TCRLA_Public/091209.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

        Wednesday, December 9, 2009, Vol. 10, No. 243

                            Headlines

A R G E N T I N A

* ARGENTINA: Fitch Cuts Euromayor's Rating on US$2MM bonds to BB


B E R M U D A

CHEVRON LOMPA: Creditors' Proofs of Debt Due on December 11
CHEVRON LOMPA: Members' Final Meeting Set for January 5
CUE INSURANCE: Court to Hear Wind-Up Petition on December 18
DIRECTRADE LIMITED: Creditors & Contributories to Meet on Dec. 15
DIVERSITY INSURANCE: Court to Hear Wind-Up Petition on December 18

EMERALD FINANCIAL: Creditors and Contributories to Meet on Dec. 15
EMERALD INVESTMENT: Creditors & Contributories to Meet on Dec. 15
MOHAFA INVESTMENTS: Creditors' Proofs of Debt Due on December 11
MOHAFA INVESTMENTS: Members' Final Meeting Set for December 30


B R A Z I L

AMERICA LATINA: Fitch Upgrades Issuer Default Rating to 'BB-'
BANCO PANAMERICANO: May Get Cheaper Funding on Caixa Investment
CAIXA ECONOMICA: Buys Panamericano's 35% Stake for BRL739.3MM
JBS SA: NM Family Works to Settle Suit Against JBS Swift
LEHMAN BROTHERS: Has BRL2-Billion Assets in Brazil

ULTRAPAR PARTICIPACOES: Discloses a Reduction in its Cost of Debt
VALE SA: Nickel Miners Don't See Strike Ending Soon
* BRAZIL: Fitch Cuts Rede Energia Nat'l LT Rating to B(bra)
* BRAZIL: Aracaju Gets US$30.2 Million Loan From IDB


C A Y M A N  I S L A N D S

AAF HOLDINGS: Creditors' Proofs of Debt Due on December 11
AL DANA: Creditors' Proofs of Debt Due on December 10
AL DANA: Creditors' Proofs of Debt Due on December 10
ALLCO EUROWIND: Creditors' Proofs of Debt Due on December 11
AMI-UK: Creditors' Proofs of Debt Due on December 11

AMI-UK HOLDINGS: Creditors' Proofs of Debt Due on December 11
ANT INVESTMENTS: Creditors' Proofs of Debt Due on December 10
ASP HOLDINGS: Commences Liquidation Proceedings
ATISA ONE: Creditors' Proofs of Debt Due on December 10
BATTERY PARK: Creditors' Proofs of Debt Due on December 10

BERTIL INVESTMENT: Placed Under Voluntary Wind-Up
BT HOBART: Creditors' Proofs of Debt Due on December 10
CONTEXT/TQA SPECIAL: Creditors' Proofs of Debt Due on December 10
DOMI CORPORATION: Placed Under Voluntary Wind-Up
FANTA INVESTMENT: Placed Under Voluntary Wind-Up

FNB ASSURANCE: Placed Under Voluntary Wind-Up
GOLDEN DANDELION: Creditors' Proofs of Debt Due on December 10
LBSPK 2007-1SPC: Creditors' Proofs of Debt Due on December 10
MAJACA INTERNATIONAL: Placed Under Voluntary Wind-Up
MATCHPOINT INVESTMENT: Placed Under Voluntary Wind-Up

NISR 2: Creditors' Proofs of Debt Due on December 10
RAINIER CBO: Creditors' Proofs of Debt Due on December 10
REVA INTERNATIONAL: Creditors' Proofs of Debt Due on December 14
RICHCOURT GAMMA: Commences Wind-Up Proceedings
RICHCOURT GAMMA: Commences Wind-Up Proceedings

TANGO FINANCE: Creditors' Proofs of Debt Due on December 10
TRI-CITY FUNDING: Creditors' Proofs of Debt Due on December 10
TWO BRIDGE: Creditors' Proofs of Debt Due on December 10
WALTON ASSET: Creditors' Proofs of Debt Due on December 10
ZAIS INVESTMENT: Creditors' Proofs of Debt Due on December 10


C O S T A  R I C A

* COSTA RICA: IDB OKs US$45MM Loan to Refinance Airport Debt


E C U A D O R

* ECUADOR: Posts US$51 Million Trade Surplus in October


M E X I C O

CEMEX FINANCE: Fitch Assigns 'B+/RR3' Rating on EUR300 Mil. Notes
CEMEX SAB: Debt Costs to Rise in Bond Sale
CEMEX SAB: Moody's Assigns 'B' Rating on Senior Secured Debt
DESARROLLADORA HOMEX: To Sell Bonds Amid High Mexico Debt Demand
DESARROLLADORA HOMEX: Moody's Assigns 'Ba3' Senior Debt Rating

GRUPO POSADAS: Plans to Sell Bonds in Overseas Markets
* MEXICO: Fitch Cuts Union de Credito Nat'l LT Rating to BB
* MEXICO: Fitch Cuts Corp. Interamericana Nat'l LT Rating to C


T R I N I D A D  &  T O B A G O

CL FINANCIAL: CLICO Seeks Stay of Execution on Preliminary Ruling


V E N E Z U E L A

BANCO DE VENEZUELA: Moody's Cuts Bank Fin'l Strength Rating to E+
BANCO UNIVERSAL: Moody's Cuts Bank Financial Strength Rating to E+
MERCANTIL CA: Moody's Cuts Bank Financial Strength Rating to E+
PETROLEOS DE VENEZUELA: PetroCedeno Oil Upgrader Shutdown


X X X X X X X X

* CARIBBEAN: Poor Outlook for Doing Business in Island
*  LATAM: Fitch Issues List of November Rating Changes


                         - - - - -


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


* ARGENTINA: Fitch Cuts Euromayor's Rating on US$2MM bonds to BB
----------------------------------------------------------------
This is a comprehensive list of Fitch Ratings' 48 Latin America
National scale rating changes for the month of November 2009,
which include: upgrades, downgrades, Rating Outlook and Rating
Watch revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these National ratings:

Distribucion y Servicios S.A. (Chile)

  -- Bonds series C to 'AAA(cl)' from 'AA-(cl)';
  -- Bonds series E to 'AAA(cl)' from 'AA-(cl)'.
  * (Rating action took place on Nov. 5, 2009.)

Euromayor S.A de Inversiones (Argentina)

  -- US$3.2 million bonds series I to 'BB(arg)' from 'BB-(arg)';
  -- US$3.1 million bonds series II to 'BB(arg)' from 'BB-(arg)'.
  * (Rating action took place on Nov. 10, 2009.)

The Rating Outlook remains Stable.

Cardif Seguros (Argentina)

  -- National Insurer Financial Strength to 'AA-(arg)' from
     'A+(arg)'.

  * (Rating action took place on Nov. 13, 2009.)

The Rating Outlook is Stable.

Rede Energia S.A (Brazil)

  -- National long-term rating to 'B(bra)' from 'CCC(bra)';
     assigned Stable Outlook.

  * (Rating action took place on Nov. 23, 2009.)

Bicbanco's (Brazil)

  -- National long-term rating to 'A(bra)' from 'A-(bra)';
  -- National short-term rating to 'F1(bra)' from 'F2(bra)'.
  * (Rating action took place on Nov. 26, 2009.)

The Rating Outlook remains Stable.

Union de Credito Agricultores de Cuauhtemoc (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BB-(mex)'.

The Rating Outlook remains Stable.

  * (Rating action took place on Nov. 27, 2009.)

Fitch has also downgraded these ratings:

Decimotercer Patrimonio Separado de Banchile Securitizadora S.A
(Chile)

  -- Series C National long-term rating to 'BBB-(cl)' from
     'BBB(cl)'; assigned Negative Outlook;

  -- Series D National long-term rating to 'B+(cl)' from 'BB(cl)';
     assigned Negative Outlook.

  * (Rating action took place on Nov. 2, 2009.)

Banco de Los Trabajadores (Guatemala)

  -- National long-term rating to 'BBB(gtm)' from 'BBB+(mex)';
  -- National short-term rating to 'F3(gtm)' from 'F2(gtm)'.

The Rating Outlook remains Stable.

  * (Rating action took place on Nov. 4, 2009.)

Corporacion Interamericana de Entretenimiento, S.A.B.  de C.V.
(CIE) (Mexico)

  -- National long-term rating to 'C(mex)' from 'CCC(mex)';
  -- CIE 05, CIE 06 and CIE 08 to 'C(mex)' from 'CCC(mex)'.
  * (Rating action took place on Nov. 10, 2009.)

Grupo Collado (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB+(mex)';
  -- National short-term rating to 'B(mex)' from 'F3(mex)';
  -- COLLAD 08 and COLLAD 08-2 to 'BB(mex)' from 'BBB+(mex)'.

The ratings were placed on Rating Watch Negative.

  * (Rating action took place on Nov. 10, 2009.)

Emgasud S.A (Argentina)

  -- US$150 million class 1 secured notes to 'BBB(arg)' from
     'A(arg)'.

The ratings were placed on Rating Watch Negative.

  * (Rating action took place on Nov. 18, 2009.)

CAPA de Quintana Roo (Mexico)

  -- National long-term rating to 'BBB-(mex)' from 'BBB(mex)';
     assigned Negative Outlook.

  * (Rating action took place on Nov. 18, 2009.)

TMMCB 07 (Mexico)

  -- National long-term rating to 'A+(mex)' from 'AA(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

TMMCB 08 (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A+(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

TMMCB 08-2 (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

Municipio de Guadalupe, N.L. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)'.
  * (Rating action took place on Nov. 27, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Municipio de Solidaridad, QR (Mexico)

  -- National long-term rating 'A(mex)'; Outlook revised to Stable
     from Positive.

  * (Rating action took place on Nov. 6, 2009.)

Municipio de Veracruz (Mexico)

  -- National long-term rating 'A+(mex)'; Outlook revised to
     Negative from Stable.

  * (Rating action took place on Nov. 18, 2009.)

Emgasud S.A (Argentina)

  -- US$150 million class 1 secured notes 'BBB(arg)'; removed from
     Rating Watch Negative; assigned Stable Outlook.

  * (Rating action took place on Nov. 24, 2009.)

Hipica Rioplatense (Uruguay)

  -- National long-term rating 'A-(uy)'; Outlook revised to
     Positive from Stable.

  * (Rating action took place on Nov. 27, 2009.)

OOMAPAS Nogales, Sonora (Mexico)

  -- National long-term rating 'BBB-(mex)'; Outlook revised to
     Negative from Stable.

  * (Rating action took place on Nov. 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Ribeiro XXXIII (Argentina)

  -- ARP $3.1 million certificates of participation 'B-(arg) '.
  * (Rating action took place on Nov. 2, 2009.)

CMR Falabella XVI (Argentina)

  -- ARP46.87 million notes 'AAA(arg)'.
  -- ARP15.7 million certificates of participation 'B(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

Lucaioli I (Argentina)

  -- ARP50 million certificates of participation 'CC(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

CFA V (Argentina)

  -- ARP129.2 million class B notes 'AAA(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

Confibono Titulos I (Argentina)

  -- ARP47 million class A notes 'A(arg)';
  -- ARP21.4 million class B notes 'B(arg)';
  -- ARP17.1 million certificates of participation 'C(arg)'.
  * (Rating action took place on Nov. 5, 2009.)

Banco Itau Arg (Argentina)

  -- National long-term rating 'AA(arg)';
  -- National short-term rating 'A1+(mex)'.
  * (Rating action took place on Nov. 9, 2009.)

Transener S.A. (Argentina)

  -- Bonds class 1 US$250 million (2016) 'A-(arg)';
  -- Bonds class 6 US$59.3 million (2016) 'A-(arg)'.
  * (Rating action took place on Nov. 24, 2009.)

