded by the IDB and
the Spanish Fund, an initiative announced last year by Spanish
Prime Minister Jose Luis Rodriguez Zapatero.
According to IDB, the Paraguay program will improve living
standards among poor rural and indigenous communities of up to
2,000 people by extending water and basic sanitation systems
coverage, promoting their sustainability, and developing a pilot
program for solid waste management.
Approximately 400 rural communities with 32,000 families, and 40
indigenous communities with 3,200 members, will be provided with
water and sanitation systems over a five-year period.
The program contemplates the creation of sanitation boards in
rural communities and sanitation commissions or other similar
structures in indigenous communities, in order to run and maintain
financially self-sustaining water and sanitation systems.
The IDB and the Government of Spain signed an agreement in July
2009 to jointly finance and execute projects with a portion of the
Spanish Fund’s grants. The partnership will take advantage of the
IDB’s extensive portfolio of water and sanitation projects, as
well as its network of sector specialists in country offices
throughout the region, to rapidly and efficiently execute projects
identified as priorities by Latin American and Caribbean
governments.
The Bank's loan to Paraguay is for a 25-year term, including a
five-year grace period, at a variable interest rate based on
Libor. The government of Paraguay will provide US$8 million in
local counterpart funds.
* * *
According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.
According to Moody's Website, Paraguay continues to carries
Moody's B3 foreign and local currency ratings with stable
outlooks.
=================
V E N E Z U E L A
=================
* VENEZUELA: Inflation Slows in October on Bolivar Gains
---------------------------------------------------------
Daniel Cancel and Telmo Almada at Bloomberg News report that
Venezuelan monthly inflation slowed in October as imported food,
alcoholic beverages and tobacco costs eased after the bolivar
strengthened in the unregulated parallel currency market. The
report, citing central bank’s benchmark Caracas price index,
relates that consumer prices rose 2.1% in October from the
previous month, compared with the 2.6% rise in September. Annual
inflation in Caracas was 28.9%, the report notes.
Slowing inflation is “mainly due to the strengthening of the
currency in the parallel market,” Boris Segura, a Latin America
analyst at RBS Securities Inc. in Stamford, Connecticut told the
news agency in a phone interview. “We don’t see any relief to the
inflation issue however, since it is a structural problem,” Mr.
Segura added.
According to the report, Venezuela’s bolivar has gained 29% since
Aug. 4 in the unregulated parallel currency market after the
government and Petroleos de Venezuela SA sold $8.3 billion of
dollar-denominated bonds to meet demand for the U.S. currency in
the country.
Bloomberg News notes the central bank said that monthly inflation
as measured by the central bank’s national consumer price index,
which measures prices across the country, was 1.9% in October,
down from 2.5% in September.
* * *
According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook
===============
X X X X X X X X
===============
* Fitch Issues List on October Latin American Rating Actions
------------------------------------------------------------
Fitch Ratings has released a a comprehensive list of 74 Latin
America National scale rating changes for the month of October
2009, which include: upgrades, downgrades, Rating Outlook and
Rating Watch revisions, and withdrawn ratings. These rating
changes were previously announced via separate press releases in
Spanish or Portuguese.
Fitch has upgraded these National ratings:
AES Tiete (Brasil)
-- National long-term rating to 'A+(bra)' from 'A(bra)';
Outlook remains Stable.
* (Rating action took place on Oct. 1, 2009.)
Union de Credito Alpura (Mexico)
-- National long-term rating to 'BBB-(mex)' from 'BB+(mex)';
Outlook remains Stable.
* (Rating action took place on Oct. 5, 2009.)
Estado de Mexico (Mexico)
-- National long-term rating to 'BBB+(mex)' from 'BBB(mex)';
Outlook remains Stable.
* (Rating action took place on Oct. 15, 2009.)
Cohen Renta Fija (Argentina)
-- National long-term rating to 'A-(arg)' from 'BBB+(arg)';
* (Rating action took place on Oct. 14, 2009.)
CLISA (Argentina)
-- National long-term rating to 'BBB-(arg)' from 'BB+(arg)';
Outlook remains Stable.
* (Rating action took place on Oct. 15, 2009.)
