TCRLA_Public/091123.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 23, 2009, Vol. 10, No. 231
                            Headlines

A R G E N T I N A

CLUBBA SRL: Proofs of Claim Verification Deadline is February 4
CUMBRES DORADAS: Creditors' Proofs of Debt Due on March 3
DIEVA SRL: Trustee Verifying Proofs of Claim Until February 9
GRUPO ALIMENTAR: Trustee Verifying Proofs of Claim Until March 1
* Argentine Debt, Restructuring Hits Investors in the U.S.


B E R M U D A

AMERICAN DIVERSIFIED: Members' Final Meeting Set for December 18
ASIA SPECIALIST: Creditors' Proofs of Debt Due on December 4
ASIA SPECIALIST: Members' Final Meeting Set for December 21
COMMERCIAL GUARANTY: Creditors' Proofs of Debt Due on November 27
COMMERCIAL GUARANTY: Sole Member to Hear Wind-Up Report on Dec. 16

LDF BURGUNDY: Creditors' Proofs of Debt Due on December 4
LDF BURGUNDY: Members' Final Meeting Set for December 21
PROTOSTAR LTD: Disclosure Statement Moved to December 15
SEACROSS ASIA: Appoints Walker and Carter as Liquidators
SP MANAGERS: Members' Final Meeting Set for December 21

TENNYSON FUND: Creditors' Proofs of Debt Due on December 4
TENNYSON FUND: Members' Final Meeting Set for December 21


B R A Z I L

ALUPAR INVESTIMENTO: Moody's Assigns 'Ba1' Corporate Family Rating
BRASKEM SA: Invests BRL500 Million for PE Plant With Petropack
BRASKEM SA: Inks US$2.5BB Petrochemical Project With Idesa
BRASKEM SA: Inks PVC Specialities Commercialization With Mexichem
BROOKFIELD INCORPORACOES: To Raise BRL450MM From Debenture Issue

COMPANHIA SIDERURGICA: Still Mulls IPO for Mining Operations
GAFISA SA: Records BRL63.7 Million Net Profit in Third Quarter
TAM SA: Approves Emilio Romano's Election as New Board Member
* BRAZIL: To Boost Lending to Small Enterprises W/ US$3BB IDB Loan


C A Y M A N  I S L A N D S

ADELE BUSINESS: Creditors' Proofs of Debt Due on January 12
ALESI INVESTMENT: Creditors' Proofs of Debt Due on January 12
AMPSS 2007-5: Creditors' Proofs of Debt Due on November 25
ANGLIC INVESTMENT: Creditors' Proofs of Debt Due on January 13
BASALT INVESTMENTS: Placed Under Voluntary Wind-Up

CARDINAL HEALTH: Creditors' Proofs of Debt Due on November 25
CASTELLO INVESTMENT: Creditors' Proofs of Debt Due on January 14
CZECH & SLOVAK: Commences Liquidation Proceedings
EVERLEE INVESTMENTS: Creditors' Proofs of Debt Due on November 16
JUNO MOTHER: Commences Liquidation Proceedings

MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
PEPENE LTD: Creditors' Proofs of Debt Due on January 13
RAB DIVERSIFIED: Creditors' Proofs of Debt Due on November 25
RAB DIVERSIFIED: Creditors' Proofs of Debt Due on November 25

SOUTHSTAR DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 26
TE EAGLE: Creditors' Proofs of Debt Due on November 25
TE EAGLE: Creditors' Proofs of Debt Due on November 25
TE GRAHAM: Creditors' Proofs of Debt Due on November 25
TE GRAHAM: Creditors' Proofs of Debt Due on November 25


E L  S A L V A D O R

EL SALVADOR: Fitch Puts 'BB' Rating on US$-Denominated Bond Issue


G U Y A N A

* GUYANA: IDB OKs US$5MM Loan to Strengthen Financial Sector


J A M A I C A

AIR JAMAICA: Moody's Junks Corporate Family Rating From 'B3'
AIR JAMAICA: Tourism Ministry to Sell Portion of Stake
AIR JAMAICA: Spirit Airlines Petitioned to Drop Bid
AIR JAMAICA: Sale Depends on International Monetary Fund
* JAMAICA: Activity in the Financial Sector Flat


M E X I C O

SATELITES MEXICANOS: Q3 2009 Revenue Up 7.3% to US$30.9 Million


P E R U

* PERU: IBD OKs US$50 Million to Improve Social Programs


V E N E Z U E L A

PETROLEOS DE VENEZUELA: 1H Profit Drops 67% to US$3.15 Billion
PETROLEOS DE VENEZUELA: Launches PDVSA Vessel Built in Brazil
* VENEZUELA: Subsidizes Govt-Owned Industries on Commodity Falls


X X X X X X X X

* BOND PRICING: For the Week November 16 to November 30, 2009


                         - - - - -


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A R G E N T I N A
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CLUBBA SRL: Proofs of Claim Verification Deadline is February 4
---------------------------------------------------------------
Gabriel Marcelo Ail, the court-appointed trustee for Clubba SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until February 4, 2010.

Mr. Ail will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 40, 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:

          Gabriel Marcelo Ail
          avenida Cordoba 1352
          Argentina


CUMBRES DORADAS: Creditors' Proofs of Debt Due on March 3
---------------------------------------------------------
The court-appointed trustee for Cumbres Doradas S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until March 3, 2010.


DIEVA SRL: Trustee Verifying Proofs of Claim Until February 9
-------------------------------------------------------------
The court-appointed trustee for Dieva S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 9, 2010.

The trustee will present the validated claims in court as
individual reports on March 24, 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 20, 2010.


GRUPO ALIMENTAR: Trustee Verifying Proofs of Claim Until March 1
----------------------------------------------------------------
The court-appointed trustee for Grupo Alimentar S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 1, 2010.

The trustee will present the validated claims in court as
individual reports on April 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
May 28, 2010.


* Argentine Debt, Restructuring Hits Investors in the U.S.
----------------------------------------------------------
Argentina's debt default and restructuring have imposed enormous
and increasing costs on taxpayers and investors in the U.S. and
worldwide, according to a new study by Dr. Robert Shapiro, a
former Under Secretary of Commerce for Economic Affairs under
President Bill Clinton and Co-Chair of American Task Force
Argentina.

The study shows that Argentina's default and subsequent refusal to
repay its lenders have imposed a net cost of $157.7 billion
worldwide and $20.5 billion in the U.S.  The report also
demonstrates that Argentina's refusal to satisfy its obligations
has been particularly damaging to some U.S. states, noting that
the cost to bondholders, taxpayers and investors in New York alone
approaches $2 billion.

The study -- "The Continuing Cost of Argentina's Debt Default and
Restructuring for Bondholders, Taxpayers, and Investors in the
United States and Worldwide" -- has been delivered to all 535 U.S.
Senators and Representatives by ATFA Executive Director Robert
Raben under a cover letter urging members of Congress to support
the Judgment Evading Foreign States Accountability Act of 2009.
The legislation, introduced by Rep. Eric Massa (D-NY) and
co-sponsored by 25 of his colleagues, addresses Argentina's
unprecedented refusal to honor contracts and repay outstanding
debt to U.S. citizens.

"If the Argentine government would negotiate in good faith with
all creditors and settle its outstanding debts, the country could
return to global capital markets, strengthen its economy and
improve its standing in the international community," Dr. Shapiro
said.  "If President Kirchner won't resolve these debts because
it's the right thing to do for U.S. citizens, then she should do
it because it's also the smart thing to do for the Argentine
people."

The Obama Administration has also indicated that persuading
Argentina to satisfy its obligations to U.S. citizens is a
priority.  U.S. Secretary of State Hillary Clinton issued a letter
in March 2009 pledging to continue to urge the government of
Argentina to "abide by its commitments and normalize its relations
with all creditors and investors."

During her confirmation process this year, the U.S. Ambassador to
Argentina, Vilma Martinez, stated her intention to "encourage the
government of Argentina to abide by its commitments and resolve
these claims, thereby improving opportunities for American
investors, facilitating Argentina's reintegration into
international financial systems, and improving Argentina's ability
to attract foreign direct investment."