CMR Falabella VII (Argentina)

  -- ARP38.8 million notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

CGM Leasing IV (Argentina)

  -- ARP1.8 million class B notes 'BBB+(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubond LXIII (Argentina)

  -- ARP5.9 million class B notes 'A-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Pricoop VIII (Argentina)

  -- ARP2.9 million classes A and B notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVII (Argentina)

  -- ARP26.2 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Confibono XL (Argentina)

  -- ARP4.5 million class B notes 'BBB+(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

SMSV XII (Argentina)

  -- ARP34.2 million certificates of participation 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXVI (Argentina)

  -- ARP12.3 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Secubono XXXVI (Argentina)

  -- ARP36.5 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

CGM Leasing V (Argentina)

  -- ARP22.8 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXV (Argentina)

  -- ARP16.4 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXIV (Argentina)

  -- ARP3.9 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXV (Argentina)

  -- ARP3.7 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Fidebica VIII (Argentina)

  -- ARP27.1 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXIV (Argentina)

  -- ARP17.2 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Rizzibono VI (Argentina)

  -- ARP300,000 class B notes 'A(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Tarjeta Nexo I (Argentina)

  -- ARP8.2 million notes for 'A-(arg)'.
  -- ARP2.1 million certificates of participation 'C(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVI (Argentina)

  -- ARP3 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVIII (Argentina)

  -- ARP27.6 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubond LXVII (Argentina)

  -- ARP24.9 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)


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


CHEVRON LOMPA: Creditors' Proofs of Debt Due on December 11
-----------------------------------------------------------
The creditors of Chevron Lompa, 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 26, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


CHEVRON LOMPA: Members' Final Meeting Set for January 5
-------------------------------------------------------
The members of Chevron Lompa, Ltd. will hold their final general
meeting on January 5, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind up proceedings on November 26, 2009.

The company's liquidator is:

          Gary R. Pitman
          Chevron House, 11 Church Street
          Hamilton, Bermuda


CUE INSURANCE: Court to Hear Wind-Up Petition on December 18
------------------------------------------------------------
A petition to wind up the operations of Cue Insurance Limited will
be heard before the Supreme Court of Bermuda on December 18, 2009,
at 9:30 a.m.


DIRECTRADE LIMITED: Creditors & Contributories to Meet on Dec. 15
-----------------------------------------------------------------
The creditors and contributories of Directrade Limited will hold
their meeting on December 15, 2009, at 10:30 a.m. and 11:00 a.m.,
respectively, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.


DIVERSITY INSURANCE: Court to Hear Wind-Up Petition on December 18
------------------------------------------------------------------
A petition to wind up the operations of Diversity Insurance
Company Ltd. will be heard before the Supreme Court of Bermuda on
December 18, 2009, at 9:30 a.m.


EMERALD FINANCIAL: Creditors and Contributories to Meet on Dec. 15
------------------------------------------------------------------
The creditors and contributories of Emerald Financial Limited will
hold their meeting on December 15, 2009, at 11:30 a.m. and
12:00 noon respectively, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.


EMERALD INVESTMENT: Creditors & Contributories to Meet on Dec. 15
-----------------------------------------------------------------
The creditors and contributories of Emerald Investment Management
Limited will hold their meeting on December 15, 2009, at
9:30 a.m. and 10:00 a.m., respectively, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.


MOHAFA INVESTMENTS: Creditors' Proofs of Debt Due on December 11
----------------------------------------------------------------
The creditors of Mohafa Investments 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 26, 2009.

The company's liquidator is:

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


MOHAFA INVESTMENTS: Members' Final Meeting Set for December 30
--------------------------------------------------------------
The members of Mohafa Investments will hold their final general
meeting on December 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind up proceedings on November 26, 2009.

The company's liquidator is:

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


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


AMERICA LATINA: Fitch Upgrades Issuer Default Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has upgraded the ratings of America Latina Logistica
S.A. and its subsidiaries:

ALL:

  -- Long-Term Foreign and Local Currency Issuer Default Ratings
     to 'BB-' from 'B+';

  -- Long-Term National Rating to 'A-(bra)' from 'BBB+(bra)';

  -- Long-Term National Rating of the 5th Debenture Issue to 'A-
     (bra)' from 'BBB+(bra)';

  -- Long-Term National Rating of the 6th Debenture Issue to 'A-
     (bra)' from 'BBB+(bra)'.

ALL - America Latina Logistica Malha Sul S.A.:

  -- Long-Term National Rating of the 3rd Debenture Issue to 'A-
     (bra)' from 'BBB+(bra)'.

ALL Malha Norte S.A.

  -- Long-Term National Rating of the 6th Debenture Issue to 'A-
     (bra)' from 'BBB+(bra)'.

ALL Malha Paulista S.A.:

  -- Long-Term National Rating of the 1st Debenture Issue to 'A-
     (bra)' from 'BBB+(bra)'.

The Rating Outlook is Stable.

Stronger Financial Profile and Resilient Business Model Support
Upgrades:

The upgrade of ALL and its subsidiaries' credit ratings is
supported by the company's strengthened financial profile
following the successful capital injection of BRL1.29 billion in
November 2009.  Additionally, ALL's business model has
demonstrated resilience to the adverse economic scenario, as
demonstrated by the volumes transported by the company in the
first nine months of 2009, which have not been affected by the
volatility of the Brazilian economy.  In the last 12 months ended
in September 2009, ALL transported a total of 40,277 million tons
per useful kilometer, as compared to 38,204 million in 2008 and
34,486 million in 2007.  ALL has also strengthened its competitive
position as the sole railroad transportation provider in the South
and Mid-West Regions of Brazil, which are markets with significant
growth potential, and has taken advantages of existing growth
opportunities.

Strong Liquidity Position in 2010; Well Scheduled Debt
Amortizations:

Fitch expects that the ALL group's strong liquidity position of
BRL2.2 billion cash and marketable securities at the end of
September 2009 should be significantly strengthened as a result of
ALL's successful capital injection.  As mentioned, in November
2009, the company issued convertible debentures in the amount of
BRL1.29 billion and has already obtained almost full adherence for
such debentures to be immediately converted into shares.  With
this injection, ALL now shows a better capital structure and
stronger liquidity resulting in higher financial flexibility,
which should allow the company to develop its expansion plans.  In
September 2009, the exposure to refinancing risk was low, as cash
on hand covers by 2.7 times the BRL829 million amount of short-
term debts.  Considering the new funds, the pro forma coverage
ratio increases to 4.2x.  The company also benefits from a
manageable debt amortization schedule.  The financial debt
maturing up to the end of 2011 equals approximately
BRL1.6 billion, in line with ALL's liquidity position and cash
flow generation.  The company's indebtedness is principally
comprised of these (all of which are of a long-term nature): BRL
2.2 billion of obligations with lease and concession obligations;
BRL2 billion of debentures; and BRL1.7 billion of loans with Banco
Nacional de Desenvolvimento Economico e Social.

Operating Efficiency Sustains Increasing EBITDAR Margins:

EBITDAR has been improving on a sustainable basis as a result of
increased logistics activity in ALL's region of operation and its
improved business profitability.  For the last 12 months ended in
September 2009, ALL reported Fitch-calculated EBITDAR of
BRL1.32 billion, which compares positively to BRL1.204 billion in
2008 and BRL1.159 billion in 2007.  The company's EBITDAR
generation should continue to increase consistently as a result of
the marginal increases expected from ALL's business operations and
from additional revenue contributions arising from its new
investments, such as the expansion of its trench in Rondonopolis,
from 2012 onwards.

ALL's profitability has consistently improved since 2005.  The
company's improved operational performance reflects increasing
cargo volumes and its permanent search for higher cost efficiency.
For the last 12 months ended in September 2009, the company
recorded an EBITDAR margin of 50.7%, against EBITDAR margin levels
of 48% in 2008 and 45.7% in 2005, which are competitive with its
peers in Latin America.  ALL's EBITDAR margin reduction to 48% in
2008, as compared to the 54.7% in 2007, does not represent a
decline in consolidated profitability but rather changes in the
Brazilian accounting practices for the amounts relative to
obligations with the leasing of assets.  The reductions in average
yields (tariffs per kilometer) in the last quarter of 2009,
reflecting the economic challenges of the industry, have not
impacted ALL's consolidated profitability in the last 12 months,
as compared to 2008.  Business profitability should gradually
continue to strengthen with increased activity and the consequent
dilution of fixed costs.

Free Cash Flow Should Remain Under Pressure by High Investment
Activity:

As a result of pressures on the Cash Flow From Operation, ALL's
free cash flow was negative in 2008 and for the last 12 months
ended in September 2009 and should continue to be under pressure
by the high volumes of new investments, which should only mature
in 2012.  Investments planned for the next three years add up to
approximately BRL2.7 billion and should be financed by cash
generation, debt issuance with tenors compatible with investment
maturation and its cash on hand.  For the last 12 months ended in
September 2009, ALL generated BRL269 million of Funds from
Operations and BRL337 million of Cash Flow from Operations.  These
results compare negatively with BRL935 million and
BRL1.266 million, respectively, in 2007.  Interest incurred and
unpaid, along with renegotiation of extended terms for payment to
suppliers of locomotives during 2007, benefited cash flow during
that year.  In addition, non-recurring tax expenses in the last
quarter of 2008 have also affected ALL's cash flow in the last 12
months ended in September 2009.  Fitch expects the company to be
able to recover a more significant cash flow position from 2009
onwards, more in line with its EBITDAR generation.

Lower Leverage After Capital Injection:

ALL's consolidated net leverage should considerably reduce to
nearly 2.5x, by the end of 2009, after remaining high in the past
three years.  During the last 12 months ended in September 2009,
the consolidated adjusted net debt/EBITDAR ratio, according to
Fitch's calculations, was 3.7x, against 3.5x and 3.7x,
respectively, in 2008 and 2007.  Fitch expects that in 2010 ALL's
leverage will be in line with expectations for 2009.  In September
2009, ALL reported total debt of BRL7.1 billion, adjusted by
obligations with lease and concession obligations (BRL2 billion),
a 3.5% increase over the adjusted debt in December 2008.  The
company has efficiently managed its indebtedness throughout a
difficult scenario of global economic recession, strong liquidity
restrictions and high investment program commitments.

Unrestricted Dividend Distribution Policy and Guarantee of
Operating Subsidiaries Mitigate the Debt Subordination Risk of the
Holding Company:

ALL's ratings taking into account the unrestricted policy of cash
distribution of the group's operating companies and the fact that
the major debts of the holding rely on guarantees by the Brazilian
operating companies, which limit the issues relative to the
structural subordination of these debts.

Key Rating Drivers:

The ratings may be upgraded should ALL continue improving its
credit metrics, correspondent to consistent leverage reduction
(resulting from a combination of sustainable increases in EBITDAR
generation and debt amortization) and the maintenance of strong
liquidity.

The ratings could be downgraded if there is deterioration in
operational performance combined with higher leverage levels.
Ratings could also be affected if ALL makes acquisitions and/or
investments relevant and not expected by Fitch, which could
considerably affect the company's liquidity.


BANCO PANAMERICANO: May Get Cheaper Funding on Caixa Investment
---------------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that speculations have
emerged that Banco Panamericano SA may get cheaper funding after
state-owned Caixa Economica Federal agreed to buy a 35% stake.

According to the report, Banco Panamericano said in a regulatory
filing said that Caixa Economica Federal will spend BRL739.3
million (US$430 million) to buy the stake.  The report relates
that Itau Corretora reiterated its “outperform” rating on
Panamericano, citing lower costs.

“Panamericano will be able to substantially reduce its funding
costs,” Alcir Freitas, an analyst at Itau Corretora in Sao Paulo,
wrote in a note obtained by the news agency.  “On the revenue
side, Panamericano will be able to improve its loan origination,
either due to the lack of funding constraints, or because
Panamericano may have access to Caixa Economica Federal’s wide
distribution network,” he added.

Bloomberg News notes that Caixa, through its Caixa Participacoes
SA investment arm, is paying BRL8.27 reais a share for 89.3
million shares.

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Reuters said Caixa Economica Federal is in
advanced talks to buy a minority stake in Banco Panamericano as
part of a plan by Caixa Economica to expand into car loans.

                       About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.

                     About Banco Panamericano

Banco Panamericano S.A is headquartered in Sao 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.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 7, 2009, 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.


CAIXA ECONOMICA: Buys Panamericano's 35% Stake for BRL739.3MM
-------------------------------------------------------------
Paulo Winterstein at Bloomberg News reports that speculations have
emerged that Banco Panamericano SA may get cheaper funding after
state-owned Caixa Economica Federal agreed to buy a 35% stake.

According to the report, Banco Panamericano said in a regulatory
filing said that Caixa Economica Federal will spend BRL739.3
million (US$430 million) to buy the stake.  The report relates
that Itau Corretora reiterated its “outperform” rating on
Panamericano, citing lower costs.

