TCRLA_Public/091207.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, December 7, 2009, Vol. 10, No. 241

                            Headlines

A N T I G U A  &  B A R B U D A

LIAT LIMITED: Says No Flights Disruption Amid Industrial Action


A R G E N T I N A

ARQUIDRY SA: Creditors' Proofs of Debt Due on February 8
BITZER ARGENTINA: Creditors' Proofs of Debt Due on March 23
FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Currency Rating
LA SEGUNDA: Moody's Affirms 'B2' Global Local- Currency Rating
MARITIMA MONACHESI: Creditors' Proofs of Debt Due on December 10

MINERA HAUSSLER: Creditors' Proofs of Debt Due on March 2
SAN CRISTOBAL: Moody's Affirms 'B2' Global Currency Rating
TELECOM ARGENTINA: Findim Warns Over Sofora Stake Sale
* ARGENTINA: IDB OKs US$300MM Fund for Power Transmission Project
* ARGENTINA: S&P Puts 'B-' Rating on Neuquen's US$250 Mil. Notes


B A R B A D O S

COLUMBUS INTERNATIONAL: Moody's Assigns 'B2' Corp. Family Rating


B E R M U D A

ACCENTURE LTD: Creditors' Proofs of Debt Due on December 18
ACCENTURE LTD: Shareholder to Receive Wind-Up Report on Dec. 29
DEIMOS TRADING: Creditors' Proofs of Debt Due on December 9
DEIMOS TRADING: Sole Member to Receive Wind-Up Report on Dec. 30
HARROW INVESTMENTS: Creditors' Proofs of Debt Due on December 11

HARROW INVESTMENTS: Members to Receive Wind-Up Report on Dec. 19
MACQUARIE MEDIA: Shareholders' Meeting Set for December 17
PARTNERS SECURITY: Creditors' Proofs of Debt Due on December 18
PARTNERS SECURITY: Shareholders' Final Meeting Set for Dec. 29
PERINVEST MARKET: Contributories & Creditors to Meet on January 14

WTF REAL: Creditors' Proofs of Debt Due on December 9
WTF REAL: Sole Member to Receive Wind-Up Report on December 30


B O L I V I A

BANCO GANADERO: Moody's Assigns 'B2' Subordinated Debt Rating


B R A Z I L

BANCO BRADESCO: Boosted to "Buy" From "Neutral" at Goldman Sachs
BANCO IBI: S&P Raises Counterparty Credit Ratings From 'B+/B'
BANCO PANAMERICANO: Moody's Gives Positive Outlook on 'Ba2' Rating
BANCO SANTANDER: Rated "Buy" at BTG Pactual
BANCO SANTANDER: Stocks Rated "Overweight" at Morgan Stanley

MARFRIG ALIMENTOS: Hires Credit Suisse, Santander for Bond Sale
TAM SA: Among Top 10 Companies in Information Transparency
TRANSAX INT'L: Net Loss Widens to US$1.9MM for 9Months to Sept. 30


C A Y M A N  I S L A N D S

ABRIA ALPHA: Creditors' Proofs of Debt Due on December 10
ADELE BUSINESS: Members to Receive Wind-Up Report on January 12
ALESI INVESTMENT: Members to Receive Wind-Up Report on January 12
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on December 11
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on December 11

ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on December 11
ASSURED INCOME: Placed Under Voluntary Wind-Up
AZALEA TRADING: Creditors' Proofs of Debt Due on December 9
BRACTEA MASTER: Creditors' Proofs of Debt Due on December 10
BRACTEA OVERSEAS: Creditors' Proofs of Debt Due on December 10

DELTA GEMS: Placed Under Voluntary Wind-Up
IRON CONDOR: Creditors' Proofs of Debt Due on December 10
LANSDOWNE MACRO: Members Receive Wind-Up Report
LANSDOWNE EMERGING: Members Receive Wind-Up Report
LORETO INVESTMENTS: Members to Receive Wind-Up Report on Dec. 9

MARGA ENTERPRISES: Members to Receive Wind-Up Report on January 14
ML CBO: Members Receive Wind-Up Report
ML CBO: Members Receive Wind-Up Report
PALESTRINA FUNDING: Members Receive Wind-Up Report
PAMPELONNE CDO: Members Receive Wind-Up Report

PAMPELONNE CDO: Members Receive Wind-Up Report
PATRICK LIMITED: Members Receive Wind-Up Report
PROTOSTAR OFFSHORE: Creditors' Proofs of Debt Due on December 10
PROTOSTAR MASTER: Creditors' Proofs of Debt Due on December 10
RREEF APIF: Creditors' Proofs of Debt Due on December 10

SWON CDO: Creditors' Proofs of Debt Due on December 10
TE KEYNES: Creditors' Proofs of Debt Due on December 10
TE KEYNES: Creditors' Proofs of Debt Due on December 10
VOLATILITY ALPHA: Members Receive Wind-Up Report
THOR ASSET: S&P Downgrades Ratings on US$2 Bil. Senior Notes


C H I L E

EDELNOR: Corp. Nacional & Suez Agree to Merge Ventures Into Firm


C O L O M B I A

ECOPETROL SA: ADRs to Trade in Lima Stock Exchange
ECOPETROL SA: Teams Up With RIL in Colombia Deepwater Blocks
GRUPO AVAL: To Sell Up to COP750 Billion in Local Bonds


J A M A I C A

AIR JAMAICA: Adopts Redundancy Plans; 15 Flight Attendants Axed
CABLE & WIRELESS: Colluding to Gain Competitive Edge, Digicel Says
CL FINANCIAL: Lascelles Unit Posts JM$2.6BB Profit in FY2009
DIGICEL GROUP: LIME & Claro Colluding to Gain Competitive Edge
IBEROSTAR BEACH: Reopened Business Over the Weekend

NATIONAL COMMERCIAL BANK: BNS Ousts Keycard in Co-Branding Dispute
SANDALS RESORT: To Halt Operations at Dunn's River Property
SUGAR COMPANY OF JAMAICA: Gov't to Reveal Divestment Update Soon


M E X I C O

DESARROLLADORA HOMEX: S&P Gives Neg. Outlook; Keeps 'BB-' Rating
EMPRESAS ICA: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
GRUPO INDUSTRIAL: Signs Accord on US$152MM in Derivatives Debt
GRUPO PETROTEMEX: S&P Affirms 'BB' Global Corporate Credit Ratings
GRUPO PETROTEMEX: Fitch Assigns 'BB+' Rating on US$75 Mil. Notes

URBI DESARROLLOS: Moody's Confirms 'Ba3' Global Scale Rating
* MEXICO: Oil Output to "Decline Sharply," Barclays Says


N I C A R A G U A

* NICARAGUA: IDB Provides US$13MM Loan to Improve Drainage


P E R U

* PERU: May Tap International Bond Market Next Year, Carranza Says


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

ENGETECH INC: In Default Under Purchase Deal with Transax


V E N E Z U E L A

BANCO CANARIAS: Government to Liquidate Bank
BANCO CONFEDERADO: Government Shuts Down Operations
BANCO PROVIVIENDA: Government to Liquidate Bank
BANCO REAL: Gov't Arrests President, Seizes and Shuts Bank
BOLIVAR BANCO: Government Shuts Down Operations

PETROLEOS DE VENEZUELA: Buys Back Up to US$600 Million in Bonds
PETROLEOS DE VENEZUELA: Out Of Service Amid Boiler Problems
PETROLEOS DE VENEZUELA: Petrobras Signs BRL8.9BB for Refinery JV


X X X X X X X X

* LATAM: "Won't be Impacted by Dubai Debt," World Bank Says
* BOND PRICING: For the Week November 30, to December 4, 2009


                         - - - - -


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


LIAT LIMITED: Says No Flights Disruption Amid Industrial Action
---------------------------------------------------------------
LIAT Limited assured customers that December 1, 2009's flights
would be operating as scheduled amid arising concerns that the
industrial action by LIAT's pilots could disrupt regional travel,
Caribbean Press release reports.  The report relates LIAT
management also assured the traveling public that it remains
committed to the arbitration process announced in July following a
meeting of LIAT’s three main shareholder Prime Ministers, Board of
Directors, Executive Management and Employees’ Representatives in
St. Vincent.

According to the report, the Chairman of the Leeward Islands
Airline Pilots Association (LIALPA) has also indicated his union's
commitment to allow the arbitration to proceed free of industrial
disruption.

The arbitration process is being governed by the Arbitration Act
(No. 12 of 1975) of Antigua and Barbuda.

The report notes that hearings relating to the Arbitration are
scheduled began at LIAT’s headquarters on December 1, 2009, with
representatives of LIAT’s Management and LIALPA expected to
outline their positions to the three-man Arbitration Panel chaired
by Mr. W. Leroy Inniss QC, of Barbados.

                        About LIAT Limited

Headquartered in Antigua and Barbuda, LIAT Limited --
http://www.liatairline.com -- is a passenger airline with a fleet
of Dash 8 turboprop aircraft.  The carrier transports passengers
to more than 20 destinations in the Caribbean.  The company has
expanded by buying key operating assets of former rival Caribbean
Star, including additional Dash 8s.  Before the acquisition was
completed in November 2007, LIAT and Caribbean Star had formed a
commercial alliance that integrated many of their operations.
Among LIAT's major shareholders are the governments of several
Caribbean nations, including Antigua, Barbados, the Grenadines,
and St. Vincent.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 30, 2009, Caribbean360.com News said Regional airline LIAT
is cutting routes as the world economic turbulence takes a toll on
their operations.  According to the report, the airline said the
current world economic crisis was impacting on travel patterns in
the Caribbean and the carrier would have to reduce the number of
daily flights in and out of Antigua and Barbuda, Barbados, Guyana,
and St. Kitts and Nevis.


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


ARQUIDRY SA: Creditors' Proofs of Debt Due on February 8
--------------------------------------------------------
The court-appointed trustee for Arquidry S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
February 8, 2010.

The trustee will present the validated claims in court as
individual reports on March 22, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
May 5, 2010.


BITZER ARGENTINA: Creditors' Proofs of Debt Due on March 23
-----------------------------------------------------------
The court-appointed trustee for Bitzer Argentina S.A.C.I.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until March 23, 2010.

The trustee will present the validated claims in court as
individual reports on May 6, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 4, 2010.


FIDEICOMISO FINANCIERO: Moody's Assigns 'B2' Currency Rating
------------------------------------------------------------
Moody's Latin America has assigned a national scale rating of
Aa3.ar and a global local currency rating of B2 to the debt
securities of Fideicomiso Financiero Agro Alianza II issued by
Banco de Valores -- acting solely in its capacity as Issuer and
Trustee.

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

                             Structure

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

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate bills
of exchange denominated in US dollars signed by agricultural
producers and guaranteed by Garantizar S.G.R.  The bills of
exchange will have the same interest rate as the rated securities.
The promise to investors is to receive the payment of interest and
principal by the legal final maturity of the transaction, which
will occur on July 30, 2010.

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

                           Rating Action

  -- US$2,460,000 in Fixed Rate Debt Securities of "Fideicomiso
     Financiero Agro Alianza II", rated Aa3.ar (Argentine National
     Scale) and B2 (Global Scale, Local Currency).


LA SEGUNDA: Moody's Affirms 'B2' Global Local- Currency Rating
--------------------------------------------------------------
Moody's Latin America has affirmed the B2 global local-currency
and the A1.ar Argentina national scale insurance financial
strength ratings of La Segunda Compañía de Seguros de Personas,
following the affirmation of the B2/A1.ar IFS ratings of its main
shareholder, La Segunda Cooperativa de Seguros Ltda.  In the same
rating action, Moody's changed the IFS rating outlook to negative
from stable on the national scale but maintained the stable
outlook on the GLC IFS rating of La Segunda Personas.  The
national scale rating outlook of La Segunda Cooperativa and its
rated subsidiaries including La Segunda Personas is negative
because of the recent government's decision to significantly
increase workers' compensation benefits which will pressure the
group's profitability and capitalization (see separate press
release about Argentine workers' compensation insurers on
November 24, 2009).

According to Moody's, these rating actions align the ratings and
outlooks of La Segunda Personas with those of its main
shareholder, La Segunda Cooperativa -- which owns 78% of its
stake.  The ratings and outlooks on both the global local currency
and national scales are now aligned because of the close
affiliation and ties between the two companies, including their
brand-sharing and common distribution channels.

The rating agency noted that La Segunda Personas' stand-alone
credit profile has been maintained with strong profitability,
improving investment quality, solid growth trends, and
diversification into the short-term group life and accident
segment.  However, offsetting these strengths is La Segunda
Personas's relatively modest market-presence (approximately 1%),
its still weak and volatile asset quality (mostly comprised of
non-investment grade securities), and the elevated sovereign risk
and weak operating environment of Argentina.

The change in the outlook of La Segunda Personas's national scale
ratings -- whereas the outlook on its global local currency rating
remains stable -- is a result of its A1.ar ratings being at the
middle of the B2 global local currency mapping range.  Therefore,
the national scale rating could be downgraded before there is
negative pressure on its global local currency rating.

Headquartered in Rosario, Argentina, La Segunda Personas, reported
a net profit of AR$1.7 million during the first quarter of 2009/10
fiscal year, ended September 30th 2009.  This result compares
favorably to the negligible gain of AR$59.152 for the prior year's
period.  The underwriting results delivered a AR$0.7 million
profit for the recent quarter compared to a AR$1.6 million loss a
year ago.  Financial incomes contributed another AR$1.9 million of
profits in the most recent quarter.  As a result, the company's
shareholders' equity rose by 11% in this first quarter and totaled
AR$17.0 million, relative to AR$15.3 million at the end of 2009
fiscal year.


MARITIMA MONACHESI: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------------
The court-appointed trustee for Maritima Monachesi S.A.'s
reorganization proceedings will be verifying creditors' proofs of
claim until December 10, 2009.