Dr. Shapiro's study also found that a significant share of the
costs have been placed on New York State, the center of the
American money market and home to many bondholders.  Direct net
costs to New York bondholders have reached $903 million and
indirect costs to New York taxpayers total $329 million.  Total
costs to New York bondholders, taxpayers and investors now total
$1,981 million.

Made up of an alliance of diverse organizations, ATFA's leadership
includes Executive Director Robert Raben, a former Assistant
Attorney General at the U.S. Department of Justice, and is
co-chaired by The Honorable Robert J. Shapiro, former Under
Secretary of Commerce for Economic Affairs in the Clinton
Administration, and Ambassador Nancy Soderberg, Ambassador at the
U.S. Mission to the United Nations in New York from 1997 to 2001.


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B E R M U D A
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AMERICAN DIVERSIFIED: Members' Final Meeting Set for December 18
----------------------------------------------------------------
The members of American Diversified Reinsurance Ltd. will hold
their final general meeting on December 18, 2009, at 11:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

Mark W.R. Smith is the company's liquidator.


ASIA SPECIALIST: Creditors' Proofs of Debt Due on December 4
------------------------------------------------------------
The creditors of Asia Specialist Growth Fund Limited are required
to file their proofs of debt by December 4, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 16,
2009.

The company's liquidator is:

          Ian Pilgrim
          c/o Mayflower Management Services (Bermuda) Limited
          Bamboo Gate, 11 Harbour Road
          Paget PG 01, Bermuda


ASIA SPECIALIST: Members' Final Meeting Set for December 21
-----------------------------------------------------------
The members of Asia Specialist Growth Fund Limited will hold their
final general meeting on December 21, 2009, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on November 16,
2009.

The company's liquidator is:

          Ian Pilgrim
          c/o Mayflower Management Services (Bermuda) Limited
          Bamboo Gate, 11 Harbour Road
          Paget PG 01, Bermuda


COMMERCIAL GUARANTY: Creditors' Proofs of Debt Due on November 27
-----------------------------------------------------------------
The creditors of Commercial Guaranty Assurance, Ltd. are required
to file their proofs of debt by November 27, 2009, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on November 6, 2009.

The company's liquidator is:

          Robin J. Mayor
          Conyers Dill & Pearman
          Hamilton, Bermuda


COMMERCIAL GUARANTY: Sole Member to Hear Wind-Up Report on Dec. 16
------------------------------------------------------------------
The sole member of Commercial Guaranty Assurance, Ltd. will
receive, on December 16, 2009, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on November 6, 2009.

The company's liquidator is:

          Robin J. Mayor
          Conyers Dill & Pearman
          Hamilton, Bermuda


LDF BURGUNDY: Creditors' Proofs of Debt Due on December 4
---------------------------------------------------------
The creditors of LDF Burgundy Tower Limited are required to file
their proofs of debt by December 4, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 16,
2009.

The company's liquidator is:

          Ian Pilgrim
          c/o Mayflower Management Services (Bermuda) Limited
          Bamboo Gate, 11 Harbour Road
          Paget PG 01, Bermuda


LDF BURGUNDY: Members' Final Meeting Set for December 21
--------------------------------------------------------
The members of LDF Burgundy Tower Limited will hold their final
general meeting on December 21, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on November 16,
2009.

The company's liquidator is:

          Ian Pilgrim
          c/o Mayflower Management Services (Bermuda) Limited
          Bamboo Gate, 11 Harbour Road
          Paget PG 01, Bermuda


PROTOSTAR LTD: Disclosure Statement Moved to December 15
--------------------------------------------------------
The hearing to consider the adequacy of the disclosure statement
explaining Protostar Ltd.'s Chapter 11 plan has been adjourned to
a “date to be determined”.  The ProtoStar disclosure statement was
vague about creditors’ recoveries because the second of two
satellites won’t be sold at auction until Dec. 15.

As reported by the TCR on Nov. 12, ProtoStar has won approval to
sell the ProtoStar I satellite and related equipment for $210
million to an affiliate of Intelstat Holdings Ltd.  The auction of
the ProtoStar II satellite is set for Dec. 15.  The hearing for
approval of the sale is Dec. 18.

The Official Committee of Unsecured Creditors has a suit pending
where it contends secured lenders don't have valid liens securing
aUS$10 million working capital loan and US$183 million in 12.5%
and 18% secured notes.  The creditors believe the noteholders and
working capital lenders filed notices of their security interests
in the wrong place, as a result invalidating their liens.  If the
Creditors Committee wins the lawsuit, the lenders would have an
unsecured creditor status and they won't be paid ahead of other
creditors.

                       About ProtoStar Ltd.

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. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.  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.


SEACROSS ASIA: Appoints Walker and Carter as Liquidators
--------------------------------------------------------
On October 20, 2009, David A. K. Walker and Nicholas Carter were
appointed as liquidators of Seacross Asia Pacific Offshore Fund,
Inc.

The Liquidators can be reached at:

          David A. K. Walker
          Nicholas Carter
          PricewaterbouseCoopers (BVI) Limited
          P. O. Box 4654, Road Town
          Tortola, British Virgin Islands


SP MANAGERS: Members' Final Meeting Set for December 21
-------------------------------------------------------
The members of SP Managers Limited will hold their final general
meeting on December 21, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Ian Pilgrim is the company's liquidator.


TENNYSON FUND: Creditors' Proofs of Debt Due on December 4
----------------------------------------------------------
The creditors of Tennyson Fund Solutions Ltd. are required to file
their proofs of debt by December 4, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on November 17,
2009.

The company's liquidator is:

          Ian Pilgrim
          c/o Mayflower Management Services (Bermuda) Limited
          Bamboo Gate, 11 Harbour Road
          Paget PG 01, Bermuda


TENNYSON FUND: Members' Final Meeting Set for December 21
---------------------------------------------------------
The members of Tennyson Fund Solutions Ltd. will hold their final
general meeting on December 21, 2009, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on November 17,
2009.

The company's liquidator is:

          Ian Pilgrim
          c/o Mayflower Management Services (Bermuda) Limited
          Bamboo Gate, 11 Harbour Road
          Paget PG 01, Bermuda


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B R A Z I L
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ALUPAR INVESTIMENTO: Moody's Assigns 'Ba1' Corporate Family Rating
------------------------------------------------------------------
Moody's America Latina's assigned a Ba1 global scale corporate
family rating and Aa2.br corporate family rating on the Brazilian
National Scale to Alupar Investimento S.A.  At the same time,
Moody's assigned a Ba2 global scale rating and Aa3.br rating on
the Brazilian National Scale to the 4 to 5 year BRL250 million
senior unsecured debentures to be issued in the local market by
Alupar.  The outlook for all ratings is stable.  This is the first
time Moody's has rated this company.

The Ba1 corporate family rating largely reflects Alupar's solid
position in the Brazilian electricity transmission sector, which
generally offers more predictable and stable cash flow than does
the electricity distribution and generation segments, the
company's strong credit metrics for the rating category and
adequate liquidity position.

The ratings are constrained by the limited track record of
Alupar's operations as an independent arm of the Alusa group and
the fact that management's ability to efficiently carry out its
business strategy going forward is limited to the company's brief
historical performance.  An ambitious investment program to expand
the scope of Alupar's activities into the electricity generation
business further constrains the ratings as Moody's views the
generation business segment as generally riskier than the
transmission sector.  Moody's also expects leverage as measured by
Debt/Cap to increase within the next three years although cash
flow to debt and interest coverage are expected to improve
slightly.

The Ba2 and Aa3.br debentures ratings are one notch lower than the
corporate family rating.  The difference reflects the structural
subordination of the holding company's debt to debt at the level
of the operating subsidiaries.

Moody's views the regulatory framework for transmission companies
in Brazil as reasonably well developed and highly supportive
although some regulatory procedures are still untested, such as
the indemnification of non-depreciated assets upon the non-renewal
or termination of an existing concession.