“Panamericano will be able to substantially reduce its funding
costs,” Alcir Freitas, an analyst at Itau Corretora in Sao Paulo,
wrote in a note obtained by the news agency.  “On the revenue
side, Panamericano will be able to improve its loan origination,
either due to the lack of funding constraints, or because
Panamericano may have access to Caixa Economica Federal’s wide
distribution network,” he added.

Bloomberg News notes that Caixa, through its Caixa Participacoes
SA investment arm, is paying BRL8.27 reais a share for 89.3
million shares.

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Reuters said Caixa Economica Federal is in
advanced talks to buy a minority stake in Banco Panamericano as
part of a plan by Caixa Economica to expand into car loans.

                       About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.

                     About Banco Panamericano

Banco Panamericano S.A is headquartered in Sao 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.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 7, 2009, 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.


JBS SA: NM Family Works to Settle Suit Against JBS Swift
--------------------------------------------------------
The family of a New Mexico boy who got sick after eating sirloin
from Greeley, Colo.-based company JBS Swift Beef Co. is working to
settle a lawsuit seeking unspecified damages against the company,
Legal News reports.  JBS Swift is a unit of JBS SA.

According to the report, JBS Swift recalled about 380,000 pounds
of beef this summer due to connections with outbreaks of E. coli.
The report recalls that Alex Roerick and his mother, Hollie, of
Albuquerque filed a lawsuit in July saying Alex developed kidney
failure after eating meat from the company.

The report notes that in documents filed in U.S. District Court in
Denver, lawyers for the Roericks and the company asked that the
claims be dismissed, with no money changing hands, so the parties
could pursue a settlement.

                           About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services placed its
ratings, including the 'B+' corporate credit ratings, on meat-
processing companies JBS S.A and JBS USA LLC on CreditWatch with
positive implications.


LEHMAN BROTHERS: Has BRL2-Billion Assets in Brazil
--------------------------------------------------
Lehman Brothers Holdings Inc. has BRL2 billion (US$1.16 billion)
in assets in Brazil, Camila Fontana at Bloomberg News reports,
citing Brasil Economico.

According to the report, head of restructuring firm Alvarez &
Marsal in the country, Luis DeLucio, told the local newspaper that
Lehman's short-term credits in Brazil will be kept through
maturity while longer-term receivables will be offered to
prospective buyers.

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


ULTRAPAR PARTICIPACOES: Discloses a Reduction in its Cost of Debt
-----------------------------------------------------------------
Ultrapar Participacoes S.A. has concluded the review of certain
terms and conditions of its 3rd issuance of debentures, in the
amount of R$1,200,000,000.00 issued on June 4, 2009.

Effective from December 4, 2009, the remuneration of the
Debentures was reduced to 108.5% of the CDI and its maturity date
was extended to December 4, 2012.

The Debentures have yearly interest payments and amortization in
one single tranche at the maturity date.  Ultrapar may, at any
time, through prior notice, early redeem the outstanding
Debentures.

With these changes, Ultrapar reduces its cost of debt, providing
higher financial flexibility and increase in soundness and
liquidity.

    IR Contact
    E-mail: invest@ultra.com.br
    Telephone: + 55 11 3177-7014
    Web site: http://www.ultra.com.br

                  About Ultrapar Participacoes

Headquartered in Sao Paulo, Brazil, Ultrapar Participacoes S.A.
(NYSE: UGP) (BOVESPA: UGPA4) is a company with two main
operations: LPG distribution (through its fully-owned subsidiary
Ultragaz Participacoes Ltda.) and chemical production (through
its also fully-owned subsidiary Oxiteno S.A.).  A third smaller
but growing business is the transportation and storage of
chemicals and fuels, Ultracargo Operacoes Logisticas e
Participacoes Ltda., which completes Ultrapar's business
portfolio and reinforces the trend for further business
diversity in the long run.

                           *      *      *

As of October 19, the company continues to carry Moody's BB+ LT
Issuer Credit Ratings.


VALE SA: Nickel Miners Don't See Strike Ending Soon
---------------------------------------------------
Diana Kinch and Anna Stablum at Bloomberg News report that Vale SA
workers are set to extend a strike at a Canada nickel mine after a
five-month walkout that took about 10% of world supplies off the
market and pushed up prices.

The report, citing Vale spokesman Cory McPhee, relates that Vale
and the United Steelworkers' union negotiators are at an impasse
on issues that prompted the workers' walkout, with no talks
planned soon.

“This talk about a restart is a publicity stunt designed to
intimidate the union members and the community,” the report quoted
USW Head Bertrand as saying.  “We don’t see any production at
Sudbury rather than what was already on the ground when the strike
began,” he added.

According to the report, about 3,300 of almost 4,600 employees at
Sudbury halted work on July 13 after talks broke down over a labor
contract and paralyzing output.  The report relates that workers
joined the strike in August at its Voisey’s Bay mine, Labrador.

The strike tightened nickel supplies and boosted premiums paid for
the metal in the U.S. Midwest by 25%, Maartje Collignon, an
analyst at research group CRU in London, said in an e-mail
statement obtained by the news afency.  Bloomberg News notes that
nickel output at Sudbury nickel mine slumped 74% in the third
quarter from a year earlier to 5,000 metric tons, while Voisey’s
Bay output shrank 88% to 3,000 tons.

“The strike has quite clearly tightened up the market in the
U.S.,” David Wilson, a Societe Generale SA analyst, told Bloomberg
in a telephone interview.  “There is quite a big tonnage that has
been removed from the market” he added.

Mr. Wilson, the report relates, said that if the strikes continue
next year and demand improves from the stainless steel industry,
the nickel market will tighten and push prices higher.  Prices
also may rally because of a delay in Vale’s 60,000 tons-a-year
Goro nickel operation in New Caledonia, he added.

                         About Vale SA

Vale S.A. -- http://www.vale.com/-- formerly Companhia Vale do
Rio Doce, is a metals and mining company. The Company is also a
producer of iron ore and iron ore pellets. It also produces
manganese ore, ferroalloys and kaolin.  It also produces bauxite,
alumina, aluminum, copper, coal, cobalt, precious metals, potash
and other products.  The company operates logistics systems in
Brazil, including railroads, maritime terminals and a port, which
are integrated with its mining operations.  Directly and through
affiliates and joint ventures, it has investments in the energy
and steel businesses.  Its principal nickel mines and processing
operations are conducted by its wholly owned subsidiary Vale Inco
Limited (Vale Inco), which has mining operations in Canada and
Indonesia.


* BRAZIL: Fitch Cuts Rede Energia Nat'l LT Rating to B(bra)
-----------------------------------------------------------
This is a comprehensive list of Fitch Ratings' 48 Latin America
National scale rating changes for the month of November 2009,
which include: upgrades, downgrades, Rating Outlook and Rating
Watch revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these National ratings:

Distribucion y Servicios S.A. (Chile)

  -- Bonds series C to 'AAA(cl)' from 'AA-(cl)';
  -- Bonds series E to 'AAA(cl)' from 'AA-(cl)'.
  * (Rating action took place on Nov. 5, 2009.)

Euromayor S.A de Inversiones (Argentina)

  -- US$3.2 million bonds series I to 'BB(arg)' from 'BB-(arg)';
  -- US$3.1 million bonds series II to 'BB(arg)' from 'BB-(arg)'.
  * (Rating action took place on Nov. 10, 2009.)

The Rating Outlook remains Stable.

Cardif Seguros (Argentina)

  -- National Insurer Financial Strength to 'AA-(arg)' from
     'A+(arg)'.

  * (Rating action took place on Nov. 13, 2009.)

The Rating Outlook is Stable.

Rede Energia S.A (Brazil)

  -- National long-term rating to 'B(bra)' from 'CCC(bra)';
     assigned Stable Outlook.

  * (Rating action took place on Nov. 23, 2009.)

Bicbanco's (Brazil)

  -- National long-term rating to 'A(bra)' from 'A-(bra)';
  -- National short-term rating to 'F1(bra)' from 'F2(bra)'.
  * (Rating action took place on Nov. 26, 2009.)

The Rating Outlook remains Stable.

Union de Credito Agricultores de Cuauhtemoc (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BB-(mex)'.

The Rating Outlook remains Stable.

  * (Rating action took place on Nov. 27, 2009.)

Fitch has also downgraded these ratings:

Decimotercer Patrimonio Separado de Banchile Securitizadora S.A
(Chile)

  -- Series C National long-term rating to 'BBB-(cl)' from
     'BBB(cl)'; assigned Negative Outlook;

  -- Series D National long-term rating to 'B+(cl)' from 'BB(cl)';
     assigned Negative Outlook.

  * (Rating action took place on Nov. 2, 2009.)

Banco de Los Trabajadores (Guatemala)

  -- National long-term rating to 'BBB(gtm)' from 'BBB+(mex)';
  -- National short-term rating to 'F3(gtm)' from 'F2(gtm)'.

The Rating Outlook remains Stable.

  * (Rating action took place on Nov. 4, 2009.)

Corporacion Interamericana de Entretenimiento, S.A.B.  de C.V.
(CIE) (Mexico)

  -- National long-term rating to 'C(mex)' from 'CCC(mex)';
  -- CIE 05, CIE 06 and CIE 08 to 'C(mex)' from 'CCC(mex)'.
  * (Rating action took place on Nov. 10, 2009.)

Grupo Collado (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB+(mex)';
  -- National short-term rating to 'B(mex)' from 'F3(mex)';
  -- COLLAD 08 and COLLAD 08-2 to 'BB(mex)' from 'BBB+(mex)'.

The ratings were placed on Rating Watch Negative.

  * (Rating action took place on Nov. 10, 2009.)

Emgasud S.A (Argentina)

  -- US$150 million class 1 secured notes to 'BBB(arg)' from
     'A(arg)'.

The ratings were placed on Rating Watch Negative.

  * (Rating action took place on Nov. 18, 2009.)

CAPA de Quintana Roo (Mexico)

  -- National long-term rating to 'BBB-(mex)' from 'BBB(mex)';
     assigned Negative Outlook.

  * (Rating action took place on Nov. 18, 2009.)

TMMCB 07 (Mexico)

  -- National long-term rating to 'A+(mex)' from 'AA(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

TMMCB 08 (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A+(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

TMMCB 08-2 (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

Municipio de Guadalupe, N.L. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)'.
  * (Rating action took place on Nov. 27, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Municipio de Solidaridad, QR (Mexico)

  -- National long-term rating 'A(mex)'; Outlook revised to Stable
     from Positive.

  * (Rating action took place on Nov. 6, 2009.)

Municipio de Veracruz (Mexico)

  -- National long-term rating 'A+(mex)'; Outlook revised to
     Negative from Stable.

  * (Rating action took place on Nov. 18, 2009.)

Emgasud S.A (Argentina)

  -- US$150 million class 1 secured notes 'BBB(arg)'; removed from
     Rating Watch Negative; assigned Stable Outlook.

  * (Rating action took place on Nov. 24, 2009.)

Hipica Rioplatense (Uruguay)

  -- National long-term rating 'A-(uy)'; Outlook revised to
     Positive from Stable.

  * (Rating action took place on Nov. 27, 2009.)

OOMAPAS Nogales, Sonora (Mexico)

  -- National long-term rating 'BBB-(mex)'; Outlook revised to
     Negative from Stable.

  * (Rating action took place on Nov. 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Ribeiro XXXIII (Argentina)

  -- ARP $3.1 million certificates of participation 'B-(arg) '.
  * (Rating action took place on Nov. 2, 2009.)

CMR Falabella XVI (Argentina)

  -- ARP46.87 million notes 'AAA(arg)'.
  -- ARP15.7 million certificates of participation 'B(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

Lucaioli I (Argentina)

  -- ARP50 million certificates of participation 'CC(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

CFA V (Argentina)

  -- ARP129.2 million class B notes 'AAA(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

Confibono Titulos I (Argentina)

  -- ARP47 million class A notes 'A(arg)';
  -- ARP21.4 million class B notes 'B(arg)';
  -- ARP17.1 million certificates of participation 'C(arg)'.
  * (Rating action took place on Nov. 5, 2009.)

Banco Itau Arg (Argentina)

  -- National long-term rating 'AA(arg)';
  -- National short-term rating 'A1+(mex)'.
  * (Rating action took place on Nov. 9, 2009.)

Transener S.A. (Argentina)

  -- Bonds class 1 US$250 million (2016) 'A-(arg)';
  -- Bonds class 6 US$59.3 million (2016) 'A-(arg)'.
  * (Rating action took place on Nov. 24, 2009.)