Bono HSCCB 04-2(Mexico)
-- National long-term rating to 'B(mex)' from 'D(mex)';
* (Rating action took place on Oct. 26, 2009.)
Aracruz Celulose S.A. (Brasil)
-- National long-term rating to 'A+(bra)' from 'A(bra)';
Outlook remains Stable.
* (Rating action took place on Oct. 12, 2009.)
Fitch has also downgraded these ratings:
Transa Securitizadora (Chile)
-- Patrimonio Separado 1 Serie B National long-term rating to
'BB (cl)' from 'BBB (cl)';
-- Patrimonio Separado 2 Serie B National long-term rating to
'BB (cl)' from 'BBB (cl)';
-- Patrimonio Separado 4 Serie A National long-term rating to
'BB (cl)' from 'BBB (cl)';
-- Patrimonio Separado 5 Serie A National long-term rating to
'BB (cl)' from 'BBB (cl)';
* (Rating action took place on Oct. 1, 2009.)
Facileasing (Mexico)
-- National long-term rating to 'A-(mex)' from 'A+(mex)';
Outlook remains Stable.
* (Rating action took place on Oct. 2, 2009.)
Banco de la Nacion Argentina - Sucursal Bolivia (Bolivia)
-- National long-term rating to 'A+(bol)' from 'AA+(bol)';
-- National short-term rating to 'F1(bol)' from 'F1+(bol)';
Outlook remains Stable.
* (Rating action took place on Oct. 6, 2009.)
Cooperativa San Pedro Ltda. (Bolivia)
-- National long-term rating to 'BBB-(bol)' from 'BBB+(bol)';
-- National short-term rating to 'F3(bol)' from 'F2+(bol)';
Outlook remains Stable.
* (Rating action took place on Oct. 6, 2009.)
Bodegas y Vinedos de La Concepcion (Bolivia)
-- National long-term rating to 'B(bol)' from 'B+(bol)';
Assigned Negative Outlook.
* (Rating action took place on Oct. 9, 2009.)
Votorantim Celulose e Papel (Brasil)
-- National long-term rating to 'A+(bra)' from 'AA-(bra)';
Assigned Stable Outlook.
* (Rating action took place on Oct. 12, 2009.)
Municipio de Nuevo Laredo, Tamaulipas (Mexico)
-- National long-term rating to 'A+(mex)' from 'AA-(mex)';
Outlook remains Stable.
* (Rating action took place on Oct. 14, 2009.)
Estado de Veracruz (Mexico)
-- National long-term rating to 'BBB+(mex)' from 'A(mex)';
-- VRZCB 06U y VRZCB 06 National long-term rating to AA-(mex)'
from 'AA(mex)'; Assigned Stable Outlook.
* (Rating action took place on Oct. 15, 2009.)
Grupo Actinver S.A. de C.V. y Subsidiarias (Mexico)
-- National long-term rating to 'A-(mex)' from 'A(mex)';
-- National short-term rating to 'F2(mex)' from 'F1(mex)';
-- Certificados Bursatiles ACTINVER 07 to 'A-(mex)' from
'A(mex)';
-- Certificados Bursatiles ACTINVER 09 to 'A-(mex)' from
'A(mex)'; Assigned Stable Outlook.
* (Rating action took place on Oct. 21, 2009.)
Prudential Bank S.A., Institucion de Banca Multiple, Prudential
Grupo Financiero (Mexico)
-- National long-term rating to 'A-(mex)' from 'AA-(mex)';
-- National short-term rating to 'F2(mex)' from 'F1+(mex)';
Assigned Stable Outlook.
* (Rating action took place on Oct. 21, 2009.)
Municipio de San Nicolas de los Garza, N.L. (Mexico)
-- National long-term rating to 'BBB+(mex)' from 'A(mex)';
Assigned Stable Outlook.
* (Rating action took place on Oct. 22, 2009.)
Empresas CMPC (Chile)
-- National long-term rating to 'AA(cl)' from 'AA+(cl)';
Assigned Stable Outlook.
* (Rating action took place on Oct. 23, 2009.)
Inversiones CMPC (Chile)
-- National long-term rating to 'AA(cl)' from 'AA+(cl)';
Assigned Stable Outlook.