The trustee will present the validated claims in court as
individual reports on February 25, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 9, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 25, 2010.


MINERA HAUSSLER: Creditors' Proofs of Debt Due on March 2
---------------------------------------------------------
The court-appointed trustee for Minera Haussler S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 2, 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.


SAN CRISTOBAL: Moody's Affirms 'B2' Global Currency Rating
----------------------------------------------------------
Moody's Latin America has affirmed the B2 global local-currency
and the A2.ar Argentina national scale insurance financial
strength ratings of San Cristobal Soc.  Mutual de Seguros
Generales but changed the outlook of the company to negative from
stable.  The negative outlook was prompted by pressures on San
Cristobal's financial profile arising from its workers'
compensation subsidiary and the government's recent decision to
significantly increase policy benefit payments in this segment.

According to Moody's, the affirmation of San Cristobal's ratings
reflects its stable financial and business profile, characterized
by a strong brand identity and market position, the loyalty of its
sales force and the recent improvement in its profitability and
operating leverage.  The company remains one of the top ten P&C
insurers in Argentina with an estimated market share of 5%.  San
Cristobal Mutual is the lead company of the long-established San
Cristobal Group, which has 70 years of presence in the national
Argentine insurance market.  The group includes several entities
including the monoline workers' compensation insurer (Asociart
ART) and a retirement company (San Cristobal Seguros de Retiro).

However, the change in San Cristobal's ratings outlook to negative
from stable reflects Moody's view that its capital adequacy and
profitability could be pressured by the future capital needs at
its workers' compensation subsidiary, Asociart ART (unrated by
Moody's).  The government recently significantly increased
benefits for workers' compensation claimants, and although there
is uncertainty about the ART insurers' ability and timeliness to
shift the higher claims cost to policyholders, it is likely that
capital requirements will increase for insurers in this segment.

Other concerns with San Cristobal's credit profile include its
heavy concentration in the competitively-priced and volatile motor
business, the high credit risk of its investments (mostly non-
investment grade), and the weak operating environment of
Argentina.

The change in both San Cristobal's global local currency and
national scale ratings outlook to negative is because the A2.ar
national scale rating is at the low-end of possible outcomes for a
B2 global rating, and -- as a result -- any negative pressure is
reflected on both ratings.

Headquartered in Rosario, Argentina, San Cristobal Seguros
reported a net profit of AR$33.9 million during the first quarter
of 2009/10 fiscal year, ended September 30th 2009, which further
increased to AR$47.8 million when including the capitalization
provided by its policyholders -- which are usually considered as
part of its overall premium inflow.  As a result, the company's
shareholders' equity rose by 17.7% in the first quarter and
totaled AR$323.2 million, compared to AR$274.5 million at the end
of the fiscal year at June 30, 2009.


TELECOM ARGENTINA: Findim Warns Over Sofora Stake Sale
------------------------------------------------------
Telecom Italia SpA's single largest private shareholder,
Findim, has sent a letter to the chairman of the Italian
telecommunications group warning against selling its stake in
Argentinean holding Sofora, Total Telecom reports, citing local
Italian newspapers.

According to the report, citing Financial daily Il Sole 24 Ore,
the offers sent to Telecom Italia for the Sofora stake are worth
around US$500 million, while "its valuation is between US$800
million and US$1 billion."

Findim holds a 5% stake in Telecom Italia.  Telecom Italia owns
half of Sofora, the company that controls Telecom Argentina SA.
The Werthein group owns the other half.

As reported in the Troubled Company Reporter-Latin America on
August 28, 2009, Dow Jones Newswires said that Argentina's
National Antitrust Commission has given Telecom Italia one year to
divest its stakes in Telecom Argentina, due to a conflict of
interest.  According to the report, CNDC said that Spain's
Telefonica SA's minority stake in Telecom Italia creates a
conflict between the two companies' Argentine operations.  The
report related that Telefonica owns Telefonica Argentina, which
shares an effective duopoly over the Argentine telecommunications
sector with Telecom.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating


* ARGENTINA: IDB OKs US$300MM Fund for Power Transmission Project
-----------------------------------------------------------------
The Inter-American Development Bank approved US$300 million in
additional financing to Argentina for the completion of a 1,220-
kilometer 500 kv power line and support the provincial and
regional transmission and sub-transmission works that are part of
the Norte Grande Development and Integration Program.

The interconnection line, linking the northwest and northeastern
regions of the country, will optimize the country's power
generation system, paving the way for lower fuel consumption and a
reduction in greenhouse gas emissions.

The new IDB financing will complement a US$580 million loan
approved by the Bank in 2006.  The supplemental loan will cover an
increase in total program costs resulting from the prices obtained
in an international bidding that reflects the higher prices for
equipment and materials, mainly steel, aluminum and cement, and an
increase in local labor costs and other inputs required to build
the project.  Under the additional financing scheme, local
counterpart funds for the project will also be increased by
US$212.5 million from an initial amount of US$145 million agreed
in 2006.

The Norte Grande Development Integration Program is part of
efforts by the Argentine government to normalize its power sector.
The Program is also a prerequisite for alleviating poverty and
narrowing the social and economic development gap between the
Norte Grande region and the rest of the country.

The IDB loan is for a 25-year term, with a five-year grace period
at a variable interest rate.


* ARGENTINA: S&P Puts 'B-' Rating on Neuquen's US$250 Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' rating and its
'raA+' Argentine national scale rating on the Province of
Neuquen's (Neuquen or the Province) US$250 million secured
amortizing notes due 2014 on CreditWatch with negative
implications.

The rating actions follow the Province's public announcement on
Nov. 26, 2009, indicating its intent to make a voluntary debt
exchange that would extend the bonds' original maturity and
alleviate the Province's financial burden for 2010 and 2011.
Although details of the proposed restructuring have not yet been
specified, Standard & Poor's will analyze the new debt issuance's
terms and conditions to assess the impact on the existing debt's
credit quality.

It's likely that S&P will significantly lower the ratings on the
notes if the new notes' terms and conditions significantly modify
the investors' current terms.  On the other hand, S&P will affirm
the ratings on the notes if the new notes' terms and conditions do
not materially change or the potential changes do not impair the
bonds' creditworthiness.

The ratings on the secured amortizing notes address the investors'
ability to receive quarterly interest and principal payments.
As of October 2009, the notes' outstanding balance was
US$185.25 million and the underlying assets' performance has been
adequate, with a production ratio of 1.67 as of September 2009.

Neuquen's amortizing notes are secured by certain oil royalties
paid to the Province by three oil and gas producers from three
predetermined geographic areas.  The areas assigned to the
transaction are the most important in terms of oil production for
the Province.  These areas include El Trapial (operated by
Chevron), Puesto Hernandez (operated by Petrobras), and Entre
Lomas (operated by Petrolera Entre Lomas – Petrobras Group).


===============
B A R B A D O S
===============


COLUMBUS INTERNATIONAL: Moody's Assigns 'B2' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to Columbus
International Inc., including a B2 Corporate Family Rating and a
B2 rating on Columbus' 11.5% US$450 million guaranteed senior
secured notes due 2014, issued on November 20, 2009.  Moody's
original ratings for Columbus were provisional since they were
subject to the successful issuance of the notes.  Proceeds from
the notes will be used to refinance existing debt and for general
corporate purposes.

Columbus' B2 ratings reflect the company's modest size and cash
flow generation, high leverage, limited track record, and high
business risk derived from being a small telecom operator in
Central America and the Caribbean.  In addition, although the
company is expected to become free cash flow positive in the short
to medium term, this will depend on its ability to grow revenues,
sustain margins and reduce capex.  These risks are mitigated by
the company's state-of-the-art and significantly underutilized
sub-sea network, which offers plenty of room to grow revenues with
limited competitive risk.  In addition, ratings consider the
upside growth potential for its cable TV/telecom business in
broadband and the company's high market shares in its coverage
areas.  The ratings consider the fact that most of the fiber cable
network build out has been completed, and therefore capital
investments will be limited at least in the next couple of years;
this will allow the company to use generated cash to reduce
leverage and improve free cash flow credit metrics.

The last rating action on Columbus occurred on November 4, 2009,
when Moody's assigned (P)B2 ratings to Columbus and its proposed
notes.

Columbus is a Barbados-based holding company founded in 2004.  It
is a diversified Caribbean communications holding company whose
core operating business is 1) the development of an undersea fiber
optic cable network as well as the sale and lease of telecom
broadband capacity and IP services ("wholesale") to
telecommunications carriers, Internet Service Providers and large
corporations operating in the Caribbean, Latin America and North
America and 2) providing cable television services, high speed
internet access, digital phone and internet infrastructure
services ("retail") in Trinidad & Tobago, Jamaica and Grenada.
During the last 12 months ended in June 30, 2009, revenues and
adjusted EBITDA amounted to US$242 million and US$105 million,
respectively.


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


ACCENTURE LTD: Creditors' Proofs of Debt Due on December 18
-----------------------------------------------------------
The creditors of Accenture Ltd are required to file their proofs
of debt by December 18, 2009, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Nicholas J. Hoskins
          Victoria Place, 31 Victoria Street
          Hamilton HM 10, Bermuda


ACCENTURE LTD: Shareholder to Receive Wind-Up Report on Dec. 29
---------------------------------------------------------------
The sole shareholder of Accenture Ltd will receive, on Dec. 29,
2009, at 2:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

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

The company's liquidator is:

          Nicholas J. Hoskins
          Victoria Place, 31 Victoria Street
          Hamilton HM 10, Bermuda


DEIMOS TRADING: Creditors' Proofs of Debt Due on December 9
-----------------------------------------------------------
The creditors of Deimos Trading Ltd. are required to file their
proofs of debt by December 9, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


DEIMOS TRADING: Sole Member to Receive Wind-Up Report on Dec. 30
----------------------------------------------------------------
The sole member of Deimos Trading Ltd. will receive, on Dec. 30,
2009, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


HARROW INVESTMENTS: Creditors' Proofs of Debt Due on December 11
----------------------------------------------------------------
The creditors of Harrow Investments Ltd. are required to file
their proofs of debt by December 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 20, 2009.

The company's liquidator is:

          Roderick M. Forrest
          Victoria Place
          31 Victoria Street
          Hamilton, Bermuda


HARROW INVESTMENTS: Members to Receive Wind-Up Report on Dec. 19
----------------------------------------------------------------
The members of Harrow Investments Ltd. will receive, on Dec. 29,
2009, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced wind-up proceedings on November 20, 2009.

The company's liquidator is:

          Roderick M. Forrest
          Victoria Place
          31 Victoria Street
          Hamilton, Bermuda


MACQUARIE MEDIA: Shareholders' Meeting Set for December 17
----------------------------------------------------------
The Supreme Court of Bermuda entered an order to convene a meeting
for the shareholders of for Macquarie Media International Limited
that will be held on December 17, 2009, at 12:30 p.m., at
Macquarie Auditorium, Level 3, No. 1 Martin Place, Sydney, in NSW
2000, Australia.


PARTNERS SECURITY: Creditors' Proofs of Debt Due on December 18
---------------------------------------------------------------
The creditors of Partners Security Ltd. are required to file their
proofs of debt by December 18, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Nicholas J. Hoskins
          Victoria Place, 31 Victoria Street
          Hamilton HM 10, Bermuda


PARTNERS SECURITY: Shareholders' Final Meeting Set for Dec. 29
--------------------------------------------------------------
The shareholders of Partners Security Ltd. will hold their final
meeting on December 29, 2009, at 1:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          Nicholas J. Hoskins
          Victoria Place, 31 Victoria Street
          Hamilton HM 10, Bermuda


PERINVEST MARKET: Contributories & Creditors to Meet on January 14
------------------------------------------------------------------
The contributories and creditors of Perinvest Market Neutral Fund
Limited will hold their first meetings on January 14, 2010, at
10:00 a.m. and 10:30 a.m., respectively, at the offices of KPMG
Advisory Limited, Crown House, 4 Par-la-Ville Road, in Hamilton HM
08, Bermuda.

Mike Morrison and Charles Thresh are the company's joint
provisional liquidators.


WTF REAL: Creditors' Proofs of Debt Due on December 9
-----------------------------------------------------
The creditors of WTF Real Estate (Switzerland) Ltd. are required
to file their proofs of debt by December 9, 2009, to be included
in the company's dividend distribution.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


WTF REAL: Sole Member to Receive Wind-Up Report on December 30
--------------------------------------------------------------
The sole member of WTF Real Estate (Switzerland) Ltd. will
receive, on Dec. 30, 2009, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

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

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


=============
B O L I V I A
=============


BANCO GANADERO: Moody's Assigns 'B2' Subordinated Debt Rating
-------------------------------------------------------------
Moody's Latin America assigned a Aa3.bo National Scale local
currency subordinated debt rating to Banco Ganadero's third
issuance under the bank's US$10 million multi-currency
subordinated debt program.  This issuance was denominated in pesos
bolivianos in the amount of Bs.13.5 million with a maturity of
seven years.

At the same time, Moody's Investors Service assigned a B2 global
local-currency subordinated debt rating to this third issuance.

The outlook on these ratings is stable.

Moody's noted that subordination was taken into consideration in
the assignment of the debt rating.  Subordinated debt is usually
rated one notch below the global local currency senior rating.

Moody's National Scale ratings are intended primarily for use by
Bolivian domestic investors, and they are not comparable to
Moody's globally applicable ratings, which do not carry the ".bo"
notation.  An Aa.bo rating on Moody's Bolivia National Scale
indicates an issuer or issue with a very strong creditworthiness
and a low likelihood of credit loss, relative to other domestic
issuers.

Banco Ganadero is headquartered in Santa Cruz de la Sierra,
Bolivia, and had assets of Bs.3.6 billion and deposits of
Bs.3.2 billion, as of June 30, 2009.