CMR Falabella VII (Argentina)

  -- ARP38.8 million notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

CGM Leasing IV (Argentina)

  -- ARP1.8 million class B notes 'BBB+(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubond LXIII (Argentina)

  -- ARP5.9 million class B notes 'A-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Pricoop VIII (Argentina)

  -- ARP2.9 million classes A and B notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVII (Argentina)

  -- ARP26.2 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Confibono XL (Argentina)

  -- ARP4.5 million class B notes 'BBB+(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

SMSV XII (Argentina)

  -- ARP34.2 million certificates of participation 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXVI (Argentina)

  -- ARP12.3 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Secubono XXXVI (Argentina)

  -- ARP36.5 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

CGM Leasing V (Argentina)

  -- ARP22.8 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXV (Argentina)

  -- ARP16.4 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXIV (Argentina)

  -- ARP3.9 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXV (Argentina)

  -- ARP3.7 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Fidebica VIII (Argentina)

  -- ARP27.1 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXIV (Argentina)

  -- ARP17.2 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Rizzibono VI (Argentina)

  -- ARP300,000 class B notes 'A(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Tarjeta Nexo I (Argentina)

  -- ARP8.2 million notes for 'A-(arg)'.
  -- ARP2.1 million certificates of participation 'C(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVI (Argentina)

  -- ARP3 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVIII (Argentina)

  -- ARP27.6 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubond LXVII (Argentina)

  -- ARP24.9 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)


* BRAZIL: Aracaju Gets US$30.2 Million Loan From IDB
----------------------------------------------------
Aracaju, the capital of the Brazilian northeastern state of
Sergipe, will get a US$30.2 million loan from the Inter-American
Development Bank to improve living conditions in poor
neighborhoods and upgrade the public transport system.

The loan is the tenth operation under Brazil’s Procidades, the
credit mechanism that finances integrated urban development
programs for municipalities in Brazil

IDB project leader Fernanda Magalhaes emphasized the importance of
this program to Aracaju’s development, especially as “the city
will be able to address its key priorities to improve the quality
of life of its citizens”.

According to IDB, Aracaju will use this IDB financing to also
revitalize its city center, and to finance the strengthening the
municipal government’s planning and strategic capacities.  Local
counterpart funds for this loan total US$30.2 million.

With the Aracaju financing, the Procidades credit mechanism has to
date approved 10 loans for a total of US$246.6 million, covering
municipalities in the states of Rio de Janeiro, Espirito Santo,
Paraná, Mato Grosso do Sul and Sergipe.

For the remainder of 2009, two additional programs, one for Manaus
in the state of Amazonas, and the other one for the municipality
of Catanduva in the State of Sao Paulo, are also expected to reach
their approval.

                           *     *     *

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


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


AAF HOLDINGS: Creditors' Proofs of Debt Due on December 11
----------------------------------------------------------
The creditors of AAF Holdings (Cayman) 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 20, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


AL DANA: Creditors' Proofs of Debt Due on December 10
-----------------------------------------------------
The creditors of Al Dana Sharia Compliant Global Real Estate
Manager Selection 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 26, 2009.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


AL DANA: Creditors' Proofs of Debt Due on December 10
-----------------------------------------------------
The creditors of Al Dana Global Real Estate Manager Selection 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 26, 2009.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


ALLCO EUROWIND: Creditors' Proofs of Debt Due on December 11
------------------------------------------------------------
The creditors of Allco Eurowind Holdings (Cayman) 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 20, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


AMI-UK: Creditors' Proofs of Debt Due on December 11
----------------------------------------------------
The creditors of AMI-UK (Cayman) 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 20, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


AMI-UK HOLDINGS: Creditors' Proofs of Debt Due on December 11
-------------------------------------------------------------
The creditors of AMI-UK Holdings (Cayman) 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 20, 2009.

The company's liquidator is:

          Ian Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


ANT INVESTMENTS: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------------
The creditors of Ant Investments (Cayman) No 1 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 29, 2009.

David Dyer is the company's liquidator.


ASP HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
On October 28, 2009, the shareholders of ASP Holdings Limited
passed a resolution that voluntarily liquidates the company's
business.

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:

          Paget-Brown Trust Company Ltd.
          Evania Ebanks
          c/o Paget-Brown Trust Company Ltd.
          Boundary Hall, Cricket Square
          P.O. Box 1111, Grand Cayman KY1-1102
          Cayman Islands


ATISA ONE: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------
The creditors of Atisa One 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 28, 2009.

The company's liquidator is:

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


BATTERY PARK: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of Battery Park CDO 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 29, 2009.

David Dyer is the company's liquidator.


BERTIL INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On October 28, 2009, the sole shareholder of Bertil Investment
Ltd. passed a resolution that voluntarily winds up the company's
operations.

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

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


BT HOBART: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------
The creditors of BT Hobart (Cayman) No.1 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 29, 2009.

David Dyer is the company's liquidator.


CONTEXT/TQA SPECIAL: Creditors' Proofs of Debt Due on December 10
-----------------------------------------------------------------
The creditors of Context/TQA Special Opportunities 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 9, 2009.

The company's liquidator is:

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


DOMI CORPORATION: Placed Under Voluntary Wind-Up
------------------------------------------------
On October 28, 2009, the sole shareholder of Domi Corporation
Limited passed a resolution that voluntarily winds up the
company's operations.

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

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


FANTA INVESTMENT: Placed Under Voluntary Wind-Up
------------------------------------------------
On October 28, 2009, the sole shareholder of Fanta Investment Ltd.
passed a resolution that voluntarily winds up the company's
operations.

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

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


FNB ASSURANCE: Placed Under Voluntary Wind-Up
---------------------------------------------
On October 15, 2009, the shareholders of FNB Assurance Ltd. passed
a resolution that voluntarily winds up the company's operations.

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

The company's liquidator is:

          Marsh Management Services Cayman Ltd.
          P.O. Box 1051 G.T, 23 Lime Tree Bay Avenue
          Governors Square, Building 4, Floor 2
          Grand Cayman KYl-1102, Cayman Islands


GOLDEN DANDELION: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------------
The creditors of Golden Dandelion (Cayman) LLC 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 29, 2009.

David Dyer is the company's liquidator.


LBSPK 2007-1SPC: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------------
The creditors of LBSPK 2007-1SPC 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 28, 2009.

The company's liquidator is:

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


MAJACA INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On October 28, 2009, the sole shareholder of Majaca International
Ltd. passed a resolution that voluntarily winds up the company's
operations.

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

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


MATCHPOINT INVESTMENT: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On October 28, 2009, the sole shareholder of Matchpoint Investment
Ltd. passed a resolution that voluntarily winds up the company's
operations.

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

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


NISR 2: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------
The creditors of NISR 2 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 29, 2009.

David Dyer is the company's liquidator.


RAINIER CBO: Creditors' Proofs of Debt Due on December 10
---------------------------------------------------------
The creditors of Rainier CBO III 2000-1 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 29, 2009.

David Dyer is the company's liquidator.


REVA INTERNATIONAL: Creditors' Proofs of Debt Due on December 14
----------------------------------------------------------------
The creditors of Reva International Ltd. are required to file
their proofs of debt by December 14, 2009, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981, Grand Cayman KY1-1104


RICHCOURT GAMMA: Commences Wind-Up Proceedings
----------------------------------------------
Richcourt Gamma Master Fund, Ltd. commenced wind-up proceedings on
October 21, 2009.

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


RICHCOURT GAMMA: Commences Wind-Up Proceedings
----------------------------------------------
Richcourt Gamma Fund, Ltd. commenced wind-up proceedings on
October 21, 2009.

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


TANGO FINANCE: Creditors' Proofs of Debt Due on December 10
-----------------------------------------------------------
The creditors of Tango Finance 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 September 28, 2009.

David Dyer and Alan Corkish are the company's liquidators.


TRI-CITY FUNDING: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------------
The creditors of Tri-City Funding 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 27, 2009.

The company's liquidators are:

          Scott Aitken
          Connan Hill
          c/o Bronwynne R. Arch
          Telephone: 949-7755
          Facsimile: 949-7634
          P.O. Box 1109, Grand Cayman KY-1102
          Cayman Islands


TWO BRIDGE: Creditors' Proofs of Debt Due on December 10
--------------------------------------------------------
The creditors of Two Bridge Properties 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 29, 2009.

David Dyer is the company's liquidator.


WALTON ASSET: Creditors' Proofs of Debt Due on December 10
----------------------------------------------------------
The creditors of Walton Asset Management 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 23, 2009.

The company's liquidator is:

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


ZAIS INVESTMENT: Creditors' Proofs of Debt Due on December 10
-------------------------------------------------------------
The creditors of Zais Investment Grade 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 September 17, 2009.

David Dyer is the company's liquidator.



==================
C O S T A  R I C A
==================


* COSTA RICA: IDB OKs US$45MM Loan to Refinance Airport Debt
------------------------------------------------------------
The Inter-American Development Bank approved a US$45 million long-
term loan to help finance the expansion of the Juan Santamaria
International Airport in San Jose, Costa Rica, and support its new
operator's plans to refinance debt.

The non-sovereign guaranteed loan will be made to Alterra Partners
Costa Rica SA (APCR), the airport’s operating company, owned since
July 2009 by Brazilian, Canadian and U.S. partners.

The partners include Brazil’s Andrade Gutierrez Concessões and ADC
& HAS Finance Ltd, a holding company controlled by the Houston
Airport System, the Toronto-based Airport Development Corporation,
and the Ontario Municipal Employees Retirement System.

IDB said that APCR will use the loan to refinance pre-existing
debt and complete works on a terminal extension to permanently
house immigration, customs and security processing at Central
America's second busiest airport, which serves approximately 3.5
million passengers annually.

The lending will also finance additional holding rooms, renovation
of existing and new boarding bridges, remote stands for buses and
an additional remote parking position, as well as the
reconstruction of the apron and one of the taxiways.

These investments will improve passenger comfort and boost
revenues from commercial services at the San Jose airport, which
has seen the number of travelers grow an average 8% a year since
2002.

                       *     *     *

As of July 28, 2009, the country continues to carry Moody's Ba1
foreign currency rating with stable outlook.


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


* ECUADOR: Posts US$51 Million Trade Surplus in October
-------------------------------------------------------
Ecuador posted a trade surplus of US$51 million in October,
compared with a deficit of US$536 million a year earlier, Mercedes
Alvaro at Dow Jones Newswires reports, citing the nation's central
bank.  The report relates that Ecuador posted a trade deficit of
US$23 million in September.

According to the report, the central bank reported that exports
rose 4% to US$1.32 billion in October from US$1.27 billion in the
same month last year; while imports were down 29% to US$1.27
billion in October from US$1.8 billion reported in October 2008.

Dow Jones Newswires notes that Ecuador posted a trade deficit of
US$451 million in the first 10 months of 2009, from a surplus of
US$1.87 billion a year earlier.  The report relates that between
January and October, exports fell 34% to about US$10.96 billion
from US$16.57 billion a year earlier; while imports fell 22% to
about US$11.41 billion in the first 10 months of 2009 from
US$14.69 billion in the year-earlier period.

                         *     *     *

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-'.


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


CEMEX FINANCE: Fitch Assigns 'B+/RR3' Rating on EUR300 Mil. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'B+/RR3' to the proposed
EUR300 million private placement of Cemex Finance LLC's senior
secured notes.  These notes, which are scheduled to mature in
2017, will have the same security package as the bank debt that
was refinanced in August.  They will be unconditionally guaranteed
by Cemex, S.A.B. de C.V. and its subsidiaries Cemex Mexico, S.A.
de C.V., Cemex Espana, S.A., Cemex Corp., Cemex Concretos, S.A. de
C.V., Empresas Toltec de Mexico, S.A. de C.V. and New Sunward
Holding B.V.  Proceeds from the issuance will be used to refinance
existing debt and to fund working capital needs.

Fitch currently rates Cemex and its subsidiaries:

Cemex

  -- Foreign currency Issuer Default Rating 'B';

  -- Local currency IDR 'B';

  -- Long-term national scale rating 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program 'BB-(mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program 'BB-(mex)';

  -- Senior unsecured debt obligations 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program 'BB-(mex)';

  -- Short-term national scale rating 'B(mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program 'B(mex)'.