The inherently stable nature of the transmission sector provides
Alupar with reasonably predictable cash flow, which is underpinned
by 30-year concession contracts granted by the federal government.
These concession contracts typically allow Alupar to sign long-
term contracts with the Brazilian electricity generation and
distribution companies for the use of its transmission grid.  The
transmission revenues are based on fixed capacity payments
throughout the concession period that have provisions for
automatic adjustments for inflation once a year in accordance with
the general price index or the consumer price index.

Alupar currently operates 12 transmission networks under long-term
concessions expiring between 2031 and 2039.  The company largely
benefits from having a portfolio that consists of concessions
primarily granted before 2006; therefore, the majority of its
tariffs are not subject to periodic review.  On the other hand,
the permitted annual revenues of these major concessions are
scheduled to step down 50% starting in 2019.

Alupar's credit metrics, which are adequate for the rating
category, are supported by long-term contracts for electricity
transmission.  Returns are also enhanced by tax incentives that
reduce the effective tax rate, which Moody's estimates to average
around 18% until 2013.  Leverage as measured by Net Debt to Fixed
Assets, adjusted in accordance with Moody's standard adjustments,
was 57.1% on September 30, 2009.  In the last twelve months ended
September 30, 2009, the interest coverage ratio was 2.3x and Funds
From Operations to Net Debt was 17%.  These strong metrics are
tempered by a low Retained Cash Flow to capital expenditures ratio
of just 0.17x during the same period.  The low RCF to capital
expenditures results primarily from the ongoing investment program
for expansion in the generation business.

Going forward, Moody's expects Alupar's leverage as measured by
the FFO to Net Debt ratio to increase into the 19-20% range,
particularly over the next couple of years despite the new
generation assets that are currently being constructed.  The
transmission business, currently representing 100% of the
company's revenues, is expected to gradually decrease its
contribution to 75% in five years.  During this construction phase
Moody's expects Alupar's Net Debt to Fixed Assets to remain in the
60%-63% range and ICR to be around 2.5x.  The healthy ICR is
supported by the company's relatively low cost of funding, which
is helped by subsidized loans from the BNDES (equivalent to 63%
total unadjusted debt as of September 30, 2009).

Alupar has several off- balance-sheet arrangements, which Moody's
estimates at approximately BRL 213 million.  These arrangements
consist of put options where the minority shareholders of certain
subsidiaries have the right to sell their shares back to Alupar
under pre-arranged schedules and conditions along with share
purchase agreements where Alupar is required to increase its
ownership in certain subsidiaries.  Moody's considers these
arrangements as long-term obligations of Alupar and has included
them with the company's existing debt obligations.

Alupar has adequate liquidity, with a cash position at the holding
company level of approximately BRL400 million as of September 30,
2009, which is intended to cover the equity investments planned
over the next four years.  As a holding company, Alupar's cash
flows consist primarily of dividends received from its operating
subsidiaries, which Moody's estimates at approximately
BRL150 million over the next twelve months.  This amount along
with the resources from the BRL250 million debentures issue is
deemed sufficient to meet expected debt service and overhead
expenses in 2010.  The potential to upstream dividends from its
subsidiaries is constrained by the debt service of about
BRL1.9 billion in long-term loans, mostly from the BNDES.  In
addition, the subsidiaries are subject to regulatory ring-fencing
provisions that limit other possibilities to upstream cash, such
as a capital split or an inter-company loan, which would need
regulatory approval from ANEEL.

Formed in 2006, Alupar effectively started operations in September
2007 as a holding company to consolidate the interests of the
electricity transmission business of the Alusa group, which has
primarily been focused on engineering activity in Brazil.  In
September 2009, the equity fund FI-FGTS of the Brazilian state-
owned bank, Caixa Econômica Federal, became Alupar's minority
shareholder by acquiring 17% of its total and voting capital for
BRL 400 million.

Until recently Alupar provided guarantees to approximately
BRL300 million of bank notes issued by its parent company,
Guarupart.  These notes have been reduced to BRL 23 million as of
September 30, 2009.  According to the management, all the
remaining guarantees issued to Guarupart have been eliminated by
the present date.  The risk that Alupar will provide additional
guarantees to the parent company in the future has been largely
mitigated by the new shareholder's agreement executed as of
September 18, 2009, which includes a limitation on transactions
between related parties.  The company may eventually enter in EPC
agreements with the Alusa Engenharia for the development of
activities in generation and transmission, but the regulatory
approval of ANEEL and the minority shareholder are previously
required.

The entrance of FI-FGTS in the capital structure of Alupar was an
important step as it assured the company of having the financial
resources necessary to fund the required equity contributions on
further investments focused on the generation business.  Moody's
also deems this as a positive step for the company as the new
independent shareholder may enhance corporate governance practices
by assuring higher transparency.  It should also further the
commitment to increase shareholder value.

Management has recently stated that it would be pursuing
investments in the generation business.  It will primarily use the
recent BRL 400 million capitalization for equity contribution in
joint ventures to be formed for the construction of small hydro
power plants, which could potentially leverage total investment in
generation to the BRL 1.3 billion range.

Moody's views the generation business as riskier than the
transmission business, which is highly regulated.  The market
determines operating margins for the generation business,
resulting in potentially volatile earnings and cash flows.  The
ability to recover costs and earn adequate returns in this segment
is a function of the level of secured output through power
purchase agreements along with the degree of capital requirements
and asset operating performance.  Revenues from the regulated
business segment are more predictable and allow for more stable
operating margins and cash flow.  PPAs with free consumers are
short term in nature and expose Alupar to potentially lower energy
prices and revenues in a scenario in which future tariffs decline.
Moody's notes that Alupar has 179MW of new installed capacity
coming on stream in 2010, of which 65% sold to the regulated
market under 30-year PPAs and 35% sold on to free market clients
under 15-year PPAs.

The stable outlook reflects Moody's expectation that Alupar will
maintain solid credit metrics for the Ba1 rating category and an
adequate liquidity position despite forecasted negative free cash
flow for the next couple of years.  Moody's also expects that
Alupar will maintain adequate corporate governance practices by
managing its business in line with its stated business strategy
for the electricity sector and balancing the interests of
shareholders and debt investors.

The ratings could be upgraded should Alupar's credit profile
establish a sustained track record of remaining healthy,
particularly during the generation investment and expansion phase.
An ICR greater than 2.5x along with the Net debt to Fixed Assets
below 55% on a sustainable basis would also create upward pressure
on the rating.

The rating or outlook could be downgraded if there is significant
increase in leverage, either in connection with the heavy
generation investment program or the incurrence of incremental
debt at the level of the transmission subsidiaries.
Quantitatively, the rating or outlook could come under pressure if
the ICR falls below 2.0x and the Net debt to Fixed Assets stays
above 70% for an extended period.  A material change in the
regulatory framework in Brazil could also cause a downgrade in the
rating or outlook.

The Aa2.br national scale ratings reflect the standing of credit
quality relative to domestic peers.  Moody's National Scale
Ratings are intended as relative measures of creditworthiness
among debt issuances and issuers within a country, enabling market
participants to better differentiate relative risks.  NSRs in
Brazil are designated by the ".br" suffix.  NSRs differ from
global scale ratings in that they are not globally comparable to
the full universe of Moody's rated entities, but only with other
rated entities within the same country.

Alupar controls 15 transmission companies in Brazil (12 operating
and 3 under construction) with a total extension of 4,515 km,
three of which are currently under construction and will be
operating by 2010-2011.  Alupar also has four generation companies
with a total installed capacity of 179MW that will start
operations in 2010.  Alupar is controlled by Guarupart
Participações Ltda., a family-owned holding company with
participation in construction businesses, engineering services in
addition to the electricity sector in various Latin American
countries.  In the last twelve months ended September 30, 2009,
Alupar had consolidated net sales of BRL 642 million
(US$300 million) and net profit of BRL 99million (US$46 million).


BRASKEM SA: Invests BRL500 Million for PE Plant With Petropack
--------------------------------------------------------------
Braskem S.A. and Argentina-based Petropack, a flexible plastic
packaging producer, have signed an agreement for sugarcane
ethanol-based polyethylene supply, Plastemart.com reports.