These ratings were assigned to Banco Ganadero's local currency
subordinated debt issuance:

* Global Local Currency Debt Rating: B2, stable outlook

* Bolivia National Scale Local Currency Debt Rating: Aa3.bo,
  stable outlook


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


BANCO BRADESCO: Boosted to "Buy" From "Neutral" at Goldman Sachs
----------------------------------------------------------------
New York-based brokerage, Goldman Sachs Group Inc., boosted Banco
Bradesco SA to "buy" from "neutral" on November 30, as Brazilian
banks are nearing a "sweet spot" as faster economic growth and
higher interest rates allow them to increase lending and improve
margin, Veronica Espinos at Bloomberg News reports.

"Brazil is moving closer to a sweet spot for banks, with our new
forecasts factoring in higher expected base interest rates and
economic growth," Jason Mollin, a Sao Paulo-based analyst, wrote
in a report obtained by the news agency.  "This would allow banks
to expand lending and limit asset quality problems, all while
increasing margins on their asset-sensitive balance sheets," Mr.
Mollin added.

According to Bloomberg News, citing Mr. Mollin, Goldman Sachs
predicted that Brazil’s economy will expand 5.8% next year, more
than a prior estimate of 4.8%.  The country’s benchmark interest
rate, currently at a record low 8.75%, will end 2010 at 12.5
percent, he added.

Goldman Sachs, Bloomberg News notes, estimates Latin America’s
economy will grow 4.7% next year after a 1.7% contraction in 2009.

                      About Banco Bradesco

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

                           *     *     *

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


BANCO IBI: S&P Raises Counterparty Credit Ratings From 'B+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its ratings
on Banco IBI S.A. – Banco Multiplo, including raising the global
scale counterparty credit ratings to 'BBB/A-3' from 'B+/B' and the
Brazilian national scale ratings to 'brAAA/A-1' from 'brBBB+/A-2'.

At the same time, S&P removed the ratings from CreditWatch, where
S&P had placed them with positive implications on June 5, 2009.
The outlook is stable.

The upgrade followed the acquisition by Banco Bradesco S.A.
(BBB/Stable/A-3) of all the outstanding shares of Banco IBI.

With total assets of Brazilian reais 4.3 billion in June 2009,
Banco IBI is a consumer finance bank focused on providing services
and credit operations to the lower mass market, primarily through
clothing store C&A.  Credit cards and private-label financing
continue to be the major business of the bank.

"We believe that Banco IBI will benefit from its acquisition by
Bradesco in terms of funding, enterprise risk management,
underwriting practices, and efficiency," said Standard & Poor's
credit analyst Ricardo Brito.  "These will likely improve its
operating results."


BANCO PANAMERICANO: Moody's Gives Positive Outlook on 'Ba2' Rating
------------------------------------------------------------------
Moody's Investors Service changed the outlook to positive from
stable on Banco Panamericano's Ba2 global local and foreign
currency deposit ratings, as well as on its foreign currency debt
ratings of Ba2 for senior unsecured notes and Ba3 for senior
subordinated notes.  The positive outlook was also assigned to
Panamericano's A1.br long-term Brazilian national scale rating.
At the same time, Moody's affirmed the bank's financial strength
rating at D, while all short-term ratings remained unchanged.  The
ratings of Caixa Econômica Federal S.A. -- BFSR of D+, deposits
rating of A3 -- remain unchanged.

The rating actions are in response to the announcement that Caixa
is acquiring 35.54% of Panamericano's total shares through its
integral subsidiary Caixa Participações S.A.  The deal is valued
at R$739.27 million, and will allow CaixaPar to acquire 49% of
Panamericano's common shares and 20.69% of preferred shares.  The
completion of the deal is contingent upon regulatory approval.

Moody's said that the outlook change was triggered by the
potential benefit this acquisition may bring to Panamericano's
funding and liquidity management, thus creating conditions for
further expansion of the banks' loan portfolio.  Moody's noted
that the deal does not contemplate a formal funding agreement;
nevertheless, CaixaPar's equity participation may improve
Panamericano's access to more favorable funding conditions.

In affirming the D BFSR for Panamericano, Moody's acknowledges
management's ability to navigate throught the stressful liquidity
and credit environment of past months by reducing loan origination
and by monetizing higher quality credits in its balance sheet.
These measures, together with liquidity support provided to the
market by the central bank and the deposit insurance, helped
restore funding conditions and allowed the bank to gradually
resume credit growth in the 3Q09.

Panamericano's asset quality, however, has shown deterioration,
and Moody's expect further need for provisioning as loans season.
The bank's core business -- consumer finance to low income
segments -- is inherently riskier and credit spreads tend to
offset potential losses.  However, in light of much higher funding
and credit costs over the last quarters, Panamericano's
profitability has been affected.  A scenario of low interest rate
and rising competition in its segment could continue to pressure
margins, and result in increasing risk appetite for loan growth.
Credit quality, therefore, remains a key risk factor, now that
liquidity concerns appear to have been addressed.

The last rating action on Panamericano was on October 26, 2009,
when Moody's assigned foreign currency debt rating to its
US$200 million senior unsecured notes due in 2012.

Banco Panamericano S.A is headquartered in São Paulo and had
unconsolidated assets of R$7.7 billion (US$4.29 billion) in
September 2009.  Caixa Econômica Federal S.A. is headquartered in
Brasilia, and had consolidated total assets of R$341.9 billion
(US$190.5 billion) in the third quarter of 2009.

These ratings assigned to Banco Panamericano S.A had the outlook
changed to positive from stable:

  -- Long-term global local currency deposit rating: Ba2

  -- Long-term foreign currency deposit rating: Ba2

  -- Long-term foreign currency debt rating for senior unsecured
     notes and MTN Program: Ba2

  -- Long-term foreign currency debt rating for senior
     subordinated notes: Ba3

  -- Long-term Brazilian national scale rating: A1.br

These ratings have been affirmed and remained unchanged:

  -- Bank financial strength rating: D, with stable outlook

  -- Short-term global local currency deposit rating: Not Prime

  -- Short-term foreign currency deposit rating: Not Prime

  -- Short-term foreign currency debt rating for the existing MTN
     Program: Not Prime

  -- Short-term Brazilian national scale rating: BR-1


BANCO SANTANDER: Rated "Buy" at BTG Pactual
-------------------------------------------
Alexander Ragir at Bloomberg News reports that Banco Santander
Brasil SA was rated "buy" on November 30, in new coverage at BTG
Pactual on the outlook for improved earnings next quarter.

"The re-rating catalysts will be quarterly earnings results, which
we expect to show improving operational figures as early as 1Q10,"
wrote analysts Eduardo Nishio and Eduardo Rosman in a note
obtained by the news agency.  "Moreover, at this point, we see
limited downside (de-rating) risk, and call current levels a
compelling entry point," he added.

Santander Brasil is the Brazilian unit Banco Santander.

                 About Banco Santander (Brasil)

Banco Santander Brasil SA attracts deposits and offers retail,
commercial and private banking, and asset management services.
The bank offers consumer credit, mortgage loans, lease financing,
mutual funds, insurance, commercial credit, investment banking
services, and structured finance.

                           *     *    *

As of September 3, 2009, the company continues to carry Moody's
"Ba2" Foreign LT bank Deposits rating.


BANCO SANTANDER: Stocks Rated "Overweight" at Morgan Stanley
------------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Banco Santander
Brasil SA, the Brazilian unit of Spanish bank Banco Santander,
rallied to close above its initial public offering price for the
first time on December 1,  after Morgan Stanley rated the stock
“overweight” in new coverage.

“Santander Brasil is our favorite investment idea in the Brazil
banks industry,” Jorge Kuri, a New York-based Morgan Stanley
analyst, wrote in a note obtained by the news agency.  The bank
has “an attractive mix” of expanding return on equity, “above-
average” earnings growth and a discounted valuation, he added.

According to the report, the local bank, which raised BRL12.3
billion (US$7.2 billion) in a record Brazil IPO, fell 3.7% on its
first day of trading October 7 and extended declines after Brazil
imposed a 2% tax on foreign purchases of stocks.

Bloomberg News notes that Bank of America Corp. and Banco BTG
Pactual began coverage of Santander Brasil with a “buy” rating on
November 30, while Goldman Sachs Group Inc. rated it “neutral.”

                About Banco Santander (Brasil)

Banco Santander Brasil SA attracts deposits and offers retail,
commercial and private banking, and asset management services.
The bank offers consumer credit, mortgage loans, lease financing,
mutual funds, insurance, commercial credit, investment banking
services, and structured finance.

                          *     *    *

As of September 3, 2009, the company continues to carry Moody's
"Ba2" Foreign LT bank Deposits rating.


MARFRIG ALIMENTOS: Hires Credit Suisse, Santander for Bond Sale
---------------------------------------------------------------
Marfrig Alimentos SA has hired Credit Suisse Group AG, Itau
Unibanco Holding SA and Banco Santander SA to arrange a bond sale
as the company seeks to diversify revenue sources, Lester Pimentel
and Veronica Espinosa at Bloomberg News report, citing a person
familiar with the transaction.  The report relates that the
company will begin meeting with investors on December 3.

According to the report, the company is also selling as much as
BRL1.36 billion (US$790 million) of new shares to pay for Cargill
Inc.’s pork and poultry unit.  The meatpacker said in September it
would acquire the assets for US$706.2 million, the report notes.

As reported in the Troubled Company Reporter-Latin America on
November 3, 2009, Bloomberg News said Marfrig Alimentos reduced
the size of a planned share sale and delayed the pricing after a
tax on foreign investments contributed to a rout in the Brazilian
stock market.  According Dow Jones Newswires, Marfrig Alimentos
planned to sell at least 60.8 million shares through a primary
offer on the Brazilian Stock Exchange (BMFBovespa).

                      About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 27, 2009, Standard & Poor's Ratings Services said that it
has revised its outlook on Brazil-based meat processor Marfrig
Alimentos S.A. to stable from negative and affirmed the 'B+'
corporate credit rating.


TAM SA: Among Top 10 Companies in Information Transparency
----------------------------------------------------------
An original study performed by the Corporate Governance Score area
from Standard & Poor's ranked TAM SA among the top 10 Brazilian
companies in information transparency and disclosure (T&D).

Developed with its own methodology, the data search took into
account the 56 companies whose stocks are the most traded in the
Sao Paulo Stocks Exchange and were part of the Bovespa index until
August, 31, 2009 -- 34 are also present in the New York Stock
Exchange.

The study revealed that the average transparency score of the
companies which are part of the Bovespa Index is 66.1%, ranging
from 44% to 88.3%.

All the analyses of the information transparency took into
consideration data included in the main sources of public
information: annual reports, information disclosed through the
companies' websites and reports published in the websites of
capital market regulatory agencies.

For S&P, this average T&D score is absolutely satisfactory,
especially when compared to those in other researched emerging
markets.  For example, in 2008 the average score of the 90 biggest
Russian open capital companies was 56%, and that of the 300
biggest Chinese companies was 46%.

                          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 Company 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.


TRANSAX INT'L: Net Loss Widens to US$1.9MM for 9Months to Sept. 30
------------------------------------------------------------------
Transax International Limited reported net income of US$1,781,821
for the three months ended September 30, 2009, from net income of
US$34,742 for the year ago period.  Transax reported wider net
loss of US$1,939,994 for the nine months ended September 30, 2009,
from a net loss ofUS$126,842 for the year ago period.

Revenues for the three months ended September 30, 2009, were
US$1,155,060 compared to US$1,774,551 for the year ago period.
Revenues for the nine months ended September 30, 2009, were
US$3,201,083 compared to US$4,986,507 for the year ago period.

At September 30, 2009, the Company had US$1,675,224 in total
assets against US$7,973,328 in total liabilities, resulting in
US$6,298,104 stockholders' deficit.

Since inception, the Company has incurred cumulative net losses of
US$16,350,071, and has a stockholders' deficit of US$6,298,104 and
a working capital deficit of US$6,837,573 at September 30, 2009.
Since inception, the Company has funded operations through short-
term borrowings and the proceeds from equity sales in order to
meet its strategic objectives.  The Company's future operations
are dependent upon external funding and its ability to increase
revenues and reduce expenses.

Management believes that sufficient funding will be available from
additional related party borrowings and private placements to meet
its business objectives, including anticipated cash needs for
working capital, for a reasonable period of time.  However, there
can be no assurance that the Company will be able to obtain
sufficient funds to continue the development of its software
products and distribution networks. Further, since fiscal 2000,
the Company has been deficient in the payment of Brazilian payroll
taxes and Social Security taxes.  At September 30, 2009 and
December 31, 2008, the deficiencies (including interest and
penalties) amounted to US$2,588,000 and US$1,180,000,
respectively.  This payroll liability is included as part of the
accounts payable and accrued expenses (short-term and long-term)
within the consolidated balance sheets.

On March 26, 2008, the Company executed a stock purchase and
option agreement with Engetech, Inc., a Turks & Caicos corporation
controlled and owned 20% by Americo de Castro, director and
President of Medlink Conectividade, and 80% by Flavio Gonzalez
Duarte or assignees.  In accordance with the terms and provisions
of the Agreement, the Company sold to the Buyer 45% of the total
issued and outstanding stock of its wholly owned subsidiary,
Transax Limited, which owns 100% of the total issued and
outstanding shares of (i) Medlink Conectividade, and (ii) Medlink
Technologies, Inc., a Mauritius corporation.  The Buyer had an
option to acquire the remaining 55%.

However, the Buyer has defaulted on payments and the Company is
renegotiating with the Buyer and its assignee to restructure the
contract.

At September 30, 2009, the Company cannot determine the outcome of
these negotiations.  If the negotiations are successful, the
Company may sell the remaining 55% of its operating subsidiary, at
which point the Company will have no continuing operations.  As a
result, there exists substantial doubt about the Company's ability
to continue as a going concern.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?4af2

The Form 10-Q report was filed with the U.S. Securities and
Exchange Commission on November 24, eight days after Transax said
it would delay the filing of the report.  Transax had said it
requires additional time to review the financial statements from
its operating subsidiary in Brazil.