* (Rating action took place on Oct. 23, 2009.)
Fideicomiso Hipotecario BHN IV (Argentina)
-- TD Clase AV VN $ 36.500.000 to 'B(arg)' from 'B+(arg)';
-- TD Clase AF VN $ 119.500.000 to 'B(arg)' from 'B+(arg)'.
* (Rating action took place on Oct. 23, 2009.)
Bonos respaldados por creditos hipotecarios de SuCasita (Mexico)
-- BRHSCCB 06U - National long-term rating to 'AA+(mex)' from
'AAA(mex)';
-- BRHSCCB 063U - National long-term rating to 'AA+(mex)' from
'AAA(mex)';
-- BRHCCB 073U - National long-term rating to 'BBB(mex)' from 'A
(mex)';
-- BRHCCB 08U - National long-term rating to 'AA+(mex)' from
'AAA(mex)';
-- BRHCCB 082U - National long-term rating to 'AA+(mex)' from
'AAA(mex)';
-- BRHCCB 083U - National long-term rating to 'A-(mex)' from 'A
(mex)'; Assigned Negative Outlook.
* (Rating action took place on Oct. 26, 2009.)
Certificados MXABSCB 06 y MXABSCB 06-2 (Mexico)
-- Certificados Bursatiles Preferentes MXABSCB 06 National
long- term rating to 'AA-(mex)' from 'AA(mex)';
-- Certificados Bursatiles Subordinados MXABSCB 06-2 National
long-term rating to 'BB(mex)' from 'BBB (mex)'; Outlook
remains Negative.
* (Rating action took place on Oct. 26, 2009.)
SIMAS de Torreon (Mexico)
-- National long-term rating to 'A(mex)' from 'A+(mex)';
Assigned Negative Outlook.
* (Rating action took place on Oct. 27, 2009.)
Corporacion Interamericana de Entretenimiento, S.A.B. de C.V.
(CIE) (Mexico)
-- National long-term rating to 'CCC(mex)' from 'BB(mex)';
-- National short-term rating to 'C-(mex)' from 'B (mex)';
Outlook remains Negative.
* (Rating action took place on Oct. 28, 2009.)
ON Garantizadas de Emgasud S.A (Argentina)
-- ONs Garantizadas Clase 1 por hasta US$150MM to 'A(arg)' from
'A+(arg)'; Placed on Rating Watch Negative.
* (Rating action took place on Oct. 29, 2009.)
Mercantil Servicios Financieros (Venezuela)
-- National long-term rating to 'AA(ven)' from 'AA+(ven)'.
* (Rating action took place on Oct. 30, 2009.)
Industrias Nacionales C. por A.(Republica Dominicana)
-- National long-term rating to 'A(dom)' from 'AA-(dom)';
-- Bonos por 1.000 millones de pesos National long-term rating
to 'A(dom)' from 'AA-(dom)';
-- Bonos por 30 millones de dolares National long-term rating to
'A(dom)' from 'AA-(dom)'.
* (Rating action took place on Oct. 30, 2009.)
Fitch has made this Outlook and Rating Watch revisions:
Gafisa FIDC - Credito Imobiliario (Brasil)
-- 1a emissao de cotas seniores, em montante de BRL70 milhoes
National long-term rating 'AA+(bra)'; Placed on Rating Watch
Negative.
* (Rating action took place on Oct. 8, 2009.)
Credipyme (Mexico)
-- National long-term rating 'BB+(mex)'; Outlook revised to
Negative from Stable.
* (Rating action took place on Oct. 21, 2009.)
Fitch has affirmed and withdrawn these ratings:
Best Consumer Finance Serie VI (Argentina)
-- Valores Representativos de Deuda Clase A (VRDA) por VN $
44.400.000 'AA(arg)'.
* (Rating action took place on Oct. 2, 2009.)
Consubono XXIX (Argentina)
-- Valores de Deuda Fiduciaria Clase B por VN $ 3.642.540
'A(arg)'.
* (Rating action took place on Oct. 2, 2009.)
Consubond LXII (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $ 12.723.840 'A-
(arg)'.
* (Rating action took place on Oct. 2, 2009.)