According to the report, Braskem SA has negotiated contracts for
60% of its ethanol-based resin production and estimates by year-
end it will be up to 70%.  The report relates that Petropack has
been Braskem SA's client for naphtha-based PE resin and has
invested US$15 million over the last five years in its processes
in order to "keep its leading position in the market" and to use
the "green" resin in its product ranges.

The report notes that Braskem SA is investing BRL500 million
(US$292 million) in the construction of a plant to produce 200,000
tpa of the green PE.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of November 10, 2009, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating.


BRASKEM SA: Inks US$2.5BB Petrochemical Project With Idesa
----------------------------------------------------------
Braskem SA and Idesa won the auction promoted by Pemex Gas, a
state-owned company from Mexico, for the acquisition of raw
materials with the objective of developing a large integrated
petrochemical project in that country.  The agreement will involve
the supply of natural gas for 20 years in competitive conditions
to be used as raw material in a cracker with the capacity for 1
million tons of ethylene per year, integrated with three
polymerization units for producing 450 thousand tons of HDPE per
year, 350 thousand tons of LLDPE per year and 200 thousand tons of
LDPE per year.

The beginning of operations for the project is projected for 2015
and it will be located in the Coatzacoalcos Petrochemical Complex,
in the Mexican state of Veracruz.  It will be installed and
operated by a joint venture to be formed with Braskem SA having
majority and Idesa minority participation.  The main objective
will be to supply the domestic market in Mexico, which currently
imports polyethylene.

Projected investments for installing the complex are initially
projected to be US$2.5 billion.  Shareholders intend to make it
through project financing with at least 70% of debt and the rest
with their own capital.

"The new enterprise will have a global scale, the best technology
available in the market and competitive access to raw material,
characteristics that will ensure its high productivity and
differentiation in relation to the Gulf of Mexico.  The
partnership with IDESA will decisively complement integration of
the investment with Mexican clients and the Value Chain," says
Bernardo Gradin, president of Braskem.  "The project is perfectly
aligned with the growth strategy through the diversification of
competitive raw material sources, creation of value and
internationalization of our company, which projects North America
as an important platform for its growth," adds Gradin.  The
alliance between IDESA, PEMEX and BRASKEM will offer a solid base
that will contribute towards development of the Mexican
petrochemical industry.

Idesa has more than 50 years of experience in the Mexican market
and an active presence in international markets.  It is comprised
of three business areas: petrochemical, distribution and
construction systems, operating several production and commercial
companies through strategic alliances of renowned prestige and
market leaders.

                        About Braskem SA

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of November 10, 2009, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating.


BRASKEM SA: Inks PVC Specialities Commercialization With Mexichem
-----------------------------------------------------------------
Braskem S.A. has started the commercialization at the pre-
marketing stage of PVC specialties resins made by Colombian
company Mexichem, through a supply contract signed between the
companies with duration of 5 years.  The agreement aims at keeping
the regular supply of this market segment due to an initiative by
Braskem to hibernate a small and old industrial plant located in
the neighborhood of Vila Prudente, in Sao Paulo, as of the next
year.

That decision has been taken based on the business’
sustainability, which due to the plant’s low production scale and
to the distance from the main sources of raw materials (MVC) --
transported by Braskem from Camaçari, in the state of Bahia, in a
complex logistic operation -- had been pointing to a loss of
competitiveness.

Braskem SA will remain in the PVC Specialties business through the
partnership with Mexichem, keeping the same line of products, and
awaiting for a better occasion to invest in a new plant.  The unit
in Vila Prudente will be turned into a Products Distribution
Center, where, in addition to PVC Specialties, it may also store
and dispatch other resins made by Braskem.

The production halt in that plant will benefit the population
living in the region due to the consequent reduction in
environmental impacts and to their lower exposition to the risks
inherent to any industrial activity.  The plant’s halt has been
forecasted to January 31st, 2010.  During the two subsequent
months its facilities will be cleaned and sanitized, and the
assets will be kept under "hibernation", awaiting a future
decision.

The Commercial team responsible for the PVC Specialties business
has undertaken the previous communication to Clients ensuring the
continuity or Braskem’s business.  The group of company’s members
involved with the operation, comprising 53 people, and all
partners have been informed simultaneously on the decision and on
the measures taken to identify all relocation opportunities to
other areas in the company or to minimize the impact generated by
the need to undertake shutdowns.  The necessary adjustments will
be aligned to Braskem’s commitments with transparency, respect and
valorization of our personnel, including specialized and
differentiated support to the involved group during this career
reorientation stage.

                        About Braskem SA

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of November 10, 2009, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating.


BROOKFIELD INCORPORACOES: To Raise BRL450MM From Debenture Issue
----------------------------------------------------------------
Brookfield Incorporacoes SA's board of authorized the company to
raise up to BRL450 million (US$262 million) from a non-convertible
debenture issue, Rogerio Jelmayer at Dow Jones Newswires reports,
citing a company statement.

According to the report, the company didn't unveil others details
of the issue.  The report relates that the operation must be
approved by the Brazilian Securities and Exchange Commission
(CVM).

Dow Jones Newswires says that as far this year, local companies
have raised BRL8.36 billion from issuing debentures.

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

                           *     *     *

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


COMPANHIA SIDERURGICA: Still Mulls IPO for Mining Operations
------------------------------------------------------------
Companhia Siderurgica Nacional S.A. is still considering a
possible IPO for its mining assets, SteelGuru News reports, citing
BNamericas.

According to the report, Charles Putz CEO of Namisa said that
"What we have decided so far is that CSN will create a new company
and combine all of its mining businesses.  But they are still
preliminary studies to see whether there is going to be an IPO for
this new company."  Mr. Putz, the report relates, said that the
new company would include CSN's Casa de Pedra mine and 60%
controlled Namisa, both located in Minas Gerais state.  Logistics
assets related to mining the MRS rail company and operations at
Itaguai port would be included as well, he added.

SteelGuru News notes that Mr. Putz said that an IPO would not
affect Namisa, as in practical terms nothing changes.

                           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+.


GAFISA SA: Records BRL63.7 Million Net Profit in Third Quarter
--------------------------------------------------------------
Gafisa SA reported a third-quarter net profit of BRL63.7 million
(US$37 million), up from BRL14.5 million a year earlier, Rogerio
Jelmayer at Dow Jones Newswires reports.  The report relates that
the company attributed the increase to a rise in revenue, which
more than doubled in the period.

According to the report, Gafisa SA reported third-quarter net
revenue of BRL877 million, up from BRL378.9 million.

"The outlook for homebuilders brightened considerably during the
third quarter as investor optimism towards Brazil returned and
public institutions, such as BNDES and Caixa Economica Federal,
played an important role in accelerating the economic recovery and
helping to avert a prolonged recession," company chief executive
Wilson Amaral said in a statement obtained by the news agency.

Dow Jones Newswires notes that Gafisa's earnings before interest,
taxes, depreciation and amortization was BRL179 million in the
third quarter, up from BRL69.8 million.  The company's Ebitda
margin, the report notes, was 20.4% in the third quarter, compared
with 18.4% last year.

                        About Gafisa SA

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. is one of the largest fully integrated homebuilders in the
country ranking second in terms of revenues and volumes, and
also one of the most diversified in terms of product offering to
different income levels and geographies, operating in 20
different states.  With an estimated market share of 6% in
Brazil, Gafisa had net revenues of BRL1.3 billion in the last 12
months ending on March 31, 2008.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 24, 2009, Moody's has affirmed Gafisa's Ba2 local
currency corporate family rating, but changed the outlook to
negative from stable.  At the same time, Gafisa's Brazilian
national scale corporate family rating was downgraded to A1.br
from Aa3.br.


TAM SA: Approves Emilio Romano's Election as New Board Member
-------------------------------------------------------------
TAM S.A. in an Extraordinary General Shareholders' Meeting,
accepted the resignation of Flavia Turci and approved Emilio
Romano's election as the new Member of TAM's Board.

Emilio Romano is currently the President and CEO of Grupo Puerta
Alameda (GPA), a Mexican real estate development company, and was
the CEO of Grupo Mexicana de Aviacion between 2004 and 2007.

Maria Claudia Oliveira Amaro will remain President of the Board,
with Mauricio Rolim Amaro as Vice President, positions that both
have held since April 2007.