Cemex Espana S.A. (Cemex Espana)

  -- IDR 'B';
  -- Senior unsecured debt obligations 'B+/RR3'.

Rinker Materials Corporation

  -- US$150 million senior unsecured notes due 2025 'B+/RR3'.

The Rating Outlook is Stable.

The 'B' ratings of Cemex and its subsidiaries take into
consideration Cemex's strong global business position as an
integrated cement player and its ability to continue to generate
free cash flow during the sharp contraction in its key markets.
The ratings also continue to reflect the support the company
receives from its key banks.  Balanced against these credit
strengths are the high level of leverage at Cemex and a
challenging debt amortization schedule during 2011 and 2012.  The
proposed notes have been rated 'B+/RR3' to reflect good recovery
prospects in the event of a default.

Cemex had US$22.1 billion of lease adjusted debt and US$488
million of cash and marketable securities as of Sept. 30, 2009.
The company's net debt declined to approximately US$19.9 billion
from US$21.6 billion on Oct. 1, 2009 following the completion of
the sale of its Australian operations to Holcim.  Excluding the
cash flow associated with Australian assets that were sold to
Holcim, Fitch projects that Cemex will generate about US$3.2
billion of adjusted EBITDAR during 2009.  These figures translate
to an adjusted net debt/EBITDAR ratio of 6.2 times.

Cemex has improved its debt amortization profile significantly
through an August debt refinancing agreement, the issuance of
US$1.9 billion of equity during September and the sale of the
Australian assets.  The company's debt amortizations schedule is
manageable through the end of 2010 with US$750 million of total
debt maturities.  In 2011 and 2012, the company's debt
amortizations increase to US$2.6 billion and US$1.6 billion,
respectively.

The outlook for growth of Cemex's operating cash flow during 2010
remains modest, as it depends primarily upon a rebound in demand
in three of the company's key markets -- the United States, Spain
and the U.K.  While demand for new houses is expected to remain
weak in these markets, infrastructure spending associated with
economic stimulus packages could boost cash flows from very
depressed levels.  Cemex should be able to reduce debt by more
than US$1.5 billion per year during the next two years, as its
current bank agreement limits capital expenditures to US$700
million in 2010 and US$800 million in 2011.


CEMEX SAB: Debt Costs to Rise in Bond Sale
------------------------------------------
CEMEX, S.A.B. de C.V. Chief Executive Officer Lorenzo Zambrano is
ready to pay higher rates to avoid spending limits imposed by
banks in a US$15 billion loan restructuring, Thomas Black at
Bloomberg News reports, citing RBS Securities Inc. and Actinver
SA.  The report, citing RBS and Actinver, relates that the seven-
year dollar bonds that Cemex SAB plans to sell will probably yield
more than 9%.

According to the report, Mr. Zambrano is returning to the bond
market nine months after his failure to sell US$500 million of
securities forced him to extend payments on bank debt he took on
to finance Sydney-based Rinker Group Ltd. in 2007.  The report
relates Francisco Suarez, an analyst at Mexico City-based
brokerage Actinver, said that the spending restraints that banks
including HSBC Holdings Plc and Banco Santander SA forced upon
Cemex are stifling Zambrano’s goals of expanding again.

Cemex SAB may sell US$1 billion of the seven-year notes at yields
between 9.5% and 9.75% Bevan Rosenbloom, a corporate debt
strategist at RBS in Stamford, Connecticut, said, Bloomberg News
notes.  The report relates that an unnamed source said that the
company also plans to sell EUR300 million (US$444.5 million) of
eight-year.

Bloomberg News notes that Citigroup Inc., Barclays Plc, Bank of
America Corp. and JPMorgan Chase & Co. are managing the dollar
bond sale, while BNP Paribas SA, Citigroup Inc. and Royal Bank of
Scotland Group Plc are managing the euro bond sale.

Mr. Zambrano told Bloomberg News in an interview that he planned
to use proceeds from a bond sale to pay back some of the loans.

As reported in the Troubled Company Reporter-Latin America on
March 11, 2009, Reuters said that Cemex SAB has been slammed by
debt problems after its ambitious Rinker takeover in 2007,
slumping sales, and losses on derivatives amid turmoil caused by
the global credit crisis.  According to a TCRLA report on
November 3, 2009, citing Bloomberg News, Cemex SAB is considering
selling a 5-year to 10-year bond within six months to pay bank
debt and push maturities beyond 2014.  The report related that the
sale would be in addition to a convertible bond Cemex has said it
will sell.  Cemex SAB disclosed that it completed its refinancing
of the majority of the company's outstanding debt.  The
refinancing plan extends the maturities of roughly US$15 billion
in syndicated and bilateral obligations with roughly 75 banks and
private placement noteholders, providing for a semi-annual
amortization schedule, with a final maturity of February 14, 2014.

                          About Cemex SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Long-term national scale rating at 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)';

  -- Short-term national scale rating at 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B (mex)'.


CEMEX SAB: Moody's Assigns 'B' Rating on Senior Secured Debt
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
senior secured debt rating to Cemex S.A.B. de C.V.'s eight-year,
EUR300 million senior secured notes.  The recovery rating is '3',
indicating that lenders can expect substantial (50% to 70%)
recovery in the event of a payment default.

The ratings on Cemex and its key subsidiaries reflect its cash-
flow generation concentration on its key operating markets and low
cash-flow generation compared to its debt.  Cemex is a leader in
the global cement, concrete, aggregates, and ready-mix businesses
with proven turnaround experience, good operating efficiency, and
a moderately aggressive financial policy, as evidenced by past
acquisitions.

The company has improved, and will continue to do so if Cemex is
able to issue the proposed bond.  Under Cemex's new amortization
schedule the company will not face any significant maturity until
December 2011.  If the company is able to issue the proposed bond,
it will not face important maturities until late 2012 and will
cover the first milestone established by the facility agreement.
S&P believes that the company's cash-flow generation will cover
the remaining debt maturing during the next two years.

S&P expects Cemex to generate free operating cash flow of around
US$700 million and a funds from operations-to-adjusted net debt
ratio of 10% in 2009 (excluding the Australian operations
divestiture).  In addition, S&P expects improvements in volumes
and operating cash-flow generation during 2010 due to the expected
better global economic environment.  In 2010, S&P expects the
company to generate FOCF and a funds from operations-to-adjusted
net debt ratio of around US$1.3 billion and close to 12%,
respectively.

                          Ratings List

                       Cemex S.A.B. de C.V.

  Corporate Credit Rating                         B/Positive/--

                            New Rating

       Eight-year, EUR300 Million Sr. Secured Notes      B
          Recovery Rating                                3


DESARROLLADORA HOMEX: To Sell Bonds Amid High Mexico Debt Demand
----------------------------------------------------------------
Thomas Black and Veronica Navarro Espinosa at Bloomberg News
report that Desarrolladora Homex SAB and Grupo Posadas SAB plan to
sell bonds in overseas markets, part of a pickup in Mexican
corporate debt issuance amid rising investor demand for the
country’s assets.

According to the report, an unnamed source said that Homex plans
to sell US$250 million of 10-year bonds.  The report relates Grupo
Posadas hired JPMorgan Chase & Co. to arrange meetings with bond
investors.

Bloomberg News notes that these two companies are selling debt
abroad as the Mexican economy recovers.  The report says Morgan
Stanley boosted its 2010 growth forecast for Mexico on the
prospect it will benefit from a recovery in the U.S.

“Mexico is the country that’s by far the most tied to the hip with
the U.S.,” the report quoted Jim Harper, director of corporate
research for BCP Securities LLC in Greenwich, Connecticut, as
saying  “If people think the U.S. is starting to get its game
together, Mexico is going to be the biggest beneficiary of that,”
he added.

                    About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx-- is a vertically integrated home
development company focused on affordable entry-level and
middle-income housing in Mexico.  It is one of the most
geographically diverse homebuilders in the country.  Homex is
the largest homebuilder in Mexico, based on revenues, number of
homes sold and net income.

                        *      *     *

As reported in the Troubled Company Reporter-Latin America on
January 22, 2009, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit and senior unsecured debt ratings
on Desarrolladora Homex S.A.B. de C.V.  The outlook is stable.
The recovery rating is 3.

                        About Grupo Posadas

Grupo Posadas, S.A.B. de C.V., headquartered in Mexico City, is a
leading hotel chain operator in Latin America, with
MXN7.05 billion (USD580 million) in revenues for the 12 months
ended March 31, 2009, and 109 hotels and 19,653 rooms in
operation.  Posadas derives most of its revenues from Mexico,
where it operates its key 5 and 4-star Fiesta Americana and Fiesta
Inn formats, a 3-star format ("One") and its Vacation Club
timeshare business.  The company also operates hotels in Brazil,
Argentina and Chile under its Caesar Park and Caesar Business
brands and has a small operation in Texas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2009, Moody's de Mexico downgraded Grupo Posadas, S.A.B.
de C.V.'s senior unsecured debt and corporate family ratings to B2
from B1.  The ratings outlook is negative.


DESARROLLADORA HOMEX: Moody's Assigns 'Ba3' Senior Debt Rating
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 global scale foreign
currency rating to Desarrolladora Homex, S.A.B. de C.V.'s proposed
senior unsecured debt issuance of approximately US$250 million.
Concurrently, Moody's affirmed the company's senior unsecured debt
rating (foreign currency) at Ba3, its national scale issuer rating
at A3.mx, and its global scale local currency issuer rating at
Ba3.  The rating outlook is stable.

The new notes will have a maturity of 10 years, will rank pari
passu with other unsecured debt and will be guaranteed by all of
the company's wholly-owned subsidiaries.  In addition, the company
will hedge all of the interest and principal against foreign
exchange risk.  Proceeds from this new issuance will be used to
refinance existing debt, much of it short-term, for its Brazil and
tourism business segments and for general corporate purposes.
With this proposed issuance, Homex will have no substantial debt
maturities until 2013, a credit plus.

Moody's stated that the current global macroeconomic challenges
are pressuring Homex's clients, specifically for potential middle
and higher income homebuyers.  Furthermore, banks and mortgage
sofoles/sofomes are curtailing their mortgage origination targets
and substantially tightening their underwriting criteria.
INFONAVIT, which represents more than 60% of the mortgage
financing in Mexico and 82% of Homex clients' sources of financing
as of 3Q09, continues to be committed to the origination of low-
income housing.  Homex has prudently adjusted its growth prospects
and refocused more of its construction to the low-income housing
sector in which INFONAVIT is the main mortgage financing provider.
Moody's expects these market challenges to continue to negatively
affect Homex's operations, growth, margins and efficiency
measures.  Nonetheless, Homex has maintained solid credit metrics
in this challenging operating environment, which continues to be
consistent with a Ba3 rating.

Moody's Ba3 global local currency and A3.mx national scale issuer
ratings reflect Desarrolladora Homex's position as one of the top
five homebuilders in Mexico in terms of housing units sold, as
well as its conservative capital structure and sound profitability
and liquidity.  Furthermore, the Mexican housing market continues
to exhibit strong demographics, with demand exceeding supply.
Homex is a publicly traded company, listed on the Bolsa Mexicana
de Valores and the New York Stock Exchange, which enhances
transparency and corporate governance.  These positive factors are
offset by the high costs of land and infrastructure in Homex's
markets, and some speculative homebuilding by Homex and its
competitors.  Other challenges include the business's reliance on
the Mexican Government's support for housing, and Mexico's
economic and political environment.  Futhermore, Homex has 100% of
the risk of finding the home buyers, while funding of homes
remains concentrated with INFONAVIT, FOVISSSTE and Sociedad
Hipotecaria Federal.  Finally, while the company uses modest
levels of total debt, its debt levels have increased in the past
two years.

The stable rating outlook is based on Moody's determination that
Homex's sound management team executes strong internal controls,
construction expertise and efficient methods.  Moody's believes
that Homex has strong franchise value, with a well-recognized
brand and a valuable land reserve strategy.  The stable outlook
also reflects Moody's expectation that Homex will at least
maintain its current credit metrics and continue to improve
efficiencies in land development.  Furthermore, Moody's expects
that Homex will continue to focus on targeting its current product
mix, while maintaining high quality construction and market
leadership.