Dulcor I (Argentina)
-- Certificados de Participacion por VN $ 4.800.000 'CCC(arg)'.
* (Rating action took place on Oct. 2, 2009.)
Consubono XXVIII (Argentina)
-- Valores de Deuda Fiduciaria Clase B por VN $ 1.859.400
'A(arg)'.
* (Rating action took place on Oct. 2, 2009.)
Consubond LXV (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $ 31.159.440
'AAA(arg)'.
* (Rating action took place on Oct. 2, 2009.)
Consubond LXIV (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $ 29.162.880
'AAA(arg)'.
* (Rating action took place on Oct. 2, 2009.)
Ribeiro XXIV (Argentina)
-- Certificados de Participacion por VN $ 3.576.894 'B(arg)'.
* (Rating action took place on Oct. 2, 2009.)
Lartirigoyen IV (Argentina)
-- Certificados de Participacion por VN $ 1.662.500 'B(arg)'.
* (Rating action took place on Oct. 7, 2009.)
Seguros Catatumbo (Venezuela)
-- National Insurer Financial Strength 'A+(ven)'.
* (Rating action took place on Oct. 13, 2009.)
BCI Securitizadora (Chile)
-- Series A del PS8 de BCI 'AAA(cl)'.
* (Rating action took place on Oct. 13, 2009.)
BCI Securitizadora (Chile)
-- Series A y C del PS10 de BCI 'AA(cl)'.
* (Rating action took place on Oct. 13, 2009.)
Confibono XL (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $30,714,854
'A(arg)'.
* (Rating action took place on Oct. 15, 2009.)
Syngenta II (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN US$7,294,690
'A1(arg)'.
* (Rating action took place on Oct. 15, 2009.)
Tinuviel 5 (Argentina)
-- Valores de Deuda Fiduciaria Clase B por VN $2,107,911
'BBB+(arg)'.
* (Rating action took place on Oct. 15, 2009.)
Montemar X (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $12,765,636
'AAA(arg)'.
* (Rating action took place on Oct. 15, 2009.)
Confibono XXXIX (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $32,437,999
'AAA(arg)'.
* (Rating action took place on Oct. 15, 2009.)
Telecom Argentina S.A. (Argentina)
-- Obligaciones Negociables Serie A por US$885 million 'A(arg)'.
* (Rating action took place on Oct. 16, 2009.)
Municipio de Macuspana, Tabasco(Mexico)
-- National long-term rating 'BBB-(mex)'.
* (Rating action took place on Oct. 20, 2009.)
Tarjeta Naranja Trust V (Argentina)
-- Valores Representativos de Deuda por VN $127,500,000
'AAA(arg)'.
* (Rating action took place on Oct. 21, 2009.)
Benemerita Universidad Autonoma de Puebla (Mexico)
-- National long-term rating 'A(mex)'.
* (Rating action took place on Oct. 21, 2009.)
Tarjeta Redonda I (Argentina)
-- Certificados de Participacion 'CCC(arg)'.
* (Rating action took place on Oct. 23, 2009.)
Musimundo IV (Argentina)
-- Certificados de Participacion por VN $1,450,860 'CCC(arg)'.
* (Rating action took place on Oct. 23, 2009.)
Megabono XXXVI (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $36,144,948
'AAA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Confibono XXXVIII (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $45,560,314
'A(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Ribeiro XXX (Argentina)
-- Valores Representativos de Deuda por VN $38,939,395
'AAA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Secubono XXXIII (Argentina)
-- Valores de Deuda Fiduciaria Clase C por VN $6,975,010
'BBB+(arg)'.
* (Rating action took place on Oct. 28, 2009.)
FF Agricola Cordoba 2 (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $4,200,000
'BB(arg)'.