    Investor Relations:
    Phone: (55) (11) 5582-9715
    Fax: (55) (11) 5582-8149
    invest@tam.com.br
    http://www.tam.com.br/ir

    Media Relations:
    http://www.tam.com.br
    http://www.taminforma.com.br
    MVL Comunicacao
    Phone: (55) (11) 3594-0328
    equipetam@mvl.com.br

                          About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As reported in the Troubled Comany Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A's US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.


* BRAZIL: To Boost Lending to Small Enterprises W/ US$3BB IDB Loan
------------------------------------------------------------------
Brazil will spur competitiveness and job creation in micro, small,
and medium-sized enterprises by channeling financing to the sector
with help from a US$3 billion conditional credit line from the
Inter-American Development Bank.

The conditional credit line for investment projects and a first
loan of US$1 billion from the facility were approved by the board
of the IDB.  The Bank's assistance -- the second of its kind for
the country -- will include matching funds from Brazil's National
Economic and Social Development Bank totaling US$3 billion in
order to ensure a steady flow of medium- and long-term funds to
finance investment projects of micro and small companies.

BNDES will use the IDB loan and its own resources to finance a
program aimed at boosting credit for micro and small companies.
The funds will provide liquidity to financial institutions to
extend credit for these companies to expand, update, and diversify
their production.

Microenterprises, microentrepreneurs, and individuals can receive
up to US$200,000 of financing from the program while small and
medium-size businesses can get as much as US$850,000 and US$3
million, respectively.

Micro, small and medium size enterprises are vital for Brazil's
economy, generating two out of every three jobs.  However, its
access to medium-and long-term market credit, which has
traditionally been limited due to structural problems, has been
further squeezed by the global financial crisis.

In light of this, the government has stepped in to close the
credit gap, with BNDES approving 86,000 operations with micro and
small companies in 2007 and 122,000 in 2008, disbursing BRL12.1
billion and BRL17.6 billion, respectively.  The IDB's multicredit
program follows on the steps of a similar conditional credit line
approved in 2004 in order to provide continued support to this
strategy.

The Bank's US$1 billion loan, first in a series of three under the
second conditional credit line, is for a 20-year term, including a
four-year grace period, at a LIBOR-based interest rate.

                           *     *     *

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


ADELE BUSINESS: Creditors' Proofs of Debt Due on January 12
-----------------------------------------------------------
The creditors of Adele Business Limited are required to file their
proofs of debt by January 12, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 12, 2009.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


ALESI INVESTMENT: Creditors' Proofs of Debt Due on January 12
-------------------------------------------------------------
The creditors of Alesi Investment Ltd. are required to file their
proofs of debt by January 12, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 12, 2009.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


AMPSS 2007-5: Creditors' Proofs of Debt Due on November 25
----------------------------------------------------------
The creditors of AMPSS 2007-5 SPC are required to file their
proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 13, 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


ANGLIC INVESTMENT: Creditors' Proofs of Debt Due on January 13
--------------------------------------------------------------
The creditors of Anglic Investment Ltd. are required to file their
proofs of debt by January 13, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 13, 2009.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


BASALT INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On August 5, 2009, the sole shareholder of Basalt Investments,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
November 17, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Shameer Jasani
          Telephone: (345) 815 1802
          Facsimile: (345) 949 1986
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CARDINAL HEALTH: Creditors' Proofs of Debt Due on November 25
-------------------------------------------------------------
The creditors of Cardinal Health Choice Insurance Co. SPC, Ltd.
are required to file their proofs of debt by November 25, 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:

          Peter Jones
          P.O. Box 10073, Grand Cayman KY1-1001
          Cayman Islands


CASTELLO INVESTMENT: Creditors' Proofs of Debt Due on January 14
----------------------------------------------------------------
The creditors of Castello Investment Ltd. are required to file
their proofs of debt by January 14, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          MBT Trustees Ltd.
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


CZECH & SLOVAK: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on September 15, 2009,
the members of Czech & Slovak Investment Corporation Inc resolved
to voluntarily liquidate the company's business.

The company's liquidators are:

          Lee De'ath and Adrian Hyde
          Chantrey Vellacott DFK LLP
          Town Wall House, Balkerne Hill
          Colchester, Essex
          CO3 3AD, England


EVERLEE INVESTMENTS: Creditors' Proofs of Debt Due on November 16
-----------------------------------------------------------------
The creditors of Everlee Investments Limited 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 October 13, 2009.

The company's liquidator is:

          Buchanan Limited
          c/o Rose Ferguson
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, Grand Cayman KY1-1102
          Cayman Islands


JUNO MOTHER: Commences Liquidation Proceedings
----------------------------------------------
On October 8, 2009, a special resolution was passed that
voluntarily liquidates the business of Juno Mother Earth Resources
Fund, Ltd.

The company's liquidators are:

          Kenneth Krys
          Timothy Le Cornu
          Krys & Associates (Cayman) Limited
          Governers Square Building 6
          2nd Floor, 23 Lime Tree Bay Avenue
          PO Box 31237, Grand Cayman KY1


MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-H) Limited
are required to file their proofs of debt by November 25, 2009, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

          Graham Robinson
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          RHSW (Cayman) Limited P.O. Box 897
          One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands


MUTUAL FUND: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------
The creditors of Mutual Fund Basket Reference Fund (1-I) Limited
are required to file their proofs of debt by November 25, 2009, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 14, 2009.

The company's liquidator is:

          Graham Robinson
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          RHSW (Cayman) Limited P.O. Box 897
          One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands


PEPENE LTD: Creditors' Proofs of Debt Due on January 13
-------------------------------------------------------
The creditors of Pepene Ltd. are required to file their proofs of
debt by January 13, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 13, 2009.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


RAB DIVERSIFIED: Creditors' Proofs of Debt Due on November 25
-------------------------------------------------------------
The creditors of Rab Diversified Commodities (Master) Fund Limited
are required to file their proofs of debt by November 25, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on October 9, 2009.

The company's liquidator is:

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


RAB DIVERSIFIED: Creditors' Proofs of Debt Due on November 25
-------------------------------------------------------------
The creditors of Rab Diversified Commodities Fund Limited are
required to file their proofs of debt by November 25, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 9, 2009.

The company's liquidator is:

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


SOUTHSTAR DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 26
----------------------------------------------------------------
The creditors of Southstar Developments, Inc are required to file
their proofs of debt by November 26, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Graham Robinson
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          RHSW (Cayman) Limited P.O. Box 897
          One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands


TE EAGLE: Creditors' Proofs of Debt Due on November 25
------------------------------------------------------
The creditors of Te Eagle Investors, Ltd. are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 7, 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 EAGLE: Creditors' Proofs of Debt Due on November 25
------------------------------------------------------
The creditors of TE Eagle Portfolio, Ltd. are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 7, 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 GRAHAM: Creditors' Proofs of Debt Due on November 25
-------------------------------------------------------
The creditors of Te Graham K4 Investors, Ltd. are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 5, 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 GRAHAM: Creditors' Proofs of Debt Due on November 25
-------------------------------------------------------
The creditors of Te Graham K4 Portfolio, Ltd. are required to file
their proofs of debt by November 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 5, 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


====================
E L  S A L V A D O R
====================


EL SALVADOR: Fitch Puts 'BB' Rating on US$-Denominated Bond Issue
-----------------------------------------------------------------
Fitch Ratings has assigned El Salvador's upcoming US$-denominated
bond issue, which matures in 2019, a 'BB' rating.

The rating is in line with El Salvador's long-term foreign
currency Issuer Default Rating of 'BB' with a Negative Rating
Outlook.  The proceeds will go toward refinancing a portion of
domestic public debt.

Monetary stability underpinned by official dollarization, a good
track record on structural reforms and a relatively solid
financial sector support El Salvador's ratings.  However, a weak
macroeconomic outlook along with fiscal deficits in excess of 4%
of GDP over the forecast period places the sovereign's debt
dynamics on a deteriorating trajectory unless measures are enacted
to boost revenues and contain expenditure.