Moody's stated that rating improvements could result from bringing
Total Debt/EBITDA closer to 1.5X, Total Debt/Total Assets under
15%, fixed charge coverage over 5X (including capitalized
interest), while at a minimum maintaining EBITDA margins in the
low to mid 20%.  Continued improvement in its industry leadership
in the sector and as a public company would also be a plus.
Downward rating pressure would result from substantial missteps in
its strategic plan, which includes some international expansion
and its tourist division, as well as total debt to total asset
levels approaching 35%, while EBITDA margins falling below 15% and
fixed charge coverage falling consistently below 3.5X (including
capitalized interest).  Increased costs of land and land
development would also result in negative rating pressure, as
would an adverse shift in governmental housing policy.

These ratings were assigned with a stable outlook:

* Desarrolladora Homex, S.A.B. de C.V. -- Proposed US$250 million
  senior unsecured notes at Ba3

These ratings were affirmed with a stable outlook:

* Desarrolladora Homex, S.A.B.  de C.V.  -- National scale issuer
  rating at A3.mx and global scale local currency issuer rating at
  Ba3

* Desarrolladora Homex, S.A.B. de C.V. -- Ba3 senior notes issued
  in the USA

The last rating action with respect to Homex was on December 5,
2008, when Moody's affirmed Desarrolladora Homex's senior
unsecured debt rating at Ba3, its national scale issuer rating at
A3.mx, and its global scale local currency issuer rating at Ba3.
The rating outlook was revised to stable from positive.

Desarrolladora Homex, S.A.B. de C.V., is based in Culiacan,
Sinaloa, Mexico.  The firm reported assets of approximately
US$32,335 million Mexican Pesos and equity of approximately
US$12,957 million Mexican Pesos as of September 30, 2009.  Homex
is a homebuilder engaged in the development, construction,
marketing and sale of mostly affordable housing in Mexico.


GRUPO POSADAS: Plans to Sell Bonds in Overseas Markets
------------------------------------------------------
Thomas Black and Veronica Navarro Espinosa at Bloomberg News
report that Desarrolladora Homex SAB and Grupo Posadas SAB plan to
sell bonds in overseas markets, part of a pickup in Mexican
corporate debt issuance amid rising investor demand for the
country’s assets.

According to the report, an unnamed source said that Homex plans
to sell US$250 million of 10-year bonds.  The report relates Grupo
Posadas hired JPMorgan Chase & Co. to arrange meetings with bond
investors.

Bloomberg News notes that these two companies are selling debt
abroad as the Mexican economy recovers.  The report says Morgan
Stanley boosted its 2010 growth forecast for Mexico on the
prospect it will benefit from a recovery in the U.S.

“Mexico is the country that’s by far the most tied to the hip with
the U.S.,” the report quoted Jim Harper, director of corporate
research for BCP Securities LLC in Greenwich, Connecticut, as
saying  “If people think the U.S. is starting to get its game
together, Mexico is going to be the biggest beneficiary of that,”
he added.

                    About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx-- is a vertically integrated home
development company focused on affordable entry-level and
middle-income housing in Mexico.  It is one of the most
geographically diverse homebuilders in the country.  Homex is
the largest homebuilder in Mexico, based on revenues, number of
homes sold and net income.

                        *      *     *

As reported in the Troubled Company Reporter-Latin America on
January 22, 2009, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit and senior unsecured debt ratings
on Desarrolladora Homex S.A.B. de C.V.  The outlook is stable.
The recovery rating is 3.

                        About Grupo Posadas

Grupo Posadas, S.A.B. de C.V., headquartered in Mexico City, is a
leading hotel chain operator in Latin America, with
MXN7.05 billion (USD580 million) in revenues for the 12 months
ended March 31, 2009, and 109 hotels and 19,653 rooms in
operation.  Posadas derives most of its revenues from Mexico,
where it operates its key 5 and 4-star Fiesta Americana and Fiesta
Inn formats, a 3-star format ("One") and its Vacation Club
timeshare business.  The company also operates hotels in Brazil,
Argentina and Chile under its Caesar Park and Caesar Business
brands and has a small operation in Texas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2009, Moody's de Mexico downgraded Grupo Posadas, S.A.B.
de C.V.'s senior unsecured debt and corporate family ratings to B2
from B1.  The ratings outlook is negative.


* MEXICO: Fitch Cuts Union de Credito Nat'l LT Rating to BB
-----------------------------------------------------------
This is a comprehensive list of Fitch Ratings' 48 Latin America
National scale rating changes for the month of November 2009,
which include: upgrades, downgrades, Rating Outlook and Rating
Watch revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these National ratings:

Distribucion y Servicios S.A. (Chile)

  -- Bonds series C to 'AAA(cl)' from 'AA-(cl)';
  -- Bonds series E to 'AAA(cl)' from 'AA-(cl)'.
  * (Rating action took place on Nov. 5, 2009.)

Euromayor S.A de Inversiones (Argentina)

  -- US$3.2 million bonds series I to 'BB(arg)' from 'BB-(arg)';
  -- US$3.1 million bonds series II to 'BB(arg)' from 'BB-(arg)'.
  * (Rating action took place on Nov. 10, 2009.)

The Rating Outlook remains Stable.

Cardif Seguros (Argentina)

  -- National Insurer Financial Strength to 'AA-(arg)' from
     'A+(arg)'.

  * (Rating action took place on Nov. 13, 2009.)

The Rating Outlook is Stable.

Rede Energia S.A (Brazil)

  -- National long-term rating to 'B(bra)' from 'CCC(bra)';
     assigned Stable Outlook.

  * (Rating action took place on Nov. 23, 2009.)

Bicbanco's (Brazil)

  -- National long-term rating to 'A(bra)' from 'A-(bra)';
  -- National short-term rating to 'F1(bra)' from 'F2(bra)'.
  * (Rating action took place on Nov. 26, 2009.)

The Rating Outlook remains Stable.

Union de Credito Agricultores de Cuauhtemoc (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BB-(mex)'.

The Rating Outlook remains Stable.

  * (Rating action took place on Nov. 27, 2009.)

Fitch has also downgraded these ratings:

Decimotercer Patrimonio Separado de Banchile Securitizadora S.A
(Chile)

  -- Series C National long-term rating to 'BBB-(cl)' from
     'BBB(cl)'; assigned Negative Outlook;

  -- Series D National long-term rating to 'B+(cl)' from 'BB(cl)';
     assigned Negative Outlook.

  * (Rating action took place on Nov. 2, 2009.)

Banco de Los Trabajadores (Guatemala)

  -- National long-term rating to 'BBB(gtm)' from 'BBB+(mex)';
  -- National short-term rating to 'F3(gtm)' from 'F2(gtm)'.

The Rating Outlook remains Stable.

  * (Rating action took place on Nov. 4, 2009.)

Corporacion Interamericana de Entretenimiento, S.A.B.  de C.V.
(CIE) (Mexico)

  -- National long-term rating to 'C(mex)' from 'CCC(mex)';
  -- CIE 05, CIE 06 and CIE 08 to 'C(mex)' from 'CCC(mex)'.
  * (Rating action took place on Nov. 10, 2009.)

Grupo Collado (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB+(mex)';
  -- National short-term rating to 'B(mex)' from 'F3(mex)';
  -- COLLAD 08 and COLLAD 08-2 to 'BB(mex)' from 'BBB+(mex)'.

The ratings were placed on Rating Watch Negative.

  * (Rating action took place on Nov. 10, 2009.)

Emgasud S.A (Argentina)

  -- US$150 million class 1 secured notes to 'BBB(arg)' from
     'A(arg)'.

The ratings were placed on Rating Watch Negative.

  * (Rating action took place on Nov. 18, 2009.)

CAPA de Quintana Roo (Mexico)

  -- National long-term rating to 'BBB-(mex)' from 'BBB(mex)';
     assigned Negative Outlook.

  * (Rating action took place on Nov. 18, 2009.)

TMMCB 07 (Mexico)

  -- National long-term rating to 'A+(mex)' from 'AA(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

TMMCB 08 (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A+(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

TMMCB 08-2 (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

Municipio de Guadalupe, N.L. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)'.
  * (Rating action took place on Nov. 27, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Municipio de Solidaridad, QR (Mexico)

  -- National long-term rating 'A(mex)'; Outlook revised to Stable
     from Positive.

  * (Rating action took place on Nov. 6, 2009.)

Municipio de Veracruz (Mexico)

  -- National long-term rating 'A+(mex)'; Outlook revised to
     Negative from Stable.

  * (Rating action took place on Nov. 18, 2009.)

Emgasud S.A (Argentina)

  -- US$150 million class 1 secured notes 'BBB(arg)'; removed from
     Rating Watch Negative; assigned Stable Outlook.

  * (Rating action took place on Nov. 24, 2009.)

Hipica Rioplatense (Uruguay)

  -- National long-term rating 'A-(uy)'; Outlook revised to
     Positive from Stable.

  * (Rating action took place on Nov. 27, 2009.)

OOMAPAS Nogales, Sonora (Mexico)

  -- National long-term rating 'BBB-(mex)'; Outlook revised to
     Negative from Stable.

  * (Rating action took place on Nov. 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Ribeiro XXXIII (Argentina)

  -- ARP US$3.1 million certificates of participation 'B-(arg) '.
  * (Rating action took place on Nov. 2, 2009.)

CMR Falabella XVI (Argentina)

  -- ARP46.87 million notes 'AAA(arg)'.
  -- ARP15.7 million certificates of participation 'B(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

Lucaioli I (Argentina)

  -- ARP50 million certificates of participation 'CC(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

CFA V (Argentina)

  -- ARP129.2 million class B notes 'AAA(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

Confibono Titulos I (Argentina)

  -- ARP47 million class A notes 'A(arg)';
  -- ARP21.4 million class B notes 'B(arg)';
  -- ARP17.1 million certificates of participation 'C(arg)'.
  * (Rating action took place on Nov. 5, 2009.)

Banco Itau Arg (Argentina)

  -- National long-term rating 'AA(arg)';
  -- National short-term rating 'A1+(mex)'.
  * (Rating action took place on Nov. 9, 2009.)

Transener S.A. (Argentina)

  -- Bonds class 1 US$250 million (2016) 'A-(arg)';
  -- Bonds class 6 US$59.3 million (2016) 'A-(arg)'.
  * (Rating action took place on Nov. 24, 2009.)

CMR Falabella VII (Argentina)

  -- ARP38.8 million notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

CGM Leasing IV (Argentina)

  -- ARP1.8 million class B notes 'BBB+(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubond LXIII (Argentina)

  -- ARP5.9 million class B notes 'A-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Pricoop VIII (Argentina)

  -- ARP2.9 million classes A and B notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVII (Argentina)

  -- ARP26.2 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Confibono XL (Argentina)

  -- ARP4.5 million class B notes 'BBB+(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

SMSV XII (Argentina)

  -- ARP34.2 million certificates of participation 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXVI (Argentina)

  -- ARP12.3 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Secubono XXXVI (Argentina)

  -- ARP36.5 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

CGM Leasing V (Argentina)

  -- ARP22.8 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXV (Argentina)

  -- ARP16.4 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXIV (Argentina)

  -- ARP3.9 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXV (Argentina)

  -- ARP3.7 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Fidebica VIII (Argentina)

  -- ARP27.1 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXIV (Argentina)

  -- ARP17.2 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Rizzibono VI (Argentina)

  -- ARP300,000 class B notes 'A(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Tarjeta Nexo I (Argentina)

  -- ARP8.2 million notes for 'A-(arg)'.
  -- ARP2.1 million certificates of participation 'C(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVI (Argentina)

  -- ARP3 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVIII (Argentina)

  -- ARP27.6 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubond LXVII (Argentina)

  -- ARP24.9 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)


* MEXICO: Fitch Cuts Corp. Interamericana Nat'l LT Rating to C
--------------------------------------------------------------
This is a comprehensive list of Fitch Ratings' 48 Latin America
National scale rating changes for the month of November 2009,
which include: upgrades, downgrades, Rating Outlook and Rating
Watch revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these National ratings:

Distribucion y Servicios S.A. (Chile)

  -- Bonds series C to 'AAA(cl)' from 'AA-(cl)';
  -- Bonds series E to 'AAA(cl)' from 'AA-(cl)'.
  * (Rating action took place on Nov. 5, 2009.)

Euromayor S.A de Inversiones (Argentina)

  -- US$3.2 million bonds series I to 'BB(arg)' from 'BB-(arg)';
  -- US$3.1 million bonds series II to 'BB(arg)' from 'BB-(arg)'.
  * (Rating action took place on Nov. 10, 2009.)