-- Valores de Deuda Fiduciaria Clase B por VN $2,800,000
'C(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Ribeiro XXIX (Argentina)
-- Valores Representativos de Deuda Clase B por VN $3,652,442
'A-(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Best Consumer VII (Argentina)
-- Valores Representativos de Deuda Clase A por VN $38,430,000
'AA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Best Consumer VIII (Argentina)
-- Valores Representativos de Deuda Clase A por VN $39,490,000
'A(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Rizzibono V (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $4,822,896
'AAA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Rizzibono VI (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $3,279,409
'AAA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Tinuviel 6 (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $8,162,736
'AAA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Secubono XXXIV (Argentina)
-- Valores de Deuda Fiduciaria Clase B por VN $5,683,070 'AA-
(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Secubono XXXV (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $40,081,442
'AAA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Megabono XXXIV (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $37,754,307
'AAA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Consubono XXX (Argentina)
-- Valores de Deuda Fiduciaria Clase B por VN $5,005,770
'A(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Consubono XXXI (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $31,873,800
'AA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Columbia Tarjetas XI (Argentina)
-- Valores de Deuda Fiduciaria Clase C por VN $5,243,485 'BB-
(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Fideicomiso Financiero SMSV XV (Argentina)
-- Certificados de Participacion por VN $20,000,000 'AAA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
GMAC III (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $45,108,769
'AAA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Consubond LXVI (Argentina)
-- Valores de Deuda Fiduciaria Clase A por VN $35,131,500
'AAA(arg)'.
* (Rating action took place on Oct. 28, 2009.)
Lucaioli I (Argentina)
-- Valores Representativos de Deuda por VN $20,000,268
'AA+(arg)'.
* (Rating action took place on Oct. 29, 2009.)
* BOND PRICING: For the Week November 2 to November 6, 2009
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
Argentina
ARGENT-PAR 1.18 12/31/38 ARS 35.44
ARGNT-BOCON PRE8 2 01/03/10 ARS 10.88
ARGNT-BOCON PR13 2 03/15/24 ARS 72.22
MENDOZA PROVINCE 5.5 09/04/18 USD 72.5
MULTICANAL SA 7 07/20/13 USD 74.75
BODEN 2015 7 10/03/15 USD 74.29
BONAR X 7 04/17/17 USD 73.98
ARGENT-=DIS 7.82 12/31/33 EUR 57.84
ALTO PALERMO SA 7.88 05/11/17 USD 80.25
MASTELLONE HERMA 8 06/30/12 USD 60.84
ARGENT-$DIS 8.28 12/31/33 USD 60.88
ARGENT-$DIS 8.28 12/31/33 USD 68.53
TRANSENER 8.88 12/15/16 USD 81.25
BUENOS-$DIS 9.25 04/15/17 USD 71.1
BUENOS AIRE PROV 9.38 09/14/18 USD 67.25
BUENOS AIRE PROV 9.63 04/18/28 USD 64
BANCO MACRO SA 9.75 12/18/36 USD 82.25
AUTOPISTAS DEL S 11.5 05/23/17 USD 35
BRAZIL
CESP 9.75 01/15/15 BRL 69.1
CAYMAN ISLAND
BARION FUNDING 0.1 12/20/56 EUR 8.66
MAZARIN FDG LTD 0.1 09/20/68 EUR 5.33
BARION FUNDING 0.25 12/20/56 USD 6.49
BARION FUNDING 0.25 12/20/56 USD 6.49
BARION FUNDING 0.25 12/20/56 USD 6.49
BARION FUNDING 0.25 12/20/56 USD 6.54
BARION FUNDING 0.25 12/20/56 USD 6.49
BARION FUNDING 0.25 12/20/56 USD 6.49
MAZARIN FDG LTD 0.25 09/20/68 USD 4.86
MAZARIN FDG LTD 0.25 09/20/68 USD 4.8
MAZARIN FDG LTD 0.25 09/20/68 USD 4.8
MAZARIN FDG LTD 0.25 09/20/68 USD 4.8
MAZARIN FDG LTD 0.25 09/20/68 USD 4.8
MAZARIN FDG LTD 0.25 09/20/68 USD 4.8
BARION FUNDING 0.63 12/20/56 GBP 17.05
MALACHITE FDG 0.63 12/21/56 EUR 20.98
MAZARIN FDG LTD 0.63 09/20/68 GBP 14.05
BARION FUNDING 1.44 12/20/56 GBP 30.05
MAZARIN FDG LTD 1.44 09/20/68 GBP 27.52
SUNTECH POWER 3 03/15/13 USD 74
CHINA MED TECH 4 08/15/13 USD 69.83
JA SOLAR HOLD CO 4.5 05/15/13 USD 71
LDK SOLAR CO LTD 4.75 04/15/13 USD 53
CHINA SUNERGY 4.75 06/15/13 USD 61.81
BISHOPSGATE ASSE 4.81 08/14/44 GBP 67.32
REG DIV FUNDING 5.25 01/25/36 USD 72.89
SHINSEI FIN CAYM 6.42 USD 57.43
XL CAPITAL LTD 6.5 USD 72.94
PUBMASTER FIN 6.96 06/30/28 GBP 65.4
SHINSEI FINANCE 7.16 USD 59.99
SHINSEI FINANCE 7.16 USD 57.68
FERTINITRO FIN 8.29 04/01/20 USD 70
PUBMASTER FIN 8.44 06/30/25 GBP 70.68
GOL FINANCE 8.75 USD 78.88
CHINA PROPERTIES 9.13 05/04/14 USD 75.84
IMCOPA INTL CAYM 10.38 11/27/09 USD 70.5
ECUADOR
REP OF ECUADOR 9.38 12/15/15 USD 91.26
JAMAICA
AIR JAMAICA LTD 8.13 06/14/27 USD 72
JAMAICA GOVT 8 03/15/39 USD 69.25
JAMAICA GOVT 8.5 02/28/36 USD 72.17
JAMAICA GOVT LRS 12.75 06/29/22 JMD 61.75
JAMAICA GOVT LRS 12.75 06/29/22 JMD 61.77
JAMAICA GOVT LRS 12.85 05/31/22 JMD 62.4
JAMAICA GOVT LRS 13.38 12/15/21 JMD 65.67
JAMAICA GOVT 13.38 04/27/32 JMD 61.34
JAMAICA GOVT LRS 13.58 12/15/26 JMD 62.26
JAMAICA GOVT LRS 14 06/30/21 JMD 69.42
JAMAICA GOVT LRS 14.4 08/03/27 JMD 67.88
JAMAICA GOVT LRS 15 11/15/21 JMD 73.28
JAMAICA GOVT LRS 15 08/30/32 JMD 70.65
JAMAICA GOVT LRS 15 09/06/32 JMD 70
JAMAICA GOVT LRS 15.5 03/24/28 JMD 71.03
JAMAICA GOVT LRS 16 12/06/32 JMD 73.37
JAMAICA GOVT LRS 16.25 05/22/27 JMD 74.59
JAMAICA GOVT LRS 16.25 07/26/32 JMD 74.49
PUERTO RICO
PUERTO RICO CONS 6.1 05/01/12 USD 62
PUERTO RICO CONS 6.2 05/01/17 USD 48
PUERTO RICO CONS 6.5 04/01/16 USD 48.5
DORAL FINL CORP 7 04/26/12 USD 64.5
DORAL FINL CORP 7.1 04/26/17 USD 49
DORAL FINL CORP 7.15 04/26/22 USD 41.13
DORAL FINL CORP 7.65 03/26/16 USD 53.5
VENEZUELA
PETROLEOS DE VEN 4.9 10/28/14 USD 56.04
PETROLEOS DE VEN 5 10/28/15 USD 52.14
PETROLEOS DE VEN 5.13 10/28/16 USD 49.55
PETROLEOS DE VEN 5.25 04/12/17 USD 53.29
PETROLEOS DE VEN 5.38 04/12/27 USD 43.94
PETROLEOS DE VEN 5.5 04/12/37 USD 43.73
VENEZUELA 5.75 02/26/16 USD 66.17
VENEZUELA 6 12/09/20 USD 55.56
VENEZUELA 7 12/01/18 USD 64.44
VENEZUELA 7 03/31/38 USD 53.98
VENEZUELA 7.65 04/21/25 USD 59.53
VENEZUELA 7.75 10/13/19 USD 64.82
VENEZUELA 8.25 10/13/24 USD 62.28
VENEZUELA 9 05/07/23 USD 68.86
VENEZUELA 9.25 09/15/27 USD 67.47
VENEZUELA 9.25 05/07/28 USD 68.56
VENZOD - 189000 9.38 01/13/34 USD 70.58
***********
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 * * *