                    About Transax International

Transax International Limited, primarily through its 55% owned
subsidiary, Medlink Conectividade em Saude Ltda, is an
international provider of information network solutions
specifically designed for healthcare providers and health
insurance companies.  The Company's MedLink Solution enables the
real time automation of routine patient eligibility, verification,
authorizations, claims processing and payment functions.  The
Company has offices located in Plantation, Florida and Rio de
Janeiro, Brazil.  The Company currently trades on the OTC Bulletin
Board under the symbol "TNSX" and the Frankfurt and Berlin Stock
Exchanges under the symbol "TX6".


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


ABRIA ALPHA: Creditors' Proofs of Debt Due on December 10
---------------------------------------------------------
The creditors of Abria Alpha Fund SPC Limited are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 16, 2009.

The company's liquidator is:

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


ADELE BUSINESS: Members to Receive Wind-Up Report on January 12
---------------------------------------------------------------
The members of Adele Business Limited will receive, on January 12,
2010, at 12:00 noon, the liquidator's report on the company's
wind-up proceedings and property disposal.

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: Members to Receive Wind-Up Report on January 12
-----------------------------------------------------------------
The members of Alesi Investment Ltd. will receive, on January 12,
2010, at 12:00 noon, the liquidator's report on the company's
wind-up proceedings and property disposal.

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


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on December 11
-----------------------------------------------------------------
The creditors of Anthracite Balanced Company (R-5) Limited are
required to file their proofs of debt by December 11, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 15, 2009.

The company's liquidator is:

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


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on December 11
-----------------------------------------------------------------
The creditors of Anthracite Balanced Company (R-7) Limited are
required to file their proofs of debt by December 11, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 15, 2009.

The company's liquidator is:

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


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on December 11
-----------------------------------------------------------------
The creditors of Anthracite Balanced Company (R-10) Limited are
required to file their proofs of debt by December 11, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on October 15, 2009.

The company's liquidator is:

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


ASSURED INCOME: Placed Under Voluntary Wind-Up
----------------------------------------------
On October 15, 2009, the sole shareholder of Assured Income &
Growth Fund resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
December 1, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mike Starvis
          c/o Walton International Group Ltd.
          11/F., Man Yee Building, 68 Des Voeux Road C
          Central, Hong Kong
          Ph: (852) 3185 1866
          Fax: (852) 2311 2103
          HK - Hp: (852) 6203 7411
          email: mstarvis@waltoninternational.com


AZALEA TRADING: Creditors' Proofs of Debt Due on December 9
-----------------------------------------------------------
The creditors of Azalea Trading Ltd. are required to file their
proofs of debt by December 9, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman, KY1-1106
          Cayman Islands


BRACTEA MASTER: Creditors' Proofs of Debt Due on December 10
------------------------------------------------------------
The creditors of Bractea Master Fund Ltd. are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 21, 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 KY1-9002, Cayman Islands


BRACTEA OVERSEAS: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------------
The creditors of Bractea Overseas Partners, Ltd. are required to
file their proofs of debt by December 10, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on October 21, 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 KY1-9002, Cayman Islands


DELTA GEMS: Placed Under Voluntary Wind-Up
------------------------------------------
On October 21, 2009, the sole shareholder of Delta Gems Offshore
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
December 3, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 815-1805
          Facsimile: (345) 949 1986
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007, Cayman Islands


IRON CONDOR: Creditors' Proofs of Debt Due on December 10
---------------------------------------------------------
The creditors of Iron Condor Fund Limited are required to file
their proofs of debt by December 10, 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:

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


LANSDOWNE MACRO: Members Receive Wind-Up Report
-----------------------------------------------
On December 3, 2009, the members of Lansdowne Macro Fund Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LANSDOWNE EMERGING: Members Receive Wind-Up Report
--------------------------------------------------
On December 3, 2009, the members of Lansdowne Emerging Markets
Master Fund Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


LORETO INVESTMENTS: Members to Receive Wind-Up Report on Dec. 9
---------------------------------------------------------------
The members of Loreto Investments Ltd. will receive, on
December 9, 2009, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MARGA ENTERPRISES: Members to Receive Wind-Up Report on January 14
------------------------------------------------------------------
The members of Marga Enterprises Ltd. will receive, on January 14,
2010, at 12:00 noon, the liquidator's report on the company's
wind-up proceedings and property disposal.

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


ML CBO: Members Receive Wind-Up Report
--------------------------------------
On December 3, 2009, the members of ML CBO VIII (Cayman) Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ML CBO: Members Receive Wind-Up Report
--------------------------------------
On December 3, 2009, the members of ML CBO VI (Cayman) Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PALESTRINA FUNDING: Members Receive Wind-Up Report
--------------------------------------------------
On December 3, 2009, the members of Palestrina Funding 2001-A,
Ltd. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PAMPELONNE CDO: Members Receive Wind-Up Report
----------------------------------------------
On December 3, 2009, the members of Pampelonne CDO II, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PAMPELONNE CDO: Members Receive Wind-Up Report
----------------------------------------------
On December 3, 2009, the members of Pampelonne CDO I, Ltd.
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PATRICK LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
On December 3, 2009, the members of Patrick Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PROTOSTAR OFFSHORE: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------------
The creditors of Protostar Offshore Fund, Ltd. are required to
file their proofs of debt by December 10, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 30, 2009.

The company's liquidator is:

          Murray Stahl
          c/o Charles Lee
          Telephone: +44 (0)1534 700 864
          Facsimile: +44 (0)1534 700 800
          Walkers, Walker House
          28-34 Hill Street, St Helier, Jersey
          JE4 8PN, Channel Islands
          Horizon Asset Management, Inc.
          470 Park Avenue South, 4th Floor
          New York, NY 10016, USA


PROTOSTAR MASTER: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------------
The creditors of Protostar Master Fund, Ltd. are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 30, 2009.

The company's liquidator is:

          Murray Stahl
          c/o Charles Lee
          Telephone: +44 (0)1534 700 864
          Facsimile: +44 (0)1534 700 800
          Walkers, Walker House
          28-34 Hill Street, St Helier, Jersey
          JE4 8PN, Channel Islands
          Horizon Asset Management, Inc.
          470 Park Avenue South, 4th Floor
          New York, NY 10016, USA


RREEF APIF: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------
The creditors of RREEF APIF Manager Ltd. are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 20, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108


SWON CDO: Creditors' Proofs of Debt Due on December 10
------------------------------------------------------
The creditors of SWON CDO Ltd. are required to file their proofs
of debt by December 10, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 19, 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


TE KEYNES: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------
The creditors of Te Keynes Investors, Ltd. are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 16, 2009.

The company's liquidator is:

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


TE KEYNES: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------
The creditors of Te Keynes Portfolio, Ltd. are required to file
their proofs of debt by December 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 16, 2009.

The company's liquidator is:

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


VOLATILITY ALPHA: Members Receive Wind-Up Report
------------------------------------------------
On November 26, 2009, the members of The Volatility Alpha Enhanced
Fund Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


THOR ASSET: S&P Downgrades Ratings on US$2 Bil. Senior Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered to 'BB+'
from 'A-' its issue rating on the US$2 billion senior secured
callable floating-rate notes issued under Thor Asset Purchase
(Cayman) Ltd.'s US$4 billion medium-term note program.  At the
same time, Standard & Poor's changed the CreditWatch implications
on the rating to developing from negative, where it had originally
been placed on Nov. 25, 2009.

The Thor notes are recourse to Dubai Electricity and Water Company
(not rated) and benefit from an unconditional guarantee from the
Emirate of Dubai (not rated).

The rating actions reflect S&P's understanding that a rating
trigger -- stipulated in the notes documentation -- leads to an
acceleration on Dec. 14, 2009, and the uncertainty surrounding the
Dubai government's willingness to honor its note guarantee under
the acceleration.  Also, in S&P's view, the noteholders might have
incentives to waive acceleration.  Such waiver is not foreseen in
the current notes documentation and, if it occurs, could
consequently be considered a "distressed exchange" and thus a
default under S&P's criteria.

The uncertainty about the Dubai government's willingness to honor
its note guarantee follows the Nov. 25, 2009, announcement by
Dubai World (not rated) of the six-month standstill agreement on
its debt obligations and those of its subsidiary Nakheel.

The notes were originally issued in two tranches of $1 billion
each on Aug. 16, 2007, and May 6, 2008.  Thor loaned the note
proceeds to DEWA for its general corporate purposes.  Debt service
on the notes is sourced from DEWA's electricity and water
receivables collections.  Under the note documentation, DEWA also
is obliged to provide note liquidity in the event that receivables
collections are insufficient to service the notes timely.  S&P
understand that the Dubai government's guarantee is, by its terms,
irrevocable.

The developing CreditWatch means that the rating on the notes may
be lowered, raised, or affirmed.

S&P could lower the rating on the notes -- potentially by several
notches -- if S&P is unable to confirm the Dubai government's
willingness to honor its note guarantee under the Dec. 14, 2009,
acceleration.  The CreditWatch also reflects the possibility that
the noteholders might have incentives to waive acceleration, which
could be a default under S&P's criteria.

Conversely, S&P could raise the ratings if the Dubai government
affirms its commitment to honor its note guarantee and S&P examine
any waiver, if it occurs, to determine that it is not tantamount
to default under its criteria.  S&P expects to resolve the
CreditWatch in the next few days.

                           Ratings List

                  Downgraded; CreditWatch Action

                 Thor Asset Purchase (Cayman) Ltd.

                                  To              From
                                  --              ----
   Senior secured*                BB+/Watch Dev   A/Watch Neg

  * Guaranteed by the Emirate of Dubai and the Dubai Electricity
    and Water Authority


=========
C H I L E
=========


EDELNOR: Corp. Nacional & Suez Agree to Merge Ventures Into Firm
----------------------------------------------------------------
Carolina Pica at Dow Jones Newswires reports that state copper-
mining company Corporacion Nacional del Cobre de Chile and
Belgian-French energy giant Suez agreed to merge their joint
electricity-related ventures into Empresa Electrica de Norte
Grande SA.

According to the report, the merged power company will represent
about half of the installed capacity on the SING power grid, which
supplies the mining-intensive regions of northern Chile.

Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally
engaged in the generation, transportation, distribution and
supply of electricity.  Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous.  The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 17, 2009, Standard & Poor's Ratings Services revised its
CreditWatch implications on Edelnor's 'BB-' ratings to developing
from positive.  The CreditWatch listing follows the company's
recent announcements that the main shareholders, Suez-Tractebel
and Codelco (A/Stable/--), agreed to merge their stakes in several
assets in Chilean electricity generation and gas transportation
sectors.


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


ECOPETROL SA: ADRs to Trade in Lima Stock Exchange
--------------------------------------------------
Ecopetrol S.A. disclosed that in coming days investors will be
able to trade the Company's American Depositary Receipts on the
Lima Stock Exchange.  The ADRs that will be traded are the same
instruments which were listed on the New York Stock Exchange in
September 2008.  The listing of the ADRs on the BVL is not a new
issuance of stock and will not generate additional funds for
Ecopetrol.

The ADRs are being registered in accordance with Article 15 of
Resolution No. 125-98-EF/94.10 of the Comision Nacional
Supervisora de Empresas y Valores del Peru (CONASEV), which sets
forth the requirements for listing foreign securities on the BVL.
Pursuant to these requirements, Stock Broker Agencies may request
the listing of foreign securities.  With respect to the listing of
Ecopetrol's ADRs, GPI Valores SAB, the Peruvian stock broker agent
for Global Securities Colombia, requested the Ecopetrol ADR
listing with CONASEV and the BVL.

For Ecopetrol, entering the BVL is a milestone in the Company's
capital markets positioning strategy and will booster the
Company's presence in Peru, one of the local countries forming
part of the Company's growth and internationalization strategy.

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                          *     *     *

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.

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

-- Long-term foreign currency Issuer Default Rating at 'BB+';
-- Short-term foreign currency IDR at 'B';
-- Outstanding senior unsecured debt at 'BB+';


ECOPETROL SA: Teams Up With RIL in Colombia Deepwater Blocks
------------------------------------------------------------
Reliance Exploration and Production DMCC, a wholly owned
subsidiary of energy and petrochemicals major Reliance Industries
Limited, and Ecopetrol SA have signed Farm-out Agreements for the
Borojo North Block 42 and Borojo South Block 43 in Colombia,
NetIndian News reports.  The report, citing an RIL press release,
relates that agreements, which are effective from November 23,
2009, are subject to approval by ANH, the Colombian national
upstream regulator.

According to the report, as per the agreements, Ecopetrol SA will
acquire a 20% stake in the deepwater blocks while REP will retain
the balance and the operatorship in them.  The report notes that
the two blocks cover an area of approximately 8000 sq km in water
depths ranging from 60-1500 metres.

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

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.

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

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.


GRUPO AVAL: To Sell Up to COP750 Billion in Local Bonds
-------------------------------------------------------
Grupo Aval y Valores SA plans to sell as much as COP750 billion
(US$376 million) to repay existing, expensive debt and take
advantage of better market conditions, Inti Landauro at Dow Jones
Newswires reports.   The report, citing local newspaper La
Republica, relates that the company will offer COP600 billion of
new bonds, with the possibility to expand the offer to COP750
billion if demand justifies it.

According to the report, the new bonds will carry maturities of
between 3 years and 15 years, with floating rates tied to
inflation and to the benchmark DTF rate, which is the weighted
average of the rates Colombian banks pay on 90-day certificates of
deposit.  The report relates Guillermo Rosas, chief executive of
Aval's brokerage unit Casa de Bolsa, said that the group is taking
advantage of lower interest rates to replace outstanding expensive
debt.