The Rating Outlook remains Stable.

Cardif Seguros (Argentina)

  -- National Insurer Financial Strength to 'AA-(arg)' from
     'A+(arg)'.

  * (Rating action took place on Nov. 13, 2009.)

The Rating Outlook is Stable.

Rede Energia S.A (Brazil)

  -- National long-term rating to 'B(bra)' from 'CCC(bra)';
     assigned Stable Outlook.

  * (Rating action took place on Nov. 23, 2009.)

Bicbanco's (Brazil)

  -- National long-term rating to 'A(bra)' from 'A-(bra)';
  -- National short-term rating to 'F1(bra)' from 'F2(bra)'.
  * (Rating action took place on Nov. 26, 2009.)

The Rating Outlook remains Stable.

Union de Credito Agricultores de Cuauhtemoc (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BB-(mex)'.

The Rating Outlook remains Stable.

  * (Rating action took place on Nov. 27, 2009.)

Fitch has also downgraded these ratings:

Decimotercer Patrimonio Separado de Banchile Securitizadora S.A
(Chile)

  -- Series C National long-term rating to 'BBB-(cl)' from
     'BBB(cl)'; assigned Negative Outlook;

  -- Series D National long-term rating to 'B+(cl)' from 'BB(cl)';
     assigned Negative Outlook.

  * (Rating action took place on Nov. 2, 2009.)

Banco de Los Trabajadores (Guatemala)

  -- National long-term rating to 'BBB(gtm)' from 'BBB+(mex)';
  -- National short-term rating to 'F3(gtm)' from 'F2(gtm)'.

The Rating Outlook remains Stable.

  * (Rating action took place on Nov. 4, 2009.)

Corporacion Interamericana de Entretenimiento, S.A.B.  de C.V.
(CIE) (Mexico)

  -- National long-term rating to 'C(mex)' from 'CCC(mex)';
  -- CIE 05, CIE 06 and CIE 08 to 'C(mex)' from 'CCC(mex)'.
  * (Rating action took place on Nov. 10, 2009.)

Grupo Collado (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB+(mex)';
  -- National short-term rating to 'B(mex)' from 'F3(mex)';
  -- COLLAD 08 and COLLAD 08-2 to 'BB(mex)' from 'BBB+(mex)'.

The ratings were placed on Rating Watch Negative.

  * (Rating action took place on Nov. 10, 2009.)

Emgasud S.A (Argentina)

  -- US$150 million class 1 secured notes to 'BBB(arg)' from
     'A(arg)'.

The ratings were placed on Rating Watch Negative.

  * (Rating action took place on Nov. 18, 2009.)

CAPA de Quintana Roo (Mexico)

  -- National long-term rating to 'BBB-(mex)' from 'BBB(mex)';
     assigned Negative Outlook.

  * (Rating action took place on Nov. 18, 2009.)

TMMCB 07 (Mexico)

  -- National long-term rating to 'A+(mex)' from 'AA(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

TMMCB 08 (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A+(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

TMMCB 08-2 (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

Municipio de Guadalupe, N.L. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)'.
  * (Rating action took place on Nov. 27, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Municipio de Solidaridad, QR (Mexico)

  -- National long-term rating 'A(mex)'; Outlook revised to Stable
     from Positive.

  * (Rating action took place on Nov. 6, 2009.)

Municipio de Veracruz (Mexico)

  -- National long-term rating 'A+(mex)'; Outlook revised to
     Negative from Stable.

  * (Rating action took place on Nov. 18, 2009.)

Emgasud S.A (Argentina)

  -- US$150 million class 1 secured notes 'BBB(arg)'; removed from
     Rating Watch Negative; assigned Stable Outlook.

  * (Rating action took place on Nov. 24, 2009.)

Hipica Rioplatense (Uruguay)

  -- National long-term rating 'A-(uy)'; Outlook revised to
     Positive from Stable.

  * (Rating action took place on Nov. 27, 2009.)

OOMAPAS Nogales, Sonora (Mexico)

  -- National long-term rating 'BBB-(mex)'; Outlook revised to
     Negative from Stable.

  * (Rating action took place on Nov. 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Ribeiro XXXIII (Argentina)

  -- ARP US$3.1 million certificates of participation 'B-(arg) '.
  * (Rating action took place on Nov. 2, 2009.)

CMR Falabella XVI (Argentina)

  -- ARP46.87 million notes 'AAA(arg)'.
  -- ARP15.7 million certificates of participation 'B(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

Lucaioli I (Argentina)

  -- ARP50 million certificates of participation 'CC(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

CFA V (Argentina)

  -- ARP129.2 million class B notes 'AAA(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

Confibono Titulos I (Argentina)

  -- ARP47 million class A notes 'A(arg)';
  -- ARP21.4 million class B notes 'B(arg)';
  -- ARP17.1 million certificates of participation 'C(arg)'.
  * (Rating action took place on Nov. 5, 2009.)

Banco Itau Arg (Argentina)

  -- National long-term rating 'AA(arg)';
  -- National short-term rating 'A1+(mex)'.
  * (Rating action took place on Nov. 9, 2009.)

Transener S.A. (Argentina)

  -- Bonds class 1 US$250 million (2016) 'A-(arg)';
  -- Bonds class 6 US$59.3 million (2016) 'A-(arg)'.
  * (Rating action took place on Nov. 24, 2009.)

CMR Falabella VII (Argentina)

  -- ARP38.8 million notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

CGM Leasing IV (Argentina)

  -- ARP1.8 million class B notes 'BBB+(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubond LXIII (Argentina)

  -- ARP5.9 million class B notes 'A-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Pricoop VIII (Argentina)

  -- ARP2.9 million classes A and B notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVII (Argentina)

  -- ARP26.2 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Confibono XL (Argentina)

  -- ARP4.5 million class B notes 'BBB+(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

SMSV XII (Argentina)

  -- ARP34.2 million certificates of participation 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXVI (Argentina)

  -- ARP12.3 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Secubono XXXVI (Argentina)

  -- ARP36.5 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

CGM Leasing V (Argentina)

  -- ARP22.8 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXV (Argentina)

  -- ARP16.4 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXIV (Argentina)

  -- ARP3.9 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXV (Argentina)

  -- ARP3.7 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Fidebica VIII (Argentina)

  -- ARP27.1 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXIV (Argentina)

  -- ARP17.2 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Rizzibono VI (Argentina)

  -- ARP300,000 class B notes 'A(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Tarjeta Nexo I (Argentina)

  -- ARP8.2 million notes for 'A-(arg)'.
  -- ARP2.1 million certificates of participation 'C(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVI (Argentina)

  -- ARP3 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVIII (Argentina)

  -- ARP27.6 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubond LXVII (Argentina)

  -- ARP24.9 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)


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


CL FINANCIAL: CLICO Seeks Stay of Execution on Preliminary Ruling
-----------------------------------------------------------------
CLICO Life and General Insurance Company South America Limited
(CLICO Guyana), a unit of CL Financial Limited, has appealed a
preliminary ruling by acting Chief Justice Ian Chang in the High
Court of Guyana and is now seeking a stay of his decision, a move
which has deferred the actual hearing in the case, Stabroek News
reports.

According to the report, Chief Justice Chang ruled that the
petition for winding-up by then Commissioner of Insurance, Maria
van Beek was properly presented to court, and that the High Court
was authorized in its subsequent action with respect to the
petition.  The report relates that CLICO (Guyana) through its
attorney, Roysdale Forde had argued that the leave was granted on
a petition not yet filed and properly presented to the court,
contending that the petition was filed and that the order for
leave was granted after it was filed.  This was unlawful and in
breach of the High Court rules, he added.

Justice Chang, the report notes, said that the actual hearing into
CLICO will continue.  Substantive arguments into the case were
expected to continue this week, the report says.

As reported in the Troubled Company Reporter-Latin America on
April 22, 2009, Caribbean Net News said that during an April 14
hearing before Chief Justice Changrevealed that CLICO Guyana's
liabilities exceed the company’s assets by US$55 million (GY$11
billion) and its assets are not sufficient to meet its
obligations.  The report related Clico Guyana Judicial Manager
Maria van Beek said a best case presentation at liquidation shows
the liabilities exceeding assets by US$8.1 billion, emphasizing
that there are ongoing concerns as it relates to the company’s
assets and liabilities.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company 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 Tobago
President George Maxwell Richards 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.


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


BANCO DE VENEZUELA: Moody's Cuts Bank Fin'l Strength Rating to E+
-----------------------------------------------------------------
Moody's Investors Service downgraded the unsupported bank
financial strength ratings of Mercantil, C.A., Banco Universal and
Banco de Venezuela to E+, from D-, which translates to a baseline
credit assessment of B1.  Moody's also downgraded both banks'
local currency deposit ratings to B1, from Mercantil's Ba3 and
Banvenez's Ba2, and assigned a negative outlook on these ratings.

Moody's said the rating actions are in response to the heightened
degree of uncertainty for credit and business conditions that the
Venezuelan banking system now faces in light of recent events,
which resulted in the intervention and/or nationalization of seven
banks by the federal government.  The events of the past three
weeks raise additional concerns for banking activity in an already
unpredictable environment.  Together, the intervened banks amount
to about 7.5% of the total banking system's deposits as of
September 30, 2009.

The rating agency also noted that a deteriorating legal,
political, and economic operating environment raises concerns
about the ability of Mercantil and Banvenez to preserve their
financial performance and operations.  Moody's has often referred
to the fragility of the operating environment as a risk for these
banks' ratings.  These downgrades now align the banks' deposit and
stand-alone financial strength ratings to the risk of the
Venezuelan government.

The negative outlook addresses the concern that banks in
Venezuela, even those with the highest financial strength rating,
could be exposed to risks by further disruptions and opacity in
the government's handling of these events.

Moody's also noted the dynamic nature of the ratings at this
moment.

Moody's last rating action on Mercantil and Banvenez was on
November 6, 2009.  At this time, Moody's downgraded both the long
term local currency deposit rating of Mercantil to Ba3, from Ba2,
and that of Banvenez to Ba2, from Ba1.  The outlook was changed to
stable for both these ratings.  At the same time, Moody's had
confirmed Banvenez's bank financial strength rating at D-, with a
negative outlook.

These ratings were affected:

Mercantil, C.A., Banco Universal

* Outlook changed to negative.
* Bank financial strength rating, downgraded to E+, from D-
* Local currency deposit rating downgraded to B1, from Ba3

Banco de Venezuela

* Outlook changed to negative.
* Bank financial strength rating, downgraded to E+, from D-
* Local currency deposit rating downgraded to B1, from Ba2


BANCO UNIVERSAL: Moody's Cuts Bank Financial Strength Rating to E+
------------------------------------------------------------------
Moody's Investors Service downgraded the unsupported bank
financial strength ratings of Mercantil, C.A., Banco Universal and
Banco de Venezuela to E+, from D-, which translates to a baseline
credit assessment of B1.  Moody's also downgraded both banks'
local currency deposit ratings to B1, from Mercantil's Ba3 and
Banvenez's Ba2, and assigned a negative outlook on these ratings.

Moody's said the rating actions are in response to the heightened
degree of uncertainty for credit and business conditions that the
Venezuelan banking system now faces in light of recent events,
which resulted in the intervention and/or nationalization of seven
banks by the federal government.  The events of the past three
weeks raise additional concerns for banking activity in an already
unpredictable environment.  Together, the intervened banks amount
to about 7.5% of the total banking system's deposits as of
September 30, 2009.

The rating agency also noted that a deteriorating legal,
political, and economic operating environment raises concerns
about the ability of Mercantil and Banvenez to preserve their
financial performance and operations.  Moody's has often referred
to the fragility of the operating environment as a risk for these
banks' ratings.  These downgrades now align the banks' deposit and
stand-alone financial strength ratings to the risk of the
Venezuelan government.

The negative outlook addresses the concern that banks in
Venezuela, even those with the highest financial strength rating,
could be exposed to risks by further disruptions and opacity in
the government's handling of these events.

Moody's also noted the dynamic nature of the ratings at this
moment.

Moody's last rating action on Mercantil and Banvenez was on
November 6, 2009.  At this time, Moody's downgraded both the long
term local currency deposit rating of Mercantil to Ba3, from Ba2,
and that of Banvenez to Ba2, from Ba1.  The outlook was changed to
stable for both these ratings.  At the same time, Moody's had
confirmed Banvenez's bank financial strength rating at D-, with a
negative outlook.