"The Negative Outlook on El Salvador's ratings reflects a
structural deterioration in the country's fiscal and growth
trajectories," said Casey Reckman, Associate Director in Fitch's
Sovereign Group.

Sustained fiscal slippage, a more difficult financing outlook and
resurgent political gridlock could reinforce downward pressure on
El Salvador's sovereign ratings.  On the other hand, stronger
growth, fiscal consolidation and easing of financing constraints
could help uphold El Salvador's sovereign creditworthiness.


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


* GUYANA: IDB OKs US$5MM Loan to Strengthen Financial Sector
------------------------------------------------------------
The Inter-American Development Bank approved a US$5 million loan
to strengthen Guyana's financial sector.  This program supports
one of the three pillars in the IDB Country Strategy for Guyana
(2009-2012), namely the Competitiveness Strategy.  It is aimed at
increasing access to financial services, enhancing transparency of
financial sector issues and enhancing macroeconomic stability.

The Bank's lending, the second in a series of three consecutive
programmatic policy-based loans for the sector of US$5 million
each, will support measures to improve supervision of the Bank of
Guyana, enhance transparency, and boost the payment system's
efficiency.

Moreover, the financing will also support measures to curb money
laundering while promoting increased access to credit and other
financial services for firms and individuals in order to foster
the development of productive economic activities.

Results from the second programmatic loan include the passage of
the new Act on money laundering and financing of terrorism, which
includes the establishment of a Financial Intelligence Unit.  It
also supports the preparation of draft new legislation for the
creation of a Credit Bureau; enhance coordination and sharing
information among supervisory agencies; and to bring the New
Building Society under Bank of Guyana supervision.

The third operation will see the conclusion of some of these
reforms which would make the financial sector more resilient to
both internal and external pressures and at the same time more
responsive to the evolving financial needs of the Guyanese private
sector and public in general.

The Bank's lending consists of a US$2.5 million credit from its
ordinary capital for a 30-year term with a six-year grace period,
and a US$2.5 million loan from its concessional Fund for Special
Operations for a 40-year term, 40 years of grace, and 0.25%
interest.


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


AIR JAMAICA: Moody's Junks Corporate Family Rating From 'B3'
------------------------------------------------------------
Moody's Investors Service lowered the corporate family rating and
senior unsecured debt ratings of Air Jamaica Limited to Caa1 from
B2, and changed the outlook to negative.

The debt rating reflects the Government of Jamaica's unconditional
and irrevocable guarantee of the rated debt obligations of Air
Jamaica.  The rating action on Air Jamaica's debt follows the
downgrade of the Government of Jamaica's local and foreign
currency bond ratings to Caa1.

The government has been unable to reach a timely agreement with
the International Monetary Fund for a stand-by facility, despite
lengthy negotiations.  This increases the likelihood of a
restructuring of the government's obligations, in order to restore
debt sustainability.  The Caa1 rating of the government debt
reflects that a potential restructuring would likely result in
limited losses given the government's traditionally strong
willingness to pay and the exposure of the local financial system
to the government's debt.  The negative outlook reflects the risk
that a continued non-resolution of IMF financing could erode
confidence and possibly lead to a restructuring under duress and
with larger losses.

The Caa1 rating assigned to Air Jamaica debt reflects the
application of Moody's rating methodology for government-related
issuers, "'The Application of Joint Default Analysis to
Government-Related Issuers."

Continuing government support is high because the government
guarantees about $500 million of the company's debt and owns all
the common shares.  The default dependency is high because, if Air
Jamaica is unable to make timely payments of interest and
principal the unsecured notes will become the obligation of the
Government of Jamaica and will be included as public sector
indebtedness.

The Baseline Credit Assessment for Air Jamaica is a range from 19
to 21, and reflects the airline's record of poor operating
performance, as well as the limited near-term prospects to improve
operating efficiency and credit metrics.  The company has shrunk
its operations meaningfully over the past year to stem large
operating losses, and faces increased competition to its core U.S.
network footprint from large U.S. operators.  The company also
faces an uncertain demand picture entering the seasonally high
winter travel months, during which it generates a majority of its
operating cash flows.

Downgrades:

Issuer: Air Jamaica Limited

  -- Corporate Family Rating, Downgraded to Caa1 from B2

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
     from B2

Outlook Actions:

Issuer: Air Jamaica Limited

  -- Outlook, Changed To Negative From Stable

The last rating action on Air Jamaica was the downgrade of the
senior unsecured debt rating to B2 from B1 and the confirmation of
the corporate family rating on March 4, 2009.

Air Jamaica's Baseline Credit Assessment reflects factors Moody's
believe are relevant to its credit profile, such as i) the
business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Air Jamaica's core industry and the company's ratings
are believed to be comparable to those of other issuers of similar
credit risk.

Air Jamaica Limited and its parent company, Air Jamaica Holdings
Limited, are headquartered in Kingston, Jamaica.


AIR JAMAICA: Tourism Ministry to Sell Portion of Stake
------------------------------------------------------
Air Jamaica Limited is back on the market, Caribbean360.com
reports, citing Tourism Minister Edmund Bartlett.

"We have had some discussions but I think that those discussions
have not quite materialized, so I think Air Jamaica is back on the
market.  We are still seeking to find a partner," the report
quoted Mr. Bartlett as saying.  "We are not interested in selling
off Air Jamaica in full.  Jamaica will always maintain a
significant interest in Air Jamaica but we need partnerships to
keep the airline alive . . . We are working now to see if we can
get partnerships to share in the cost of operating Air Jamaica,"
he added

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

Meanwhile, according to the report, Chairman of the Jamaica
Tourist Board John Lynch has reported that despite continued
financial losses, Air Jamaica's performance of the national
airline has improved over the last six months.  "Air Jamaica has
been doing much better over the last six months.  They are still
losing a lot of money but by cutting their routes, rationalizing,
and flying more efficiently, they have cut cost.  They are doing
much better," the report quoted Mr. Lynch as saying.

                       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
November 5, 2009, 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.


AIR JAMAICA: Spirit Airlines Petitioned to Drop Bid
---------------------------------------------------
A former president of the Jamaica Airline Pilots Association has
sent an open letter to Spirit Airlines, asking the low-cost
carrier to drop its bid to purchase Air Jamaica Limited and
disclose the purchase price to the current and former Air Jamaica
employees who are determined to keep the country's only airline
under Jamaican ownership -- even if it means purchasing it
themselves.

Wesley Sampson and his organization, Mayday Air Jamaica, mean
business: If Spirit Airlines does not walk away from the deal,
Mayday Air Jamaica and its supporters will picket at Air Jamaica
in Miami on December 15.  Mr. Sampson is staging the peaceful
protest knowing full well its potential to disrupt holiday travel
at one of the nation's busiest hubs.

"According to the United Nations' Human Development Index, which
measures the percentage of a population suffering from
malnourishment, Jamaica is one of the ten poorest countries in the
world," Mr. Sampson stated.  "Air Jamaica is our one remaining
national treasure, our only resource to hand down to the children
of Jamaica in hopes of a better future for them.  It is
unconscionable to take this asset out of Jamaican hands and place
it under the control and ownership of private foreign nationals
when we have capable, experienced Jamaicans ready, willing and
able to purchase and run the airline right now."

Mayday Air Jamaica contends the national airline of Jamaica is the
only net foreign exchange earner the government of Jamaica owns;
to remove it completely from Jamaican ownership would be to push
the country further into poverty.  In addition to asking Spirit
Airlines to withdraw its offer to buy Air Jamaica and publicly
disclose the terms of its purchase deal, Mayday Air Jamaica is
asking the Jamaican government to sell the airline to the
employees at the same terms, at a 20% discount designed to show
support for the people of Jamaica.

Mr. Sampson, an American citizen, and his colleagues in the Mayday
Air Jamaica cause who are standing by in hopes of purchasing Air
Jamaica are not seeking to shut out Spirit Airlines completely.
The group is open to talking with Spirit Airlines about the U.S.
carrier's specific needs on the route in which it is primarily
interested in operating.

"Mayday Air Jamaica's intent is to use all peaceful and legal
means at its disposal, including picketing at Miami International
and boycotting all potential foreign buyers, to discourage foreign
interests from pursuing the purchase of Air Jamaica and to
convince the government of Jamaica to sell the national airline to
its current and former employees," Mr. Sampson finished.

A petition supporting Mayday Air Jamaica's platform is now
circulating at Miami International, and discussion is underway at
Mayday Air Jamaica's blog, http://blog.maydayairjamaica.com.

    Contact:

    Wesley Sampson
    Mayday Air Jamaica
    786-340-4192
    admin@maydayairjamaica.com
    http://www.maydayairjamaica.com

                      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
November 5, 2009, 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.


AIR JAMAICA: Sale Depends on International Monetary Fund
--------------------------------------------------------
The divestment of Air Jamaica is now contingent on the signing of
an accord between the Bruce Golding-led administration and the
International Monetary Fund, The Gleaner Power 106 News reports.
Information Minister Daryl Vaz told the news agency that the
divestment cost is a major factor in the IMF talks.

According to the report, Mr. Vaz gave the assurance that
negotiations with at least two investors to partner with the
government to run the airline are continuing.  The report relates
that it will cost the government close to US$200 million to divest
the national airline.

According to the report, the recommendation of the committee set
up to carry out the divestment process has been before Cabinet
since last month.

The report notes that President and CEO of the airline Bruce
Nobles confirmed that talks are continuing to divest the national
carrier.

                         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
November 5, 2009, 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.


* JAMAICA: Activity in the Financial Sector Flat
------------------------------------------------
The rise in non-performing loans is beginning to take a toll on
Jamaica's local financial sector, RadioJamaica reports.

According to the report, the Planning Institute of Jamaica said
that the financial and insurance services sector remained flat
during the July to September quarter.  The report relates that
this was due mainly to the effect of the global economic crisis on
Jamaica.

However, the report notes, the PIOJ said that the lag was also
caused by the rise in bad debts and an increase in operational
expenses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 20, 2009, Moody's Investors Service downgraded Jamaica's
local and foreign currency government bond ratings to Caa1 from
B2, as options to restore debt sustainability without a debt
restructuring are narrowing despite the strong resolve of the
authorities to avoid a rescheduling.  Delays in reaching an IMF
agreement are also an issue of concern.  The outlook on the new
ratings is negative.


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


SATELITES MEXICANOS: Q3 2009 Revenue Up 7.3% to US$30.9 Million
---------------------------------------------------------------
Peter B. de Selding at SpaceNews reports that Satelites Mexicanos,
S.A. de C.V's third quarter revenue increased 7.3% to US$30.9
million.  The report relates that the company's its core fixed
satellite services business of leasing transponder capacity was up
10% during the period, but that its broadband satellite service
sales were down.

According to the report, Satmex Mexicanos had nearly US$95 million
in cash and cash equivalents as of September 30, up from US$58.2
million at the beginning of the year.  The report says that the
company reported total debt of $417 million as of Sept. 30.

SpaceNews notes that the company continued to look for a way to
finance a new satellite without violating its debt covenants.

The report says that Satmex Mexicanos, which like other satellite
operators in North America is facing a decline in business from
satellite broadband provider Hughes Network Systems, said backlog
dropped by 7%, to US$240.3 million as of September 30, compared
where it stood June 30.

The report relates that Germantown, Md.-based Hughes; which is
the company's biggest, accounting for 20% of the revenue for the
nine months ending Sept. 30; is gradually migrating its customers
away from Ku-band capacity leased on other satellite operators’
fleets and toward the Hughes-owned Spaceway 3 Ka-band satellite.

Satmex Mexicanos, the report adds, said that 45% of its backlog is
for service to be provided in 2009 and 2010.

                        About Satmex

Satelites Mexicanos, S.A. de C.V., is the leading satellite
service provider in Latin America. Our fleet offers hemispheric
and regional coverage throughout the Americas.

                        *     *     *

As of September 1, 2009, the company continues to carry these
ratings placed by Moody's:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.


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


* PERU: IBD OKs US$50 Million to Improve Social Programs
--------------------------------------------------------
The Inter-American Development Bank approved a US$50 million loan
to Peru to help finance reforms in several of the country’s anti-
poverty programs.  The reforms seek to improve the effectiveness
and focalization of Peruvian social programs, as a contribution to
sustainable poverty reduction in Peru.

The social programs that the IDB's lending will help reform
include:

    * the conditional cash transfer program JUNTOS, which
      benefits over 420,000 poor households under the condition
      that they agree to use public health and nutrition services
      and send their children to school;

    * the Comprehensive Health Insurance Program
      (known as SIS for its acronym in Spanish), which help more
      than 10 million low-income beneficiaries to gain access to
      reproductive and mother-child healthcare services;

    * the youth labor training program PROJOVEN;

    * Construyendo Peru, a program that creates temporary jobs for
      the unemployed by funding social and productive
      infrastructure projects.

The IDB loan will help reform JUNTOS' regulations and operating
processes, increasing the impact of its transfers, and improving
its verification of co-responsibilities between the state and its
beneficiaries.

The funds will also help to boost access to basic health services
among the poor.  The SIS reforms will help standardize processes,
improve service procurement, and increase levels of enrollment,
payment of claims to providers, audits, and quality assessment.

On employment, the Bank's funds will help implement
countercyclical mechanisms and a labor market information system,
and will promote new operating regulations for Construyendo Peru
in order to obtain better identity beneficiaries and focalize
regionally.

The loan will help strengthen the Household Focalization System,
which enables the government to identify and select beneficiaries
according to their poverty level.  It will also help launch a
permanent updating system for the household registry, so that
different social programs can use consistent methods for
focalization.  This will strengthen SISFOH by making its future
use by social programs more likely.

The financing package, first in a series of three programmatic
policy based loans, is for a 20-year term, with a five-year grace
period, and a variable LIBOR-based interest rate.

                           *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


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


PETROLEOS DE VENEZUELA: 1H Profit Drops 67% to US$3.15 Billion
--------------------------------------------------------------
Daniel Cancel at Bloomberg News reports that Petroleos de
Venezuela SA's first-half profit fell 67% to US$3.15 billion due
to of plunging oil prices and production cuts after the
Organization of Petroleum Exporting Countries slashed targets.

According to the report, net income fell to US$3.15 billion.  The
report relates that crude exports fell 4.9% to 2.75 million
barrels per day, while production of crude and natural gas liquids
dropped 5.4% to 3.22 million barrels.

Bloomberg News notes that PDVSA froze workers’ wages and cut
managers’ pay by 20% in April after oil prices plunged.  The
company has sold US$6.3 billion in bonds this year to cover
shortfalls and to pay down debts with service suppliers, the
report says.

“PDVSA’s numbers not only reflect a lower oil price in revenues
compared to a year earlier, but most importantly reflect a company
that is struggling with production,” Patrick Esteruelas, a Latin
America analyst at Eurasia Group in New York, told the news agency
in a phone interview.

Bloomberg, citing a company statement, says that revenue in the
first half of the year fell 52% to US$32.5 billion and cash
transfers to the government dropped 65% to US$7.07 billion.  The
company’s contributions to government-run social programs
including health clinics, subsidized grocery stores and public
schools plunged 50% to US$642 million, the statement added.

The oil company’s total assets, the report notes, rose 4% to
US$137.2 billion, mostly due to the nationalizations of oil
services companies this year; while debt to suppliers rose to
US$8.15 billion at the end of June, up 7.8% from the end of last
year.

Meanwhile, the report notes that Helmerich & Payne Inc., a U.S.
drilling company, said it has received US$32 million in payments
from PDVSA and that about US$73 million remains outstanding.

Bloomberg News adds that PDVSA´s total debt climbed 7.4% to
US$16.2 billion in the first half, or 12% of total assets.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR


PETROLEOS DE VENEZUELA: Launches PDVSA Vessel Built in Brazil
-------------------------------------------------------------
Petroleos de Venezuela S.A. launched the “Abreu e Lima” cargo
ship, in the facilities of the EISA shipyard, on Isla del
Gobernador, Rio de Janeiro, Brazil.

The construction of the ship is a result of the bilateral
agreements signed between the Bolivarian Republic of Venezuela and
the Federative Republic of Brazil, the guidelines of the Oil
Sowing Plan 2009-2030 and the national strategy of geopolitical
integration of looking towards the south of our continent.

In the ceremony, the executive director of PDVSA Do Brasil, Sergio
Tovar, expressed on behalf of Petroleos de Venezuela, S.A. and
their affiliates PDVSA Naval and PDV Marina that “this is the
first of the various vessels to be built for the transportation of
clean oil by-products, with a capacity of 47,000 dead weight tons
(dwt), equivalent to circa 320,000 barrels.”

This project will facilitate the transportation of oil by-products
to both the domestic and the international market.  This vessel
increases the Venezuelan cargo fleet, and consolidates the
nation’s naval sovereignty, with a view to Latin American
integration.

The construction of the Abreu e Lima is part of the agreement
signed between PDV Marina, the company MAUA JURONG and the
Brazilian shipyard EISA, and the project was managed by PDVSA
Naval.  The vessel was named after the Brazilian hero Jose Inacio
Abreu e Lima, who fought together with the Liberator Simon
Bolívar, as a general in Venezuela’s War of Independence, a
gesture that reaffirms the brotherhood among the peoples of the
South.

The strategic alliance between PDV Marina, PDVSA Naval and the
Brazilian shipyard EISA for the construction of oil cargo vessels
boosts technology transfer, which will enable in the near future
the manufacture of large vessels in Venezuela, which will
reactivate Venezuela’s merchant marine, will create jobs in the
country’s naval sector and associated industries, under the
premise of the conception of a new socialist productive model,
aimed at achieving energy autonomy of the region.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR


* VENEZUELA: Subsidizes Govt-Owned Industries on Commodity Falls
----------------------------------------------------------------
Venezuela’s government is subsidizing state-owned industries after
the fall in world prices for commodities and state companies
cannot pay its workers dividends, Jose Orozco at Bloomberg News
reports, citing President Hugo Chavez.

According to the report, Mr. Orozco said that state companies
including aluminum and steel producers have had losses during the
recent slide in prices.  Workers threatening to strike over
benefits are acting as counter-revolutionaries, he added.  “There
have been losses because much less is being sold at much lower
prices,” the report quoted President Hugo Chavez as saying.  “The
government is subsidizing these companies because their income
isn’t enough,” Mr. Chavez added.

Bloomberg News, citing Correo del Caroni News, notes that steel
company Siderurgica del Orinoco (Sidor) produced 2.2 million tons
of liquid steel in the first three quarters of the year, a decline
of 17% from 2008.
                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.


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


* BOND PRICING: For the Week November 16 to November 30, 2009
-------------------------------------------------------------


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


ARGENTINA

ALTO PALERMO SA     7.88     5/11/2017         USD              86
ARGENT-$DIS         8.28     12/31/2033        USD           68.34
ARGENT-$DIS         8.28     12/31/2033        USD           71.73
ARGENT-PAR          1.18     12/31/2038        ARS           38.22
ARGENT-=DIS         7.82     12/31/2033        EUR           60.86
ARGNT-BOCON PR13       2     3/15/2024         ARS           74.65
ARGNT-BOCON PRE8       2     1/3/2010          ARS           10.93
BANCO MACRO SA      9.75     12/18/2036        USD              79
BANCO MACRO SA     10.75     6/7/2012          USD           72.09
BUENOS AIRE PROV    9.38     9/14/2018         USD           68.07
BUENOS AIRE PROV    9.63     4/18/2028         USD           65.51
BUENOS-$DIS         9.25     4/15/2017         USD           71.25
INVERSORA ELEC       6.5     12/26/2017        USD           42.75
MENDOZA PROVINCE     5.5     9/4/2018          USD           72.13
MULTICANAL SA          7     7/20/2013         USD           74.75
TRANSENER           8.88     12/15/2016        USD           83.15


BRAZIL

CESP                9.75     1/15/2015         BRL           69.66
REDE EMPRESAS      11.13     #N/A N Ap         USD              80


CAYMAN ISLAND

AES DOMINICANA        11     12/13/2015        USD           98.63
BARION FUNDING      0.63     12/20/2056        GBP           18.49
BARION FUNDING      1.44     12/20/2056        GBP           32.05
BES FINANCE LTD      6.2     2/7/2035          EUR           72.31
BISHOPSGATE ASSE    4.81     8/14/2044         GBP            69.5
CHINA MED TECH         4     8/15/2013         USD           63.63
CHINA PROPERTIES    9.13     5/4/2014          USD           77.63
FERTINITRO FIN      8.29     4/1/2020          USD              70
GOL FINANCE         8.75     #N/A N Ap         USD            81.9
JA SOLAR HOLD CO     4.5     5/15/2013         USD              69
LDK SOLAR CO LTD    4.75     4/15/2013         USD           69.74
LDK SOLAR CO LTD    4.75     4/15/2013         USD            69.5
MAZARIN FDG LTD     0.63     9/20/2068         GBP            15.2
MAZARIN FDG LTD     1.44     9/20/2068         GBP           29.31
PUBMASTER FIN       6.96     6/30/2028         GBP           66.96
PUBMASTER FIN       8.44     6/30/2025         GBP           71.51
SHINSEI FIN CAYM    6.42     #N/A N Ap         USD           57.91
SHINSEI FIN CAYM    6.42     #N/A N Ap         USD           57.52
SHINSEI FINANCE     7.16     #N/A N Ap         USD           57.15
SHINSEI FINANCE     7.16     #N/A N Ap         USD              58
SMFG PREFERRED      6.16     #N/A N Ap         GBP           79.05
XL CAPITAL LTD       6.5     #N/A N Ap         USD            71.5


ECUADOR

REP OF ECUADOR      9.38     12/15/2015        USD           92.32

JAMAICA

JAMAICA GOVT           8     6/24/2019         USD            73.5
JAMAICA GOVT         8.5     2/28/2036         USD              70
JAMAICA GOVT       13.38     4/27/2032         JMD           63.83
JAMAICA GOVT LRS   12.75     6/29/2022         JMD           65.37
JAMAICA GOVT LRS   12.75     6/29/2022         JMD           65.35
JAMAICA GOVT LRS   12.85     5/31/2022         JMD           66.04
JAMAICA GOVT LRS   13.38     12/15/2021        JMD           69.44
JAMAICA GOVT LRS   13.58     12/15/2026        JMD           64.83
JAMAICA GOVT LRS      14     6/30/2021         JMD           73.33
JAMAICA GOVT LRS    14.4     8/3/2027          JMD           70.57
JAMAICA GOVT LRS      15     8/30/2032         JMD           73.47
JAMAICA GOVT LRS    15.5     3/24/2028         JMD           73.92

PUERTO RICO

PUERTO RICO CONS     6.1     5/1/2012          USD           65.75
PUERTO RICO CONS     6.2     5/1/2017          USD              48
PUERTO RICO CONS     6.5     4/1/2016          USD              49


VENEZUELA

PETROLEOS DE VEN     4.9     10/28/2014        USD           58.26
PETROLEOS DE VEN       5     10/28/2015        USD           53.14
PETROLEOS DE VEN    5.13     10/28/2016        USD           50.62
PETROLEOS DE VEN    5.25     4/12/2017         USD           52.85
PETROLEOS DE VEN    5.38     4/12/2027         USD            43.3
PETROLEOS DE VEN     5.5     4/12/2037         USD           42.85
VENEZUELA           5.75     2/26/2016         USD           65.34
VENEZUELA              6     12/9/2020         USD           55.47
VENEZUELA              7     12/1/2018         USD           63.78
VENEZUELA              7     3/31/2038         USD           52.76
VENEZUELA           7.65     4/21/2025         USD           58.97
VENEZUELA           7.75     10/13/2019        USD           63.77
VENEZUELA           8.25     10/13/2024        USD           61.07
VENEZUELA              9     5/7/2023          USD           67.13
VENEZUELA           9.25     5/7/2028          USD           67.24
VENEZUELA           9.25     9/15/2027         USD           67.21
VENZOD - 189000     9.38     1/13/2034         USD           68.87



                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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