Dow Jones Newswires says that rates are currently lower in
Colombia as a result of the expansive monetary policy led by the
country's Central Bank.  Local pension funds and institutional
investors are awash with cash and looking for investment
opportunities, the report adds.

                   About Grupo Aval y Valores

Grupo Aval y Valores SA is Colombia's largest banking group, which
controls four banks in the country -- Banco de Bogota SA, Banco
Popular SA, Banco de Occidente SA and Banco AV Villas -- as well
as holding company Corficolombiana SA and pension fund Porvenir.


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


AIR JAMAICA: Adopts Redundancy Plans; 15 Flight Attendants Axed
---------------------------------------------------------------
Air Jamaica Limited is going ahead with plans to lay off several
flight attendants, RadioJamaica reports.  The report relates that
15 attendants are slated to be sent home as the airline realigns
its work force as part of cost cutting measures.

According to the report, Air Jamaica President, Bruce Nobles, said
that the entity is looking at various ways to contain expenses as
the search continues for a buyer.  "The same discussion we have
been having now for a few months, nothing different.  The flight
attendants have made some adjustments to their compensation and
their work rules and so forth in order to minimize the number of
layoffs there to get our costs down but that is similar to what we
have been going through with all employee groups," the report
quoted Mr. Nobles as saying.

As reported in the Troubled Company Reporter-Latin America on
December 1, 2009, RadioJamaica said that the Bustamante Industrial
Trade Union, the union representing most of Air Jamaica Limited's
employees, met the airline's flight attendants in two separate
meetings to discuss new proposals to save the latter's jobs as the
airline continues to cut its operational expenses.  "We had an
agreement with the company that saved the jobs of flight
attendants from lay offs (but) that agreement expired in November,
so what we're now trying to do is get an extension of that
agreement.  We meet with the company on [November 24] and put
forward several proposals and we're to meet again come [November
30] but we have to meet with our membership to update them on the
status of those discussions,"  the report quoted BITU Assistant
General Secretary Kavon Gayle as saying.

Bustamante Industrial Trade Union represents 300 flight attendants
at Air Jamaica.

                         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.


CABLE & WIRELESS: Colluding to Gain Competitive Edge, Digicel Says
------------------------------------------------------------------
Digicel Group has accused Lime (formerly Cable & Wireless Jamaica)
and and Claro of colluding to gain a competitive advantage in the
landline market, Jamaica Observer reports.  The report relates
that Digicel is calling on LIME to embrace competition which can
only benefit the Jamaican consumer.

However, the report notes, LIME is categorically refuting
allegations made by Digicel that there is collusion between LIME
and Claro in setting mobile prices.  The Observer says that LIME
Country Manager Geoff Houston dismissed the Digicel claim (which
Digicel has lodged as a complaint to the Fair Trading Commission -
FTC) as nothing more than a spurious attempt to keep inflated
prices in the market and to distract the FTC from applying its
energies to constraining Digicel's anti-competitive practices.

According to the report, Mr. Houston explained that LIME offered
Digicel the same reciprocal termination rates offered to Claro and
Digicel refused, but it appears that they did not disclose this to
the FTC or to anyone else to whom they complained.

However, the report relates, Digicel CEO, Mark Linehan hit back
saying LIME's attempts to defend its monopoly in the fixed-line
market is a reflection of the company's deepening crisis.  LIME
would not be bullied or deterred from continuing to try to provide
customers across Jamaica with the most competitive and most honest
rates - despite Digicel's efforts to prevent this, he added.

The Observer says that Mr. Linehan countered: "Make no mistake,
LIME is under investigation for anti-competitive collusion with
Claro and its latest press release is aimed at trying to repair
the damage by making false and revisionist statements about its
conduct.  Quite frankly, LIME should be reminded that no matter
how many times you change your name or your colours, you cannot
hide what you represent! Digicel Business has made significant
inroads into the Jamaican fixed-line business market - a
previously neglected sector that had seen poor service, limited
investment and little or no competition before Digicel's entry
into the market."

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

                     About Cable & Wireless

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

                         *     *     *

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

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

                      About Digicel Group

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

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

                          *     *     *

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

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


CL FINANCIAL: Lascelles Unit Posts JM$2.6BB Profit in FY2009
------------------------------------------------------------
Lascelles deMercado posted JM$2.6-billion in net profit for the
year ended September 30, 2009, an 18% reduction on last year's net
profit of JM$3 billion, Alicia Roache at Jamaica Observer reports.
The report relates that the company would have seen its pretax
profit grow by 20% if it were not for a JM$1.4 billion deduction
associated with the discontinuation of its pension fund.

Angostura, a unit of CL Financial Limited, is the parent company
of Lascelles deMercado.

The Observer recalls that in January, Lascelles deMercado,
Henriques et al Superannuation Fund, a defined benefit pension
scheme, was closed to the admission of new members, which meant
that without additional contributions to the fund it would have a
"finite life".  "Consequently, the present value of the economic
benefits available to the employers in the form of reductions in
future contributions has been reduced by an aggregate amount of
US$1,385.8 million," company said in a statement obtained by the
news agency.

According to the report, Lascelles deMercado's operating profit of
JM$3.03 billion was marginally lower than the JM$3.08 billion it
posted the year before, but other income, or JM$229 million more
than doubled that earned last year while net finance income grew
177% to JM$986 million.  The report relates that that wasn't
enough, however, to offset the one-off expense called "pension
assets derecognised", totaling US$1.4 billion.

The Observer notes that another JM$115 billion made in the year
ended September 30, 2008, from its Lascelles Telecom -- now sold
-- also contributed to the reduction to the bottom line.

On July 31, 2008, the report recalls, the business including the
related assets and liabilities of the Lascelles Telecoms division
of Lascelles Limited was sold to a third party for JM$93.6
million, resulting in the gain.  The Observer says that Lascelles'
business segments performed better overall, with the exception of
Investments, which recorded a JM$1.4-billion fall-off in pre-tax
profits.

The report adds that the company results also shows:

   -- liquor, rums, wines and sugar division saw its
      pretax profit climb from JM$1.06 billion
      to JM$1.56 billion;

   -- general merchandise segment increased profit before tax
      from JM$345 million to JM$458 million;

   -- general insurance pretax profit climbed from
      JM$586 million to JM$704 million; and

   -- transportation division recorded JM$7 million more
      in pre-tax profit, or JM$56 million.

The fall-off in Investments profit was due to a charge to employee
benefits assets of approximately JM$1,182 million, the report
adds.

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


DIGICEL GROUP: LIME & Claro Colluding to Gain Competitive Edge
--------------------------------------------------------------
Digicel Group has accused Lime (formerly Cable & Wireless Jamaica)
and and Claro of colluding to gain a competitive advantage in the
landline market, Jamaica Observer reports.  The report relates
that Digicel is calling on LIME to embrace competition which can
only benefit the Jamaican consumer.

However, the report notes, LIME is categorically refuting
allegations made by Digicel that there is collusion between LIME
and Claro in setting mobile prices.  The Observer says that LIME
Country Manager Geoff Houston dismissed the Digicel claim (which
Digicel has lodged as a complaint to the Fair Trading Commission -
FTC) as nothing more than a spurious attempt to keep inflated
prices in the market and to distract the FTC from applying its
energies to constraining Digicel's anti-competitive practices.

According to the report, Mr. Houston explained that LIME offered
Digicel the same reciprocal termination rates offered to Claro and
Digicel refused, but it appears that they did not disclose this to
the FTC or to anyone else to whom they complained.

However, the report relates, Digicel CEO, Mark Linehan hit back
saying LIME's attempts to defend its monopoly in the fixed-line
market is a reflection of the company's deepening crisis.  LIME
would not be bullied or deterred from continuing to try to provide
customers across Jamaica with the most competitive and most honest
rates - despite Digicel's efforts to prevent this, he added.

The Observer says that Mr. Linehan countered: "Make no mistake,
LIME is under investigation for anti-competitive collusion with
Claro and its latest press release is aimed at trying to repair
the damage by making false and revisionist statements about its
conduct.  Quite frankly, LIME should be reminded that no matter
how many times you change your name or your colours, you cannot
hide what you represent! Digicel Business has made significant
inroads into the Jamaican fixed-line business market - a
previously neglected sector that had seen poor service, limited
investment and little or no competition before Digicel's entry
into the market."

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

                     About Cable & Wireless

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

                         *     *     *

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

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

                      About Digicel Group

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

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

                          *     *     *

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

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


IBEROSTAR BEACH: Reopened Business Over the Weekend
---------------------------------------------------
IBEROSTAR Hotels & Resorts will abandoned its plans to chop the
hotel's work force of more than 400 employees, RadioJamaica
reports.  The report relates that the University and Allied
Workers Union was informed by the hotel operators that the
property will be reopening on a phased basis starting Friday,
December 5.

According to the report, UAWU Second Vice President, Clifton Grant
said that he is hoping that upcoming talks with the management of
Iberostar will be amicable for all parties.  "We have said that
since the operations would be temporarily closed, (workers) should
not be made redundant but laid off.  There are some employees who
have not yet accepted their termination and redundancy package, so
there are a number of issues we want to discuss with the
management in terms of the re-engagement of the workers," the
report quoted Mr. Grant as saying.

As reported in the Troubled Company Reporter-Latin America on
September 1, 2009, RadioJamaica said that the IBEROSTAR Hotels &
Resorts, which was opened in 2007, one of three hotels on the
Spanish chain's property in Montego Bay, was closed September 1,
due to low occupancy.

                About IBEROSTAR Hotels & Resorts

IBEROSTAR Hotels & Resorts -- http://www.iberostar.com-- is the
hotel division of Iberostar Group, is one of the most renowned
Spanish hotel chains at the global level.  Founded by the Fluxa
family in Palma de Mallorca (Balearic Islands, Spain) in 1986, it
has come to offer top-level accommodation in major travel
destinations around the world.  As a brand name, IBEROSTAR is
synonymous with quality in the fifteen countries where it
operates, providing outstanding service and personal assistance to
ensure full guest satisfaction.  With a star as its symbol, the
chain has managed to win over customers with its philosophy and
values, and its efficient, professional staff.


NATIONAL COMMERCIAL BANK: BNS Ousts Keycard in Co-Branding Dispute
------------------------------------------------------------------
Avia Collinder at Jamaica Gleaner reports that PriceSmart, the
food and home ware wholesaling club, has advised National
Commercial Bank Jamaica Limited customers that use of its Keycard
will be discontinued as of January 2, 2010.  The report relates
PriceSmart said is offering customers with the Scotiabank/
PriceSmart Diamond MasterCard.

According to the report, marketing manager of consumer services at
NCB, Charmaine Wright, conceded that the local bank has been
ousted by the regional strength of its chief rival.  "Scotia has
regional strength which we as a local bank do not possess," the
report quoted Mr. Wright as saying.  "The PriceSmart Scotia card
is available in five countries. They have entered into a strategic
alliance throughout the region which includes a co-branded card
and the POS terminals," he added.

NCB, the report relates, has advised clients that its seven-year
relationship with the wholesale club will no longer involve use of
its Keycard.  "PriceSmart has recently informed us that the club
will no longer accept NCB Keycard for purchases in their stores,
effective January 2010, because of an arrangement with another
supplier," the report quoted Mr. Wright as saying.

However, the Observer relates, Mr. Wright insisted that the wider
merchant network remains happy with the local card, though there
are several Jamaican retailers who do not accept it.

The Scotiabank/PriceSmart Diamond MasterCard entered Jamaica in
March, following its introduction in Dominican Republic, Trinidad
and Tobago and Barbados.

                        About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term ratings on National Commercial Bank Jamaica
Ltd., including the counterparty credit rating, to 'CCC+' from
'B-'.  At the same time, S&P lowered its survivability assessment
on NCB to 'B+' from 'BB+'.  The outlook is negative.

Fitch said the ratings have a stable rating outlook.


SANDALS RESORT: To Halt Operations at Dunn's River Property
-----------------------------------------------------------
Carl Gilchrist at Jamaica Gleaner reports that Sandals Resorts
International will halt its operations at 256-room Sandals Dunn's
River Hotel in Mammee Bay, St Ann, in six months.  The report
relates that property owner Sagicor Pooled Investment Fund Limited
said that Sandals Resorts will not renew its lease that will
expire on May 31, 2010.

"The operating lease with Sandals ends in 2010 and is not likely
to be renewed. The owner of the property, Sagicor Pooled Pension
Fund, is inviting select parties to consider this opportunity to
operate this unique property with a proven track record of over 19
years of successful operation," Sagicor Pooled said in a statement
obtained by the news agency.

According to the report, after the lease expiration, the hotels
operated by Sandals in Jamaica under the Sandals and Beaches
brands would fall to nine.   The report relates that the
announcement comes at a time of global economic downturn which has
affected tourist travel worldwide.

Meanwhile, the report points out, it is unclear what the fate of
the approximately 250 workers at Sandals Dunn's River will be.


SUGAR COMPANY OF JAMAICA: Gov't to Reveal Divestment Update Soon
----------------------------------------------------------------
Daraine Luton at Jamaica Gleaner reports that Jamaica should know
by year end whether the government has been successful in
divesting Sugar Company of Jamaica's assets.  "Based on the
discussions with the entities we are talking to, we expect to have
feedback, one way or the other, positive or negative, by the end
of the year," the report quoted Agriculture Minister Dr.
Christopher Tufton as saying.

According to the report, Mr. Tufton refused to set a deadline for
the divestment of the sugar estates and factories, noting that he
had done so before, only for it not to materialize.  "The timeline
cannot be specific because it is a negotiation and I don't want to
run the risk of giving an exact date as we did last time, and when
we did not meet that (deadline) it was perceived as a failed
process," the report quoted Mr. Tufton as saying.

The report recalls that the government has missed the June 2008
deadline it set for divesting the sugar estates.  However, the
report relates had divested the St Thomas Sugar Estate and
factory, and Long Pond and Hampden estates and factories in June
this year.

Mr. Tufton, the Observer says, the country is currently in talks
with Swiss company Eridania for the divestment of Frome, Monymusk
and Bernard Lodge.  Should the government fail to divest the sugar
factories this year, the backup plan will be to have the state
operate the sugar factories for another year, he added.

"One of the least-discussed issues around the divestment of the
sugar estates has been the extent to which the government-owned
entities have undergone major restructuring over the past year.
The truth is that we have not only divested two entities but we
have also rationalized and restructured the existing entities that
we are operating," the report quoted Mr. Tufton as saying.
"We will see, this year, government intervention in terms of
subsidies be either non-existent or, at worse case, very limited,"
Mr. Tufton added.

The Observer points out that the government has said it cannot
continue to shoulder the debt of the Sugar Company of Jamaica,
which exceeds JM$16 billion, growing by approximately JM$2 billion
per annum.

                            About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


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


DESARROLLADORA HOMEX: S&P Gives Neg. Outlook; Keeps 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Desarrolladora Homex S.A.B de C.V. to negative from
stable.  S&P also affirmed its 'BB-' long-term corporate credit
rating on the company.

"The rating action reflects Homex's higher-than-expected total
debt-to-EBITDA ratio for the past 12 months," said Standard &
Poor's credit analyst Laura Martinez.  This has increased because
of additional financing the company has incurred to fund its high-
working capital needs.  The issuer could require additional
external financing to fund its growth strategy for the next years.

In 2009, Homex has posted revenue growth of around 10%, which has
required significant working-capital investments and has limited
its free operating cash flow generation.  S&P expects the company
to maintain this aggressive growth strategy at an average of 15%
for the next three years, including increasing its presence in
Brazil.  These plans could continue to require additional external
funding, especially if collections do not meet the company's
expectations.

Homex's key financial ratios have been weaker than S&P expected,
as evidenced by its EBITDA interest coverage, total debt-to-
EBITDA, and funds from operations-to-total debt ratios of 4.0x,
2.0x, and 48%, respectively, for the 12 months ended Sept. 30,
2009, compared to 4.8x, 1.4x, and 54% for the same period of 2008.

Beginning 2010, the implementation of MFRS 14 establishes that
revenues may only be recognized when the entity has executed the
public deed transferring the real property to the buyer instead of
recognition by percentage of completion.  This will hurt the
company's key financial metrics, with an expected decrease of
approximately 30% in EBITDA, as a result of a longer operating
cycle.  As of Sept. 30, 2009, receivables and inventory turnover
was 255 and 541 days, respectively, compared to 235 and 376 days
for the same period in 2008.  This reflects the delays in
collecting from government-related entities and tighter credit
standards from financial institutions to provide mortgages.

Homex is a vertically integrated homebuilder centered on the
affordable and middle-income housing segments.  Headquartered in
Culiacan, Sinaloa, Homex is the largest homebuilder in Mexico,
with operations in 34 cities in 21 states.  During the 12 months
ended Sept. 30, 2009, the company constructed around 61,500 units
and reported revenues of Mexican pesos (MXN) 19, 872 million and
total debt of MXN8,918 million.

The negative outlook reflects S&P's expectation that Homex will
continue to demand external financing to fund its double-digit
growth targets during the next years.  An increase in management's
tolerance for risk that results in a further deterioration in its
operating and financial profile -- specifically a total debt-to-
EBITDA ratio of more than 3.0x -- could lead to a negative rating
action.  On the other hand, S&P could revise the outlook to stable
if there is a continued reduction in debt levels through internal
cash-flow generation.


EMPRESAS ICA: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
long-term corporate credit rating on Empresas ICA S.A.B. de C.V.
S&P also affirmed its 'mxBBB+' national scale long-term corporate
credit rating on the company.  The outlook is stable.

"Our ratings reflect the inherent cyclicality of the construction
industry in Mexico and the company's dependence on Mexican
government infrastructure spending to sustain its backlog," said
Standard & Poor's credit analyst Fabiola Ortiz.  The ratings also
consider the payment waterfalls of project-company obligations and
the risk of operating losses and swings in working capital
associated with cost overruns.  These have affected the company's
financial performance and liquidity in the past.  S&P also factor
into the ratings the concentration of mortgage origination in
public-housing agencies and the intense working-capital
requirements associated with the Mexican homebuilding industry.

ICA's position as the largest engineering, construction, and
procurement company in Mexico offsets these factors.  The ratings
also benefit from the company's investments in concessions,
particularly airports; from a financial policy that favors project
debt over corporate debt; and from S&P's expectation that the
company's incursion into the homebuilding segment, and other
investments, will not lead to a significant increase in its
consolidated debt leverage.

ICA's business strategy is to continue growing its construction
business and grow and diversify into construction-related
activities (infrastructure and housing development).  Currently,
the company's main revenue-generating division is construction,
which accounts for 77%, followed by infrastructure (14%) and
housing (9%).  However, in terms of EBITDA, the infrastructure
division contributes the most with 49.2%, followed by construction
with 46.4% and housing with 4.5%.

The stable outlook considers the company's continued commitment to
a capital structure that favors project financing over corporate
debt and S&P's expectation that the company's investments into the
homebuilding segment and new investments in concessions will not
lead to a significant increase in its consolidated debt leverage.
A negative rating action could result from ICA's financial policy
deviating from S&P's expectations, or investments in the
homebuilding segment preventing the issuer from posting positive
consolidated free operating cash flow, leading to an increase in
ICA's debt leverage.  On the other hand, a significant improvement
in ICA's financial and operating performance, higher revenue
diversification, and positive generation of free operating cash
flow would have to precede a positive rating action.


GRUPO INDUSTRIAL: Signs Accord on US$152MM in Derivatives Debt
--------------------------------------------------------------
Mexican conglomerate Grupo Industrial Saltillo SAB (Gissa) has
signed an agreement with creditors to pay US$152.4 million in
claims on derivatives contracts held by the company, Laurence
Iliff at Dow Jones Newswires reports.  The report, citing a
company filing with the Mexican Stock Exchange, relates that the
derivatives claims will be paid back through loans and equity.

According to the report, Gissa's creditors have agreed to swap a
portion of the company's derivatives liabilities into two eight-
year loans -- one for US$48.4 million and a second loan for
MXN352.6 million (US$27.5 million).  The loans carry a five-year
grace period on interest payments, the report says.

Dow Jones Newswires notes that the company said it will settle the
rest of its derivatives liabilities by issuing nonvoting shares
representing 20% of its equity.  The shares can be turned into
voting shares five years after being issues, Gissa added.

Gissa, the report relates, is one of a number of Mexican
corporations that were stung by exposure to derivatives during
last year's meltdown in financial markets.

Dow Jones adds that the company said that it hopes to meet the
public information requirements of the Mexican Stock Exchange so
that a trading suspension on its stock can be lifted.

                           About Gissa

Grupo Industrial Saltillo SAB is a diversified industrial group
that makes engine blocks, auto parts, water heaters and ceramic
tiles, among other products.


GRUPO PETROTEMEX: S&P Affirms 'BB' Global Corporate Credit Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
global scale and 'mxA' national scale corporate credit ratings on
Grupo Petrotemex S.A.  de C.V.  The outlook is stable.

At the same time, S&P also affirmed its 'BB' foreign currency
rating (at the same level as the corporate credit rating) on the
company's senior unsecured notes, following the proposed
additional amount of US$75 million to its US$200 million, fixed-
rate notes due 2014.  The recovery rating is '3', indicating S&P's
expectation of meaningful (50% to 70%) recovery in the event of a
payment default.  Proceeds are to be used to refinance debt
obligations.

"The ratings on Petrotemex reflect the company's limited product
diversity, exposure to price volatility for one of its products,
and still relatively high debt," said Standard & Poor's credit
analyst Laura Martinez.

The ratings also consider the industry's cyclical and capital-
intensive nature, and the challenging operating environment in
North America.  The company's strong market position as a leading
producer of purified terephthalic acid in Mexico and the U.S., and
as a significant producer of polyethylene therephthalate and
polyester fibers in the region covered by the North American Free
Trade Agreement, further support the ratings.

S&P also took into account Petrotemex's low cost position and
state-of-the-art technology, and its long-standing agreements with
customers and suppliers.


GRUPO PETROTEMEX: Fitch Assigns 'BB+' Rating on US$75 Mil. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Grupo Petrotemex,
S.A. de C.V.'s proposed add-on issuance of up to US$75 million
senior unsecured notes due 2014.  These notes are an additional
offering of the US$200 million 9.5% senior unsecured notes due
2014 issued on Aug. 19, 2009.  Proceeds from the proposed issuance
will be applied to debt repayment.

Fitch currently rates Petrotemex:

  -- Local currency Issuer Default Rating 'BB+';
  -- Foreign currency IDR 'BB+'.

The Rating Outlook is Negative.

Petrotemex's credit ratings reflect its strong domestic and global
competitive position, its long-term supply and customer
arrangements, geographically diversified operating base and that
83% of its sales go to markets less exposed to downward economic
cycles (i.e., food, beverages and personal care).  The ratings
consider the company's increased leverage from historic levels as
a result of large losses on its derivative contracts, as well as
the current economic environment.

The company is the sole producer and second largest
producer/supplier of Purified Terephthalic Acid, the basic raw
material used in the polyester production chain, in Mexico and the
Americas, respectively.  Also Petrotemex is the second largest
producer/supplier of Polyethylene Terephthalate in the Americas.
The company has an installed annual capacity of over two million
tons of PTA, 840 thousand tons of PET and 270 thousand tons of
polyester staple fiber.  Petrotemex has long-term agreements with
the majority of its main customers which tend to be exclusive and
are designed to meet customers' volume requirements.  This has
allowed the company to maintain high plant utilization rates.
Prices are generally set monthly using a 'cost plus' formula,
which reduces the exposure to raw material price volatility and
business risk.

Petrotemex's revenues are mainly dollar denominated or dollar
linked, with a small portion denominated in Euros.  The company
has operations in Mexico, United States and Argentina, covering
the entire continent.  For the latest 12 months ended Sept. 30,
2009, Petrotemex generated approximately US$269 million of EBITDA,
an increase from approximately US$202 million for 2008.
The improvement in the company's EBITDA, among others, includes
better conversion costs and higher capacity utilization rates.  To
generate free cash flow for debt repayment during 2009 Petrotemex
has reduced capital expenditure levels to maintenance amounts.

Petrotemex had approximately US$655 million of total debt as of
Sept. 30, 2009, a slight decrease from US$662 million as of
Dec. 31, 2008.  Total debt to EBITDA for the LTM ended Sept. 30,
2009, improved to 2.4 times from 3.3x at year-end 2008.  During
2008 the company used committed credit lines to fund financial
derivative instruments (collateral, settlements and unwinds) and
working-capital needs.  Petrotemex has approximately US$60 million
of available committed credit facilities which were refinanced
with a portion of the US$200 million senior unsecured notes issued
in August 2009, with their renewal period due during the first
half of 2010.

The company's debt as of Sept. 30, 2009, consists of US$40 million
of committed credit lines, US$125 million of private placements,
US$274 million of amortizing syndicated bank loans, US$8 million
of ECA financing, US$9 million of other long-term debt and the
US$200 million recently issued senior unsecured notes.
Petrotemex's has been working in its liability management during
the current year; debt maturities for the fourth quarter 2009 and
during 2010 are US$138.3 million and the company's cash balance as
of September 2009 was US$172 million.  The company should be able
to meet its short-term debt maturities using available cash and
free cash flow generation.  With the proposed bond reopening,
Petrotemex will cover a high portion of 2010 debt amortization
requirements and will not face larger debt maturities until 2011,
approximately US$190 million.


URBI DESARROLLOS: Moody's Confirms 'Ba3' Global Scale Rating
------------------------------------------------------------
Moody's confirmed Urbi Desarrollos Urbanos, S.A.B. de C.V.'s Ba3
global scale, local and foreign currency, senior unsecured debt
rating and Baa1.mx national scale rating, as well as Urbi's short-
term MX-2 national scale rating (Not Prime, global scale).  The
company's Ba3 corporate family rating was also confirmed.  The
rating outlook is stable.  This concludes Moody's review started
on November 9, 2009.

The ratings confirmation reflects Urbi's successful renegotiation
of a leverage covenant in its US$1.06 billion Mexican pesos
(US$79.8 million) of local bonds.  As of 3Q09 Urbi had breached
its requirement to maintain its ratio of debt to earnings before
interest (excluding capitalized interest), taxes, depreciation and
amortization (including deferred financing fees) or Adjusted
EBITDA, below 2x.  Urbi's agreement with the debt holders has
increased the ratio to 3x, from 2x and imposes an additional
payment of interest to the bondholders equal to 1% annually on the
adjusted balance of the debt.

Moody's notes Urbi's maintenance of a diverse, top-10 competitive
position, which has helped it to respond effectively to the
volatile Mexican property market.  Furthermore, Urbi has produced
consistent, sound profitability and maintained solid liquidity
with a conservative capital structure.  The company is publicly
held, with a solid corporate infrastructure, which enhances
transparency and governance.  Urbi's large land bank, good cost
controls, and sophisticated construction and sales management
platforms support its solid operating margins.

Urbi's primary credit challenges are its reliance on the Mexican
economic and political environment, and the high costs of land and
land development.  Furthermore, the housing development market is
fragmented, and homes are built on a predominately speculative
basis, since Urbi and other home developers bear the risk of
finding homebuyers.  The funding of homes remains concentrated
with Sociedad Hipotecaria Federal, INFONAVIT and FOVISSSTE -- all
government-related entities -- and the timing of receipt of the
mortgages funded by them can range from three to twelve months.

The stable rating outlook reflects Moody's expectation that Urbi
will maintain a conservative approach to leverage, stable
earnings, and no missteps in Alternativa Urbi, its rent-to-own
program.  Moody's believes that Urbi has solid franchise value,
with a well-recognized brand and good land reserves.  Furthermore,
Moody's expects that Urbi will continue to focus on the affordable
and low-middle income housing market, while maintaining high
quality construction and good operating controls.

Moody's stated that a rating upgrade would reflect a reduction in
leverage, measured: debt to total assets below 10%, and debt to
EBITDA below 1x, all while the company continues to improve its
industry leadership and successfully implements its Alternativa
Urbi (rent-to-own) program, which Moody's expects will take some
time.  A rating downgrade would result from debt to total assets
approaching 25%, fixed charge coverage falling below 3x (including
capitalized interest), and operating margins falling below the low
teens.  A downgrade could also result from falling out of the top
ten homebuilders in terms of units sold, substantial missteps in
the Alternativa Urbi (rent-to-own) program, as well as from an
adverse shift in the Mexican government's housing policy.

These ratings were confirmed with a stable outlook:

* Urbi Desarrollos Urbanos, S.A.B. de C.V. -- Senior unsecured
  debt rating at Ba3 (global local and foreign currency);
  corporate family rating at Ba3; senior unsecured MTN program at
  Ba3/Baa1.mx (global local currency/national scale); commercial
  paper program at Not Prime/MX-2 (global local currency/national
  scale)

Moody's last rating action with respect to Urbi took place on
November 9, 2009, when Moody's lowered Urbi Desarrollos Urbanos'
national scale senior unsecured debt rating to Baa1.mx, from
A3.mx, the rating was placed under review for possible downgrade.
Urbi's Ba3 global scale senior unsecured debt rating (local and
foreign currency), Ba3 corporate family rating and short-term MX-2
national scale rating were also placed under review for possible
downgrade.

Urbi Desarrollos Urbanos is a publicly traded, fully integrated
homebuilder engaged in the development, construction, marketing
and sale of affordable housing in Mexico.  The firm reported
assets of approximately US$33 billion Mexican pesos and equity of
approximately US$16.5 billion Mexican pesos at September 30, 2009.


* MEXICO: Oil Output to "Decline Sharply," Barclays Says
--------------------------------------------------------
Mexico's oil output may "decline sharply" next year as state-owned
Petroleos Mexicanos enters a sixth year of falling production,
Andres R. Martinez at Bloomberg News reports, Barclays Capital.

Output may drop 8.9% in 2010 from this year, Helima Croft and
other analysts said in a note obtained by the news agency.  Mexico
may see Pemex’s output fall to 2.374 million barrels, according to
Bloomberg calculations using Barclay’s estimate.

Mexico, the report notes, has pumped less oil since 2003, costing
the Mexico City-based company about MXN300 billion (US$23.3
billion) in lost sales this year.  The report relates that Pemex’s
proved reserves may drop for the 11th year in 2010, as the company
struggles to find new fields to replace its mature Cantarell
field.

“The decline in Mexican oil output picked up speed in October,”
Mr. Croft said in the note obtained by Bloomberg News.  “We expect
Mexican oil output to continue to decline sharply,” he added.


=================
N I C A R A G U A
=================


* NICARAGUA: IDB Provides US$13MM Loan to Improve Drainage
----------------------------------------------------------
The Inter-American Development Bank approved a US$13 million loan
to help improve stormwater drainage and the management of solid
waste and land use, with the goal of preventing floods and
landslides and preserving water quality in Lake Managua's Southern
Watershed.

The funds will support stormwater drainage works in the Southern
Watershed's Subwatershed III, which is partly occupied by Managua
(a city that is home to a fourth of Nicaragua's population) and
four other municipalities.  They will also strengthen
environmental and land-use management of Managua's City Hall and
of the other municipalities involved.

The 180-square-km Subwatershed III is the principal area for
recharging the aquifer that provides 60% of Managua's drinking
water.  Urban growth is overloading the stormwater drainage system
and affecting the quantity and quality of water feeding the
aquifers, putting the city's drinking water supply at risk.

Moreover, the sediment and solid waste conveyed in the drainage
system exposes the lower watershed areas to flooding in the rainy
season and the absence of basic services in informal settlements
causes wastewater to enter the stormwater system.  Polluted water
subsequently leaks into the aquifer or flows into Lake Managua.

In order to address these problems, the lending will finance
drainage works on Subwatershed III's "31 de Diciembre" riverbed,
including construction of a flow-regulation microdam; 2,560 m of
channel improvement works; five box bridges; and four concrete
curtain walls to control sediments and water speed.

The program will also finance the installation of a river gauge
network to monitor flow rates and the design of a Joint Integrated
Solid Waste Management Plan for municipalities that includes
building a final solid waste disposal center and improving waste
transportation.

The program will fund soil and water conservation works to reduce
surface runoff and increase infiltration in order to protect the
aquifer and reduce erosion; support the design of environmental-
management and land-use and development plans; contribute to
institutional strengthening of relevant public agencies; and
promote environmental education.

Norway will contribute a US$5.8 million grant for the program, and
the Managua City Hall will provide US$1 million in local
counterpart funds.

The Bank's lending consists of a US$6.5 million loan from its
ordinary capital for a 30-year term with a 5-1/2-year grace
period, and a US$6.5 million credit from the concessional Fund for
Special Operations for a 40 year term, 40 years of grace, and a
0.25% interest rate.


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


* PERU: May Tap International Bond Market Next Year, Carranza Says
------------------------------------------------------------------
Peru may tap international bond markets next year, John Quigley at
Bloomberg News reports, citing Finance Minister Luis Carranza.

“The 2037 bond rates are very low at around 6%.  Foreign debt is
about 14% of gross domestic product and local debt is 10%.  Market
conditions will partly determine where we go from here," the
report quoted Mr. Carranza as saying.  “If there is a big influx
of dollars into the economy and demand for soles grows, we will
resume the very aggressive debt management we had in 2006 and 2007
and our foreign debt will fall more quickly.  If this situation
doesn’t materialize, our foreign debt as a percentage of GDP will
remain at the current level,” he added.

According to the report, Mr. Carranza said the country plans bond
sales "on the local market in 2010 to maintain the yield curves
that we have now, very close to the dollar curve.”

“Public debt has been cut to 25% of gross domestic product from 50
percent at the start of the decade.  Foreign-currency debt,
primarily in dollars, previously accounted for almost 100% of our
debt and now 40% is in soles.  The average life of public debt has
grown significantly to about 11 years, which is one of the highest
in the region, if not the highest,” Mr. Carranza added.

                           *     *     *

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-'.


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


ENGETECH INC: In Default Under Purchase Deal with Transax
---------------------------------------------------------
Engetech, Inc., has defaulted on payments under a purchase
agreement with Transax International Limited.  In a regulatory
filing with the U.S. Securities and Exchange Commission, Transax
said it is renegotiating Engetech and its assignee to restructure
the contract.

On March 26, 2008, Transax executed a stock purchase and option
agreement with Engetech.  In accordance with the terms and
provisions of the Agreement, Transax sold to Engetech 45% of the
total issued and outstanding stock of its wholly owned subsidiary,
Transax Limited, which owns 100% of the total issued and
outstanding shares of (i) Medlink Conectividade, and (ii) Medlink
Technologies, Inc., a Mauritius corporation.  Engetech had an
option to acquire the remaining 55%.

Transax said at September 30, 2009, it cannot determine the
outcome of these negotiations.  If the negotiations are
successful, Transax said, it may sell the remaining 55% of its
operating subsidiary, at which point Transax will have no
continuing operations.  Transax said there exists substantial
doubt about its ability to continue as a going concern.

Transax has reported net income of US$1,781,821 for the three
months ended September 30, 2009, from net income of US$34,742 for
the year ago period.  Transax has reported wider net loss of
US$1,939,994 for the nine months ended September 30, 2009, from a
net loss of US$126,842 for the year ago period.

Revenues for the three months ended September 30, 2009,
wereUS$1,155,060 compared to US$1,774,551 for the year ago period.
Revenues for the nine months ended September 30, 2009, were
US$3,201,083 compared to US$4,986,507 for the year ago period.

At September 30, 2009, Transax hadUS$1,675,224 in total assets
against US$7,973,328 in total liabilities, resulting in
US$6,298,104 stockholders' deficit.

Since inception, Transax has incurred cumulative net losses of
US$16,350,071, and has a stockholders' deficit of US$6,298,104 and
a working capital deficit of US$6,837,573 at September 30, 2009.
Since inception, Transax has funded operations through short-term
borrowings and the proceeds from equity sales in order to meet its
strategic objectives.  Transax said its future operations are
dependent upon external funding and its ability to increase
revenues and reduce expenses.  Transax, however, said there can be
no assurance it will be able to obtain sufficient funds to
continue the development of its software products and distribution
networks.  Transax also noted since fiscal 2000, it has been
deficient in the payment of Brazilian payroll taxes and Social
Security taxes.  At September 30, 2009 and December 31, 2008, the
deficiencies (including interest and penalties) amounted to
US$2,588,000 and US$1,180,000, respectively.

                    About Transax International

Transax International Limited, primarily through its 55% owned
subsidiary, Medlink Conectividade em Saude Ltda, is an
international provider of information network solutions
specifically designed for healthcare providers and health
insurance companies.  The Company's MedLink Solution enables the
real time automation of routine patient eligibility, verification,
authorizations, claims processing and payment functions.  The
Company has offices located in Plantation, Florida and Rio de
Janeiro, Brazil.  The Company currently trades on the OTC Bulletin
Board under the symbol "TNSX" and the Frankfurt and Berlin Stock
Exchanges under the symbol "TX6".

                        About Engetech Inc.

Engetech, Inc., is a Turks & Caicos corporation controlled and
owned 20% by Americo de Castro, director and President of Medlink
Conectividade, and 80% by Flavio Gonzalez Duarte or assignees.


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


BANCO CANARIAS: Government to Liquidate Bank
--------------------------------------------
Darcy Crowe at Dow Jones Newswires reports that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Finance
Minister Ali Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.

According to the report, Mr. Rodriguez said that the government
will sell off Banco Canarias de Venezuela CA and Banco Provivienda
(Banpro), after its intervention begun November 20 "revealed that
they had been severely compromised."  The report relates that
Bolivar Banco and Banco Confederado SA will temporarily shut their
doors during the intervention.

Mr. Rodriguez, the report notes, said that 92% of depositors at
Banco Canarias and 97% at Banpro will get their money back.

Dow Jones Newswires says Humberto Ortega, president of the
government-run bank insurance fund, said that around 750,000
people are affected by the measure.  Depositors with less than
10,000 bolivars (US$4,651) in the banks will get their money back,
he added.

The four bank, the report relates, were owned by businessman
Ricardo Fernandez Barrueco who was jailed on charges of illegally
using depositors' money and faces up to 10 years in jail.

Dow Jones Newswires notes that the government's intervention in
the banks, which account for less than 6% of deposits in the
Venezuelan banking system, is putting political pressure on the
overall banking system.  "If any banker slips, he loses,
regardless of the size of the bank," the report quoted President
Hugo Chavez as saying.  "You want me to nationalize the banking
sector? I have no problem doing that," he added.

Meanwhile, the report notes Jose Grasso, head of Caracas-based
financial research firm Softline Consultores, said that Venezuelan
banks should take President Chavez's threat seriously.  "A
nationalization of the banking sector is not something I can rule
out," he said.  Dow Jones Newswires points out that during
President Chavez's 11 years in power, he has nationalized large
portions of the economy, including key industries like oil, power,
steel and cement and the country's leading telecommunications
company.

"The government is watching banks very closely, and they have to
make every effort to follow the rules," the report quoted Mr.
Grasso as saying.  The report notes that the government requires
banks to earmark nearly 50% of their lending to industries but
banks fail to meet that quota, citing insufficient applications
for credit.  The government, however, is trying to push banks to
increase lending in a bid to fight an economic recession, the
report adds.


BANCO CONFEDERADO: Government Shuts Down Operations
---------------------------------------------------
Darcy Crowe at Dow Jones Newswires reports that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Finance
Minister Ali Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.

According to the report, Mr. Rodriguez said that the government
will sell off Banco Canarias de Venezuela CA and Banco Provivienda
(Banpro), after its intervention begun November 20 "revealed that
they had been severely compromised."  The report relates that
Bolivar Banco and Banco Confederado SA will temporarily shut their
doors during the intervention.

Mr. Rodriguez, the report notes, said that 92% of depositors at
Banco Canarias and 97% at Banpro will get their money back.

Dow Jones Newswires says Humberto Ortega, president of the
government-run bank insurance fund, said that around 750,000
people are affected by the measure.  Depositors with less than
10,000 bolivars (US$4,651) in the banks will get their money back,
he added.

The four bank, the report relates, were owned by businessman
Ricardo Fernandez Barrueco who was jailed on charges of illegally
using depositors' money and faces up to 10 years in jail.

Dow Jones Newswires notes that the government's intervention in
the banks, which account for less than 6% of deposits in the
Venezuelan banking system, is putting political pressure on the
overall banking system.  "If any banker slips, he loses,
regardless of the size of the bank," the report quoted President
Hugo Chavez as saying.  "You want me to nationalize the banking
sector? I have no problem doing that," he added.

Meanwhile, the report notes Jose Grasso, head of Caracas-based
financial research firm Softline Consultores, said that Venezuelan
banks should take President Chavez's threat seriously.  "A
nationalization of the banking sector is not something I can rule
out," he said.  Dow Jones Newswires points out that during
President Chavez's 11 years in power, he has nationalized large
portions of the economy, including key industries like oil, power,
steel and cement and the country's leading telecommunications
company.

"The government is watching banks very closely, and they have to
make every effort to follow the rules," the report quoted Mr.
Grasso as saying.  The report notes that the government requires
banks to earmark nearly 50% of their lending to industries but
banks fail to meet that quota, citing insufficient applications
for credit.  The government, however, is trying to push banks to
increase lending in a bid to fight an economic recession, the
report adds.


BANCO PROVIVIENDA: Government to Liquidate Bank
-----------------------------------------------
Darcy Crowe at Dow Jones Newswires reports that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Finance
Minister Ali Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.

According to the report, Mr. Rodriguez said that the government
will sell off Banco Canarias de Venezuela CA and Banco Provivienda
(Banpro), after its intervention begun November 20 "revealed that
they had been severely compromised."  The report relates that
Bolivar Banco and Banco Confederado SA will temporarily shut their
doors during the intervention.

Mr. Rodriguez, the report notes, said that 92% of depositors at
Banco Canarias and 97% at Banpro will get their money back.

Dow Jones Newswires says Humberto Ortega, president of the
government-run bank insurance fund, said that around 750,000
people are affected by the measure.  Depositors with less than
10,000 bolivars (US$4,651) in the banks will get their money back,
he added.

The four bank, the report relates, were owned by businessman
Ricardo Fernandez Barrueco who was jailed on charges of illegally
using depositors' money and faces up to 10 years in jail.

Dow Jones Newswires notes that the government's intervention in
the banks, which account for less than 6% of deposits in the
Venezuelan banking system, is putting political pressure on the
overall banking system.  "If any banker slips, he loses,
regardless of the size of the bank," the report quoted President
Hugo Chavez as saying.  "You want me to nationalize the banking
sector? I have no problem doing that," he added.

Meanwhile, the report notes Jose Grasso, head of Caracas-based
financial research firm Softline Consultores, said that Venezuelan
banks should take President Chavez's threat seriously.  "A
nationalization of the banking sector is not something I can rule
out," he said.  Dow Jones Newswires points out that during
President Chavez's 11 years in power, he has nationalized large
portions of the economy, including key industries like oil, power,
steel and cement and the country's leading telecommunications
company.

"The government is watching banks very closely, and they have to
make every effort to follow the rules," the report quoted Mr.
Grasso as saying.  The report notes that the government requires
banks to earmark nearly 50% of their lending to industries but
banks fail to meet that quota, citing insufficient applications
for credit.  The government, however, is trying to push banks to
increase lending in a bid to fight an economic recession, the
report adds.


BANCO REAL: Gov't Arrests President, Seizes and Shuts Bank
----------------------------------------------------------
Steven Bodzin at Bloomberg News reports that Venezuela arrested
the president and an alternate board member of Banco Real Banco de
Desarrollo after seizing and shuttering the company as part of a
series of probes that has forced the closure of seven banks since
November 20.

Arne Chacon, the bank president, will be indicted “for alleged
connection with the investigation initiated as a result of the
intervention of seven financial institutions,” Venezuela's
prosecutor said in an e-mailed statement obtained by the news
agency.  The report relates that Milagros Vivas, an alternative
member of the board of directors, will also be charged.

According to the report, Attorney-General Luisa Ortega said she
had requested 10 arrest warrants and 19 orders to block people
from leaving the country in connection with the bank closures.

Banco Real Banco de Desarrollo is a bank in Venezuela.


BOLIVAR BANCO: Government Shuts Down Operations
-----------------------------------------------
Darcy Crowe at Dow Jones Newswires reports that the Venezuelan
government's takeover of operational control in four banks
continued to rattle the Venezuelan financial system as Finance
Minister Ali Rodriguez said two of them will be liquidated and the
other two will shut their doors to the public while state
administrators try to fix them.

According to the report, Mr. Rodriguez said that the government
will sell off Banco Canarias de Venezuela CA and Banco Provivienda
(Banpro), after its intervention begun November 20 "revealed that
they had been severely compromised."  The report relates that
Bolivar Banco and Banco Confederado SA will temporarily shut their
doors during the intervention.

Mr. Rodriguez, the report notes, said that 92% of depositors at
Banco Canarias and 97% at Banpro will get their money back.

Dow Jones Newswires says Humberto Ortega, president of the
government-run bank insurance fund, said that around 750,000
people are affected by the measure.  Depositors with less than
10,000 bolivars (US$4,651) in the banks will get their money back,
he added.

The four bank, the report relates, were owned by businessman
Ricardo Fernandez Barrueco who was jailed on charges of illegally
using depositors' money and faces up to 10 years in jail.

Dow Jones Newswires notes that the government's intervention in
the banks, which account for less than 6% of deposits in the
Venezuelan banking system, is putting political pressure on the
overall banking system.  "If any banker slips, he loses,
regardless of the size of the bank," the report quoted President
Hugo Chavez as saying.  "You want me to nationalize the banking
sector? I have no problem doing that," he added.

Meanwhile, the report notes Jose Grasso, head of Caracas-based
financial research firm Softline Consultores, said that Venezuelan
banks should take President Chavez's threat seriously.  "A
nationalization of the banking sector is not something I can rule
out," he said.  Dow Jones Newswires points out that during
President Chavez's 11 years in power, he has nationalized large
portions of the economy, including key industries like oil, power,
steel and cement and the country's leading telecommunications
company.

"The government is watching banks very closely, and they have to
make every effort to follow the rules," the report quoted Mr.
Grasso as saying.  The report notes that the government requires
banks to earmark nearly 50% of their lending to industries but
banks fail to meet that quota, citing insufficient applications
for credit.  The government, however, is trying to push banks to
increase lending in a bid to fight an economic recession, the
report adds.


PETROLEOS DE VENEZUELA: Buys Back Up to US$600 Million in Bonds
---------------------------------------------------------------
Petroleos de Venezuela has repurchased between US$300 million and
US$600 million of its dollar-denominated bonds during the second
half of this year, taking advantage of their fall in market price,
Marianna Parraga at Reuters reports, citing an unnamed company
source.  The report relates the source said that some of the
repurchased bonds may be turned around to help pay off the
company's debt owed to contractors, including suppliers.

According to the report, citing the source, PDVSA is also
negotiating loans from private financial institutions abroad,
which may be finalized by the end of this year.  But it had no
plans to issue more bonds in the domestic market this month, he
added.

Since 2007, PDVSA has issued about US$12 billion in bonds,
according to Reuters data, including about US$3.2 billion last
October and about US$3 billion last July.  The report relates the
source said that the recent PDVSA bond repurchases were aimed
mostly at the October issue and to a lesser extent the issues from
last July and those issued in 2007.

According to the report, PDVSA bond issues from 2007 have fallen
significantly in price during the fourth quarter.

                            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+/R



PETROLEOS DE VENEZUELA: Out Of Service Amid Boiler Problems
-----------------------------------------------------------
Petroleos de Venezuela's Petroanzoategui upgrader is temporarily
out of service because of more problems with boilers, Dan Molinski
at Dow Jones Newswires reports.  "A paralyzation has occurred with
the boiler "06F201B," which has been sustaining the operations of
the upgrader," the company said in a statement obtained by the
news agency.  "As a result of this problem, the supply of vapors
from the upgrader . . . has been interrupted," the company added.

Accoring to the report, the 130,000 barrel-a-day Petroanzoategui
upgrader, located in the Orinco region, also had issues with a
boiler last week.  PdVSA, the reprt relates, reported output had
been cut by 15,000 barrels a day due to a leak in one of the
boilers.

                           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+/R


PETROLEOS DE VENEZUELA: Petrobras Signs BRL8.9BB for Refinery JV
----------------------------------------------------------------
Brazilian state-run Petroleo Brasileiro SA has signed contracts
for its joint-venture refinery project with Petroleos de Venezuela
SA, Jeff Fick at Dow Jones Newswires reports.  The report relates
that Petrobras signed five large construction and service
contracts valued at BRL8.9 billion (US$5.17 billion) for the
Abreu e Lima refinery.

According to the report, Camargo Correa and CNEC Engenharia signed
a BRL3.4 billion deal to build a slow-coking unit at the refinery;
while Odebrecht and Construtora OAS signed a BRL3.19 billion deal
to build diesel and naphtha treatment units.

Dow Jones Newswires relates that the same Odebrecht-Construtora
consortium was awarded a BRL1.48 billion contract for distillation
units.  Additional contracts covered construction of pipeline and
infrastructure facilities at the refinery, which will be built in
Pernambuco state, the report notes.

The report adds that the US$12 billion refinery will have
installed capacity of 230,000 barrels a day, with the primary
product low-sulfur diesel oil.  Each company was expected to
provide half of the crude oil needed for daily processing, the
report adds.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Dow Jones Newswires said PDVSA and Petrobras
negotiations on the Abreu e Lima refinery project failed talks as
it was unable to reach a deal on investment costs, sales and oil
prices.  According to Dow Jones Newswires, citing the Estado News
Agency, Paulo Roberto Costa, Petrobras' Supply and Refining
director, said there was an impasse in the proposed oil refinery
joint-venture due to PdVSA's attempts to impose conditions on its
participation in the project, and this may lead to its being
excluded.  Mr. Costa, Reuters related, told reporters that PDVSA's
plan was not acceptable due to the pricing mechanism for the heavy
crude that Venezuela would supply to the refinery and the plan for
commercialization of the refined products.

                           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+/R


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


* LATAM: "Won't be Impacted by Dubai Debt," World Bank Says
-----------------------------------------------------------
CaribWorldNews reports that the world bank is insisting that the
Latin American region will not be that impacted by the Dubai debt
fall out.

According to the report, Pamela Cox, the world bank's vice
president for Latin America, said that the region is in a better
position than most emerging markets since its economy is in better
shape.

"If I were an investor, I would look at the track record of the
different regions," the report quoted Ms. Cox was quoted as
saying.  "I'd look at the fundamentals and look at some of the
numbers and I think you'd see that Latin America looks quite
good," she added.


* BOND PRICING: For the Week November 30, to December 4, 2009
-------------------------------------------------------------


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


ARGENTINA

ARGENT-$DIS            8.28    12/31/2033      USD        60.08
ARGENT-$DIS            8.28    12/31/2033      USD        67.49
ARGENT-PAR             1.18    12/31/2038      ARS        35.41
ARGENT-=DIS            7.82    12/31/2033      EUR        59.33
ARGNT-BOCON PR13          2    3/15/2024       ARS        66.27
ARGNT-BOCON PRE8          2    1/3/2010        ARS         5.68
BANCO MACRO SA         9.75    12/18/2036      USD         81.9
BUENOS AIRE PROV       9.38    9/14/2018       USD        67.82
BUENOS AIRE PROV       9.63    4/18/2028       USD        65.08
BUENOS-$DIS            9.25    4/15/2017       USD        73.02
MENDOZA PROVINCE        5.5    9/4/2018        USD        71.62

BRAZIL

CESP                   9.75    1/15/2015       BRL        69.78

CAYMAN ISLAND

BARION FUNDING         0.63    12/20/2056      GBP        17.98
BARION FUNDING         1.44    12/20/2056      GBP        31.39
BES FINANCE LTD         6.2    2/7/2035        EUR        71.87
BISHOPSGATE ASSE       4.81    8/14/2044       GBP        68.53
BLUE CITY CO 1        13.75    11/7/2013       USD        24.94
CHINA MED TECH            4    8/15/2013       USD        64.32
CHINA PROPERTIES       9.13    5/4/2014        USD        77.76
DUBAI HLDNG COMM          6    2/1/2017        GBP        52.86
DUBAI HLDNG COMM       4.75    1/30/2014       EUR        57.35
FERTINITRO FIN         8.29    4/1/2020        USD           70
GOL FINANCE            8.75    #N/A N Ap       USD           75
LDK SOLAR CO LTD       4.75    4/15/2013       USD        73.59
MAZARIN FDG LTD        1.44    9/20/2068       GBP        28.74
MAZARIN FDG LTD        0.63    9/20/2068       GBP         14.8
PUBMASTER FIN          8.44    6/30/2025       GBP         72.5
PUBMASTER FIN          6.96    6/30/2028       GBP        67.07
SHINSEI FIN CAYM       6.42    #N/A N Ap       USD        56.57
SHINSEI FIN CAYM       6.42    #N/A N Ap       USD         57.3
SHINSEI FINANCE        7.16    #N/A N Ap       USD           58
SHINSEI FINANCE        7.16    #N/A N Ap       USD         56.8
SUNTECH POWER             3    3/15/2013       USD           73
XL CAPITAL LTD          6.5    #N/A N Ap       USD           75


ECUADOR

REP OF ECUADOR         9.38    12/15/2015      USD        92.51

JAMAICA

JAMAICA GOVT            8.5    2/28/2036       USD        68.74

PUERTO RICO

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

VENEZUELA

PETROLEOS DE VEN          5    10/28/2015      USD        50.84
PETROLEOS DE VEN       5.38    4/12/2027       USD        41.52
PETROLEOS DE VEN       5.25    4/12/2017       USD        51.07
PETROLEOS DE VEN       5.13    10/28/2016      USD        47.64
PETROLEOS DE VEN        4.9    10/28/2014      USD        58.67
PETROLEOS DE VEN        5.5    4/12/2037       USD        41.16
VENEZUELA                 7    3/16/2015       EUR        74.28
VENEZUELA                 7    3/16/2015       EUR        75.07
VENEZUELA              5.75    2/26/2016       USD        58.31
VENEZUELA                 7    12/1/2018       USD        57.28
VENEZUELA              7.75    10/13/2019      USD        58.93
VENEZUELA                 6    12/9/2020       USD        50.13
VENEZUELA                 9    5/7/2023        USD        61.97
VENEZUELA              8.25    10/13/2024      USD        56.29
VENEZUELA              7.65    4/21/2025       USD        55.11
VENEZUELA              9.25    9/15/2027       USD        68.04
VENEZUELA              9.25    9/15/2027       USD         60.5
VENEZUELA              9.25    5/7/2028        USD        60.35
VENEZUELA                 7    3/31/2038       USD        49.69
VENEZUELA               8.5    10/8/2014       USD        73.42
VENZOD - 189000        9.38    1/13/2034       USD        61.36


                            ***********

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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