These ratings were affected:

Mercantil, C.A., Banco Universal

* Outlook changed to negative.
* Bank financial strength rating, downgraded to E+, from D-
* Local currency deposit rating downgraded to B1, from Ba3

Banco de Venezuela

* Outlook changed to negative.
* Bank financial strength rating, downgraded to E+, from D-
* Local currency deposit rating downgraded to B1, from Ba2


MERCANTIL CA: Moody's Cuts Bank Financial Strength Rating to E+
-----------------------------------------------------------------
Moody's Investors Service downgraded the unsupported bank
financial strength ratings of Mercantil, C.A., Banco Universal and
Banco de Venezuela to E+, from D-, which translates to a baseline
credit assessment of B1.  Moody's also downgraded both banks'
local currency deposit ratings to B1, from Mercantil's Ba3 and
Banvenez's Ba2, and assigned a negative outlook on these ratings.

Moody's said the rating actions are in response to the heightened
degree of uncertainty for credit and business conditions that the
Venezuelan banking system now faces in light of recent events,
which resulted in the intervention and/or nationalization of seven
banks by the federal government.  The events of the past three
weeks raise additional concerns for banking activity in an already
unpredictable environment.  Together, the intervened banks amount
to about 7.5% of the total banking system's deposits as of
September 30, 2009.

The rating agency also noted that a deteriorating legal,
political, and economic operating environment raises concerns
about the ability of Mercantil and Banvenez to preserve their
financial performance and operations.  Moody's has often referred
to the fragility of the operating environment as a risk for these
banks' ratings.  These downgrades now align the banks' deposit and
stand-alone financial strength ratings to the risk of the
Venezuelan government.

The negative outlook addresses the concern that banks in
Venezuela, even those with the highest financial strength rating,
could be exposed to risks by further disruptions and opacity in
the government's handling of these events.

Moody's also noted the dynamic nature of the ratings at this
moment.

Moody's last rating action on Mercantil and Banvenez was on
November 6, 2009.  At this time, Moody's downgraded both the long
term local currency deposit rating of Mercantil to Ba3, from Ba2,
and that of Banvenez to Ba2, from Ba1.  The outlook was changed to
stable for both these ratings.  At the same time, Moody's had
confirmed Banvenez's bank financial strength rating at D-, with a
negative outlook.

These ratings were affected:

Mercantil, C.A., Banco Universal

* Outlook changed to negative.
* Bank financial strength rating, downgraded to E+, from D-
* Local currency deposit rating downgraded to B1, from Ba3

Banco de Venezuela

* Outlook changed to negative.
* Bank financial strength rating, downgraded to E+, from D-
* Local currency deposit rating downgraded to B1, from Ba2


PETROLEOS DE VENEZUELA: PetroCedeno Oil Upgrader Shutdown
---------------------------------------------------------
Venezuela's PetroCedeno heavy oil upgrader remains shut for
unscheduled maintenance despite expectations that it would restart
operations this past weekend, Vheadlines News reports, citing
unnamed sources.  The project is a joint venture between Petroleos
de Venezuela, Norway's Statoil and France's Total SA.

"The upgrader is in the same (state).  Its start up has not
commenced," the report quoted the source as saying.

According to the report, Eulogio Del Pino, a vice president of
PDVSA, told Reuters that the PetroCedeno plant would resume work
by the weekend.  The 135,000 bpd Petroanzoategui upgrader was
expected to resume operations within a week, he added.

The report notes PDVSA said that PetroAnzoategui upgrader was shut
because of boiler problems.  The source, the report relates, said
that there were still boiler problems at PetroAnzoategui, and
there was no scheduled date to restart operations.

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


* CARIBBEAN: Poor Outlook for Doing Business in Island
------------------------------------------------------
President of the Caribbean Development Bank Compton Bourne
believes the outlook for doing business in the Caribbean is a very
poor one as it takes “forever” to get the paperwork and
regulations to set up a business in the region, Caribbean Net News
reports.  The report relates that Mr. Bourne said another
challenge is the slothfulness of the court system in resolving
business disputes.

According to the report, Mr. Bourne said that several sectors in
the Caribbean have been severely hit by the crisis, including
tourism trade and bauxite.   The report relates Mr. Bourne also
cited the decrease in foreign investment in the Caribbean as
another effect of the crisis.


*  LATAM: Fitch Issues List of November Rating Changes
------------------------------------------------------
This is a comprehensive list of Fitch Ratings' 48 Latin America
National scale rating changes for the month of November 2009,
which include: upgrades, downgrades, Rating Outlook and Rating
Watch revisions, and withdrawn ratings.  These rating changes were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these National ratings:

Distribucion y Servicios S.A. (Chile)

  -- Bonds series C to 'AAA(cl)' from 'AA-(cl)';
  -- Bonds series E to 'AAA(cl)' from 'AA-(cl)'.
  * (Rating action took place on Nov. 5, 2009.)

Euromayor S.A de Inversiones (Argentina)

  -- US$3.2 million bonds series I to 'BB(arg)' from 'BB-(arg)';
  -- US$3.1 million bonds series II to 'BB(arg)' from 'BB-(arg)'.
  * (Rating action took place on Nov. 10, 2009.)

The Rating Outlook remains Stable.

Cardif Seguros (Argentina)

  -- National Insurer Financial Strength to 'AA-(arg)' from
     'A+(arg)'.

  * (Rating action took place on Nov. 13, 2009.)

The Rating Outlook is Stable.

Rede Energia S.A (Brazil)

  -- National long-term rating to 'B(bra)' from 'CCC(bra)';
     assigned Stable Outlook.

  * (Rating action took place on Nov. 23, 2009.)

Bicbanco's (Brazil)

  -- National long-term rating to 'A(bra)' from 'A-(bra)';
  -- National short-term rating to 'F1(bra)' from 'F2(bra)'.
  * (Rating action took place on Nov. 26, 2009.)

The Rating Outlook remains Stable.

Union de Credito Agricultores de Cuauhtemoc (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BB-(mex)'.

The Rating Outlook remains Stable.

  * (Rating action took place on Nov. 27, 2009.)

Fitch has also downgraded these ratings:

Decimotercer Patrimonio Separado de Banchile Securitizadora S.A
(Chile)

  -- Series C National long-term rating to 'BBB-(cl)' from
     'BBB(cl)'; assigned Negative Outlook;

  -- Series D National long-term rating to 'B+(cl)' from 'BB(cl)';
     assigned Negative Outlook.

  * (Rating action took place on Nov. 2, 2009.)

Banco de Los Trabajadores (Guatemala)

  -- National long-term rating to 'BBB(gtm)' from 'BBB+(mex)';
  -- National short-term rating to 'F3(gtm)' from 'F2(gtm)'.

The Rating Outlook remains Stable.

  * (Rating action took place on Nov. 4, 2009.)

Corporacion Interamericana de Entretenimiento, S.A.B.  de C.V.
(CIE) (Mexico)

  -- National long-term rating to 'C(mex)' from 'CCC(mex)';
  -- CIE 05, CIE 06 and CIE 08 to 'C(mex)' from 'CCC(mex)'.
  * (Rating action took place on Nov. 10, 2009.)

Grupo Collado (Mexico)

  -- National long-term rating to 'BB(mex)' from 'BBB+(mex)';
  -- National short-term rating to 'B(mex)' from 'F3(mex)';
  -- COLLAD 08 and COLLAD 08-2 to 'BB(mex)' from 'BBB+(mex)'.

The ratings were placed on Rating Watch Negative.

  * (Rating action took place on Nov. 10, 2009.)

Emgasud S.A (Argentina)

  -- US$150 million class 1 secured notes to 'BBB(arg)' from
     'A(arg)'.

The ratings were placed on Rating Watch Negative.

  * (Rating action took place on Nov. 18, 2009.)

CAPA de Quintana Roo (Mexico)

  -- National long-term rating to 'BBB-(mex)' from 'BBB(mex)';
     assigned Negative Outlook.

  * (Rating action took place on Nov. 18, 2009.)

TMMCB 07 (Mexico)

  -- National long-term rating to 'A+(mex)' from 'AA(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

TMMCB 08 (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A+(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

TMMCB 08-2 (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'A(mex)'.
  * (Rating action took place on Nov. 25, 2009.)

Municipio de Guadalupe, N.L. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A(mex)'.
  * (Rating action took place on Nov. 27, 2009.)

Fitch has made this Outlook and Rating Watch revisions:

Municipio de Solidaridad, QR (Mexico)

  -- National long-term rating 'A(mex)'; Outlook revised to Stable
     from Positive.

  * (Rating action took place on Nov. 6, 2009.)

Municipio de Veracruz (Mexico)

  -- National long-term rating 'A+(mex)'; Outlook revised to
     Negative from Stable.

  * (Rating action took place on Nov. 18, 2009.)

Emgasud S.A (Argentina)

  -- US$150 million class 1 secured notes 'BBB(arg)'; removed from
     Rating Watch Negative; assigned Stable Outlook.

  * (Rating action took place on Nov. 24, 2009.)

Hipica Rioplatense (Uruguay)

  -- National long-term rating 'A-(uy)'; Outlook revised to
     Positive from Stable.

  * (Rating action took place on Nov. 27, 2009.)

OOMAPAS Nogales, Sonora (Mexico)

  -- National long-term rating 'BBB-(mex)'; Outlook revised to
     Negative from Stable.

  * (Rating action took place on Nov. 27, 2009.)

Fitch has affirmed and withdrawn these ratings:

Ribeiro XXXIII (Argentina)

  -- ARP $3.1 million certificates of participation 'B-(arg) '.
  * (Rating action took place on Nov. 2, 2009.)

CMR Falabella XVI (Argentina)

  -- ARP46.87 million notes 'AAA(arg)'.
  -- ARP15.7 million certificates of participation 'B(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

Lucaioli I (Argentina)

  -- ARP50 million certificates of participation 'CC(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

CFA V (Argentina)

  -- ARP129.2 million class B notes 'AAA(arg)'.
  * (Rating action took place on Nov. 2, 2009.)

Confibono Titulos I (Argentina)

  -- ARP47 million class A notes 'A(arg)';
  -- ARP21.4 million class B notes 'B(arg)';
  -- ARP17.1 million certificates of participation 'C(arg)'.
  * (Rating action took place on Nov. 5, 2009.)

Banco Itau Arg (Argentina)

  -- National long-term rating 'AA(arg)';
  -- National short-term rating 'A1+(mex)'.
  * (Rating action took place on Nov. 9, 2009.)

Transener S.A. (Argentina)

  -- Bonds class 1 US$250 million (2016) 'A-(arg)';
  -- Bonds class 6 US$59.3 million (2016) 'A-(arg)'.
  * (Rating action took place on Nov. 24, 2009.)

CMR Falabella VII (Argentina)

  -- ARP38.8 million notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

CGM Leasing IV (Argentina)

  -- ARP1.8 million class B notes 'BBB+(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubond LXIII (Argentina)

  -- ARP5.9 million class B notes 'A-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Pricoop VIII (Argentina)

  -- ARP2.9 million classes A and B notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVII (Argentina)

  -- ARP26.2 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Confibono XL (Argentina)

  -- ARP4.5 million class B notes 'BBB+(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

SMSV XII (Argentina)

  -- ARP34.2 million certificates of participation 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXVI (Argentina)

  -- ARP12.3 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Secubono XXXVI (Argentina)

  -- ARP36.5 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

CGM Leasing V (Argentina)

  -- ARP22.8 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXV (Argentina)

  -- ARP16.4 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXIV (Argentina)

  -- ARP3.9 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXV (Argentina)

  -- ARP3.7 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Fidebica VIII (Argentina)

  -- ARP27.1 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubono XXXIV (Argentina)

  -- ARP17.2 million class A notes 'AA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Rizzibono VI (Argentina)

  -- ARP300,000 class B notes 'A(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Tarjeta Nexo I (Argentina)

  -- ARP8.2 million notes for 'A-(arg)'.
  -- ARP2.1 million certificates of participation 'C(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVI (Argentina)

  -- ARP3 million class B notes 'AA-(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Megabono XXXVIII (Argentina)

  -- ARP27.6 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)

Consubond LXVII (Argentina)

  -- ARP24.9 million class A notes 'AAA(arg)'.
  * (Rating action took place on Nov. 26, 2009.)


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *