TCRLA_Public/091221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

        Monday, December 21, 2009, Vol. 10, No. 251

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: U.S. Judge Sets Owner's Trial for January 2011


A R G E N T I N A

ABAN ARGENTINA: Creditors' Proofs of Debt Due on April 20
ARGENTINA PROTECTORA: Creditors' Proofs of Debt Due on February 15
CANUEL SRL: Creditors' Proofs of Debt Due on March 4
LOBONEGRO SRL: Creditors' Proofs of Debt Due on March 19
MARANES SA: Creditors' Proofs of Debt Due on March 17

ONARGO SA: Creditors' Proofs of Debt Due on March 19
PIGMENTOS ALQUIMIA: Creditors' Proofs of Debt Due on May 3
SIMOA SA: Creditors' Proofs of Debt Due on April 5


B E R M U D A

CAPITAL ASSET: Creditors' Proofs of Debt Due on December 30
CAPITAL ASSET: Member to Receive Wind-Up Report on January 25
CHEVRON CHILE: Creditors' Proofs of Debt Due on December 30
CHEVRON CHILE: Members to Receive Wind-Up Report on January 20
COVE HOLDINGS: Creditors' Proofs of Debt Due on December 30

COVE HOLDINGS: Members to Receive Wind-Up Report on January 19
LONGTAIL FUND: Creditors' Proofs of Debt Due on January 8
LONGTAIL FUND: Members to Receive Wind-Up Report on January 18
MAN MULTISTRATEGIES: Creditors' Proofs of Debt Due on January 13
MAN MULTISTRATEGIES: Members to Receive Wind-Up Report on Jan. 29

MAN MULTISTRATEGIES: Creditors' Proofs of Debt Due on January 13
MAN MULTISTRATEGIES: Members to Receive Wind-Up Report on Jan. 29
MEDITOR COBRA: Creditors' Proofs of Debt Due on December 30
MEDITOR COBRA: Members to Receive Wind-Up Report on January 20
MEDITOR COBRA: Creditors' Proofs of Debt Due on December 30

MEDITOR COBRA: Members to Receive Wind-Up Report on January 20
NOTZ STUCKI: Creditors' Proofs of Debt Due on December 30
NOTZ STUCKI: Members to Receive Wind-Up Report on January 20
PROTOSTAR LTD: SES' US$185MM Cash Offer Wins Protostar 2 Auction


B R A Z I L

BANCO DE DESENVOLVIMENTO: Moody's Assigns 'Ba2' Issuer Ratings
BANCO NACIONAL: Helps Finance US$361MM Argentina Gas Pipeline
CESP: Barclays Sees Renewal Bill Benefits
JBS SA: To Seek Distribution Acquisitions in Europe & Asia


C A Y M A N  I S L A N D S

ANGLO-DUTCH COMPANY: Members Receive Wind-Up Report
APHELION GLOBAL: Shareholders Receive Wind-Up Report
CHRISTIE LTD: Shareholders Receive Wind-Up Report
CONTEXT/TQA GLOBAL: Shareholders Receive Wind-Up Report
CONTEXT/TQA SPECIAL: Shareholders Receive Wind-Up Report

CROSS STAFF: Shareholders Receive Wind-Up Report
CROSS STAFF: Shareholders Receive Wind-Up Report
CS CAPITAL: Shareholders Receive Wind-Up Report
CS CAPITAL: Shareholders Receive Wind-Up Report
GENESIS CAPITAL: Shareholders Receive Wind-Up Report

HERON INVESTMENTS: Shareholders Receive Wind-Up Report
HFG SHORTPLUS: Shareholders Receive Wind-Up Report
JEFFERIES HYDE: Shareholders Receive Wind-Up Report
KPG INVESTMENTS: Shareholders Receive Wind-Up Report
MUTUAL FUND: Shareholders Receive Wind-Up Report

MUTUAL FUND: Shareholders Receive Wind-Up Report
MUTUAL FUND: Shareholders Receive Wind-Up Report
OSPRAIE DRAXIS: Shareholders Receive Wind-Up Report
OSPRAIE REAL: Shareholders Receive Wind-Up Report
OSPRAIE REAL: Shareholders Receive Wind-Up Report

OSPRAIE TRADING: Shareholders Receive Wind-Up Report
OSPRAIE VALUE: Shareholders Receive Wind-Up Report
SIGNATURE QSPE: Shareholders Receive Wind-Up Report
SPM STRATEGIES: Shareholders Receive Wind-Up Report
SOUTHPORT MILLENNIUM: Shareholders Receive Wind-Up Report

SOUTHPORT MILLENNIUM: Shareholders Receive Wind-Up Report
SOUTHPORT MILLENNIUM: Shareholders Receive Wind-Up Report
ULTIMA INVESTMENTS: Shareholders Receive Wind-Up Report
VET PARTNERS: Shareholders Receive Wind-Up Report
WEST SIDE: Shareholders Receive Wind-Up Report


C H I L E

* CHILE: IDB OKs US$50MM Loan to Improve Municipal Management


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

BANCREDIT CAYMAN: Turnover Not a Substitute for Avoidance


E C U A D O R

* ECUADOR: Posts US$1.29 Billion Fiscal Deficit in Jan-July
* ECUADOR: IDB Provides US$100MM for Housing Incentives System


J A M A I C A

AIR JAMAICA: Workers Salary Gets Delayed on Cash Flow Problems
AIR JAMAICA: Prime Minister Holds Talks in Trinidad
AIR JAMAICA: Deal With Caribbean Airlines Could be Reached Soon
* JAMAICA: Gov't to Cut High Interest Rates From Local Debts
* JAMAICA: Reaches Deal with IMF on Key Elements of US$1.3BB Loan


M E X I C O

ARACRUZ CELULOSE: Terminates Reporting Obligations in U. S.
GRUPO POSADAS: Fitch Affirms Issuer Default Rating at 'B+'


P A R A G U A Y

* PARAGUAY: Paraguay Denies Transfer to PDVSA


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Paraguana Refinery to Process Less Oil
PETROLEOS DE VENEZUELA: Paraguay Denies Transfer to Firm


X X X X X X X X

* BOND PRICING: For the Week December 14 to December 18, 2009




                         - - - - -


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


STANFORD INT'L: U.S. Judge Sets Owner's Trial for January 2011
--------------------------------------------------------------
Anna Driver and Kristen Hays at Reuters report that U.S. District
Judge David Hittner has set Stanford International Bank Limited
owner Robert Allen Stanford's criminal trial for January 2011.

"This criminal case is going to get under way and it is going to
go on schedule," the report quoted Judge Hittner as saying.

According to the report, the date was a compromise between
Stanford's attorneys, who said they wanted the trial to start in
summer 2011 because they needed more time to prepare, and U.S.
prosecutors, who pushed for a September 2010 date.

               About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


ABAN ARGENTINA: Creditors' Proofs of Debt Due on April 20
---------------------------------------------------------
The court-appointed trustee for Aban Argentina S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
April 20, 2010.

The trustee will present the validated claims in court as
individual reports on June 2, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
July 15, 2010.


ARGENTINA PROTECTORA: Creditors' Proofs of Debt Due on February 15
------------------------------------------------------------------
Jorge David Jalfin, the court-appointed trustee for Argentina
Protectora del Credito SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until February 15, 2010.

Mr. Jalfin will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jorge David Jalfin
         Sarmiento 1452
         Argentina


CANUEL SRL: Creditors' Proofs of Debt Due on March 4
----------------------------------------------------
Hector Ricardo Martinez, the court-appointed trustee for Canuel
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 4, 2010.

Mr. Martinez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 24, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Javier Rodrigo Ibanez
         Pedro Moran 3831
         Argentina


LOBONEGRO SRL: Creditors' Proofs of Debt Due on March 19
--------------------------------------------------------
The court-appointed trustee for Lobonegro S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
March 19, 2010.

The trustee will present the validated claims in court as
individual reports on May 3, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
June 15, 2010.


MARANES SA: Creditors' Proofs of Debt Due on March 17
-----------------------------------------------------
The court-appointed trustee for Maranes S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
March 17, 2010.

The trustee will present the validated claims in court as
individual reports on May 3, 2010.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's opinion,
and the objections and challenges that will be raised by the
company and its creditors.

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

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on July
7, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on October 20, 2010.


ONARGO SA: Creditors' Proofs of Debt Due on March 19
----------------------------------------------------
Hector Ricardo Martinez, the court-appointed trustee for Onargo
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 19, 2010.

Mr. Martinez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Hector Ricardo Martinez
         Independencia 2251
         Argentina


PIGMENTOS ALQUIMIA: Creditors' Proofs of Debt Due on May 3
----------------------------------------------------------
The court-appointed trustee for Pigmentos Alquimia S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 3, 2010.

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

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

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


SIMOA SA: Creditors' Proofs of Debt Due on April 5
--------------------------------------------------
Alberto Jimenez, the court-appointed trustee for Simoa SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 5, 2010.

Mr. Jimenez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Alberto Jimenez
         Rosario 814
         Argentina


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


CAPITAL ASSET: Creditors' Proofs of Debt Due on December 30
-----------------------------------------------------------
The creditors of Capital Asset Leasing Company Limited
are required to file their proofs of debt by December 30, 2009, to
be included in the company's dividend distribution.

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

The company's liquidator is:



         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton HM 08
         Bermuda


CAPITAL ASSET: Member to Receive Wind-Up Report on January 25
-------------------------------------------------------------
The member of Capital Asset Leasing Company Limited will receive,
on January 25, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

         Christopher C. Morris
         Century House
         16 Par-la-Ville Road
         Hamilton HM 08
         Bermuda


CHEVRON CHILE: Creditors' Proofs of Debt Due on December 30
-----------------------------------------------------------
The creditors of Chevron Chile Limited are required to file their
proofs of debt by December 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

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


CHEVRON CHILE: Members to Receive Wind-Up Report on January 20
--------------------------------------------------------------
The members of Chevron Chile Limited will receive, on January 20,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

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


COVE HOLDINGS: Creditors' Proofs of Debt Due on December 30
-----------------------------------------------------------
The creditors of Cove Holdings (Bermuda) Limited are required to
file their proofs of debt by December 30, 2009, to be included in
the company's dividend distribution.

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

The company's liquidator is:

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


COVE HOLDINGS: Members to Receive Wind-Up Report on January 19
--------------------------------------------------------------
The members of Cove Holdings (Bermuda) Limited will receive, on
January 19, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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

The company's liquidator is:

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


LONGTAIL FUND: Creditors' Proofs of Debt Due on January 8
---------------------------------------------------------
The creditors of Longtail Fund, Ltd. are required to file their
proofs of debt by January 8, 2010, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


LONGTAIL FUND: Members to Receive Wind-Up Report on January 18
--------------------------------------------------------------
The members of Longtail Fund, Ltd. will receive, on January 18,
2010, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

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

The company's liquidator is:

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


MAN MULTISTRATEGIES: Creditors' Proofs of Debt Due on January 13
----------------------------------------------------------------
The creditors of Man Multistrategies Index - Series M Trading Ltd
are required to file their proofs of debt by January 13, 2010, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN MULTISTRATEGIES: Members to Receive Wind-Up Report on Jan. 29
-----------------------------------------------------------------
The members of Man Multistrategies Index - Series M Trading Ltd
will receive, on January 29, 2010, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN MULTISTRATEGIES: Creditors' Proofs of Debt Due on January 13
----------------------------------------------------------------
The creditors of Man Multistrategies Index - Series M Ltd are
required to file their proofs of debt by January 13, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda


MAN MULTISTRATEGIES: Members to Receive Wind-Up Report on Jan. 29
-----------------------------------------------------------------
The members of Man Multistrategies Index - Series M Ltd will
receive, on January 29, 2010, at 9:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

          Beverly Mathias
          c/o Argonaut Limited
          Argonaut House, 5 Park Road
          Hamilton HM O9, Bermuda



MEDITOR COBRA: Creditors' Proofs of Debt Due on December 30
-----------------------------------------------------------
The creditors of Meditor Cobra Fund (B) Limited are required to
file their proofs of debt by December 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

         James M. Keyes
         101 Front Street
         Hamilton HM 12
         Bermuda


MEDITOR COBRA: Members to Receive Wind-Up Report on January 20
--------------------------------------------------------------
The members of Meditor Cobra Fund (B) Limited will receive, on
January 20, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

         James M. Keyes
         101 Front Street
         Hamilton HM 12
         Bermuda


MEDITOR COBRA: Creditors' Proofs of Debt Due on December 30
-----------------------------------------------------------
The creditors of Meditor Cobra Fund (C) Limited are required to
file their proofs of debt by December 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

         James M. Keyes
         101 Front Street
         Hamilton HM 12
         Bermuda


MEDITOR COBRA: Members to Receive Wind-Up Report on January 20
--------------------------------------------------------------
The members of Meditor Cobra Fund (C) Limited will receive, on
January 20, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

         James M. Keyes
         101 Front Street
         Hamilton HM 12
         Bermuda


NOTZ STUCKI: Creditors' Proofs of Debt Due on December 30
---------------------------------------------------------
The creditors of Notz Stucki Capital Ltd. are required to file
their proofs of debt by December 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

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


NOTZ STUCKI: Members to Receive Wind-Up Report on January 20
------------------------------------------------------------
The members of Notz Stucki Capital Ltd. will receive, on
January 20, 2010, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on December 11, 2009.

The company's liquidator is:

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


CAROLINA REINSURANCE LIMITED

NOTICE TO CREDITORS AND CONTRIBUTORIES OF

INTENTION TO APPLY FOR RELEASE

Take notice that we, the undersigned Joint Liquidators of the
above-named Company, intend to apply to the Court for our release,
and further take notice that any objection you may have to the
granting of our release must be notified to the Court within
twenty-one days of the date hereof.

Dated this 9th day of December 2009.

John C. McKenna

Gareth H. Hughes

Joint Liquidators

Carolina

Reinsurance

Limited

c/o Finance & Risk

Services Ltd.

Suite 502

International Centre

26 Bermudiana Road

P.O. Box HM 321

Hamilton HM BX


PROTOSTAR LTD: SES' US$185MM Cash Offer Wins Protostar 2 Auction
----------------------------------------------------------------
Global satellite operator SES S.A. (Paris:SESG) (LuxX:SESG)
announced that its SES Satellite Leasing business unit in the Isle
of Man was selected as the successful bidder in yesterday's public
auction for the Protostar 2 satellite with a US$185 million, all
cash offer.  Upon conclusion of the transaction, Protostar 2 will
be integrated into the global satellite fleet of SES WORLD SKIES
to provide incremental capacity over Asia.

Protostar 2, built by Boeing, carries 22 physical Ku-Band
transponders as well as 10 S-band transponders. The satellite was
launched in May this year onboard a Proton rocket and is expected
to provide at least 15-years of operational service.

"SES WORLD SKIES already has a thriving video neighborhood in the
immediate vicinity of Protostar 2 as well as appropriate orbital
rights that allow for expansion" said Rob Bednarek, President and
CEO of SES WORLD SKIES.  "By acquiring a healthy satellite in
orbit we are fast-tracking future revenue growth and providing our
customers with incremental capacity while reinforcing our
commitment to the continued development of the Asian direct-to-
home (DTH) market".

The transaction is subject to certain regulatory and bankruptcy
court approvals.

                             About SES

SES (Paris:SESG) (LuxX:SESG) wholly owns the market-leading
satellite operators SES ASTRA and SES WORLD SKIES, 90% of SES
SIRIUS in Europe, and participations in Ciel in Canada and
QuetzSat in Mexico. SES provides outstanding satellite
communications solutions via a global fleet of 40 satellites in 26
orbital locations. For further information, see
http://www.ses.com/

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent. The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.  In their
petition, the Debtors listed between US$100 million and US$500
million each in assets and debts.  As of December 31, 2008,
ProtoStar's consolidated financial statements, which include non-
debtor affiliates, showed total assets of US$463,000,000 against
debts of US$528,000,000.


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


BANCO DE DESENVOLVIMENTO: Moody's Assigns 'Ba2' Issuer Ratings
--------------------------------------------------------------
Moody's Investors Service assigned long and short-term local
currency issuer ratings of Ba2 and Not Prime, respectively, to
Banco de Desenvolvimento de Minas Gerais S.A.  In addition,
Moody's assigned to BDMG foreign currency issuer ratings of Ba2
and Not Prime, long and short-term, respectively, as well as
national scale ratings of Aa3.br and BR-1, long and short-term.
The outlook is stable for all ratings.

According to Moody's, BDMG's issuer rating is determined by 1) the
bank's baseline credit assessment of 12 (on a scale of 1 to 21,
where 1 represents the lowest credit risk), which maps to a Ba2 in
the global rating scale; and 2) the assessment of high support and
dependence probability from its shareholder, the state of Minas
Gerais (rated by Moody's at Ba3; outlook stable).

Moody's noted that the rating reflects BDMG's modest regional
franchise, with a footprint that is restricted to the state of
Minas Gerais, its limited product diversification, and relatively
concentrated funding structure.  The bank, however, has a long-
track record of sound capitalization and adequate asset quality
indicators, which are derived from management's disciplined risk
practices and good knowledge of the regional economy.  BDMG's
profitability is modest, and reflects its role as a development
bank that is also engaged in managing the State development fund
(BRL2.4 billion no 3T09).

Management's ongoing efforts to expand BDMG's operations into
complementary business segments are prone to enhance revenues
diversification; however, they also carry implementation risks.
By the same token, in its role as a policy bank, BDMG may be
exposed to political interference from the local government in its
asset allocation decisions, and despite recent efforts towards
improving governance practices.  Moody's view these challenges as
constraining factors to the ratings.

Moody's assessment of a high probability of support to BDMG is
based on its legal status as a development bank wholly-owned by
the government of Minas Gerais.  Moreover, the consistent policy
of dividend reinvestment has proven the commitment and willingness
of the shareholder to support BDMG's operations, while enhancing
its financial flexibility.  Nevertheless, the Ba2 issuer rating
does not incorporate any benefit from regional local government
support because the bank's baseline credit assessment of 12
(mapping to a Ba2) is higher than the Ba3 issuer rating assigned
to the state of Minas Gerais.

BDMG is headquartered in Belo Horizonte, Minas Gerais, Brazil.  As
of September 30, 2009, the bank had total assets of
BRL2,112 million (US$1,176.7 million) and equity of BRL987 million
(US$470.8 million).

These ratings were assigned to Banco de Desenvolvimento de Minas
Gerais S.A.:

  -- Long-term local currency issuer rating: Ba2, stable

  -- Short-term local currency issuer rating: Not Prime

  -- Long-term foreign currency issuer rating: Ba2, stable

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

  -- Long-term national scale issuer rating in Brazil: Aa3.br,
     stable

  -- Short-term national scale issuer rating in Brazil: BR-1


BANCO NACIONAL: Helps Finance US$361MM Argentina Gas Pipeline
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA is
providing most of the financing for a US$361 million natural gas
pipeline network to be built in Argentina's Cordoba province,
according to the provincial government, Matthew Cowley at Dow
Jones Newswires reports.

According to the report, Constructora Andrade Gutirrrez, in
partnership with Argentine construction companies Iecsa and
Britos, will build 1,667 kilometers of pipeline, which will serve
400,000 people.  The report relates that BNDES will provide US$300
million in financing for the project, while the construction
companies have secured a bank loan to cover the remaining portion.

Dow Jones Newswires notes that the loans are for 10 years, with a
two-year grace period, and carry an annual interest rate of 7.07%
in dollars.

                            About BNDES

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                           *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service.


CESP: Barclays Sees Renewal Bill Benefits
-----------------------------------------
Paulo Winterstein at Bloomberg News reports that Cia. Energetica
de Sao Paulo may benefit from the new bill introduced in Brazil
that would extend licenses at no cost to state-owned companies.

According to the report, federal representative Vieira da Cunha
filed a bill that would allow Brazil to extend licenses to
government-controlled companies, according to the Web site of the
lower house of congress.  The bill, the report relates, aims to
encourage investments from the companies to expand services and
lower the risk of the nation's electrical system from being
increasingly privatized, Barclays Plc analyst Felipe Mattar.

"While it is still hard to say whether such Draft Law indeed has
the support of the Federal Government, we highlight that Deputy
Vieira da Cunha is from the federal government's coalition," Sao
Paulo-based Mattar wrote in a note obtained by the news agency.
"CESP should react positively to these news," he added.

                             About CESP

Companhia Energetica de Sao Paulo plans, constructs, and operates
electricity generation and distribution systems in the State of
Sao Paulo, Brazil.  The company generates electricity through
hydroelectric planst located on the rivers of Panama, tiete,
paraibuna, and Jaguari.

                           *     *     *

As of December 21, 2009, the company continues to carry Moody's
Ba2 LT Corp Family rating and Senior Unsecured Debt rating.

The company also continues to carry Standard and Poors B LT Issuer
credit rating.


JBS SA: To Seek Distribution Acquisitions in Europe & Asia
----------------------------------------------------------
Lucia Kassai at Bloomberg News reports that JBS SA may seek
acquisitions in Europe and Asia to process and distribute meat as
it seeks to cut the cost of selling its products worldwide.

The acquisitions would be part of the company's five-year
expansion plan and would boost profit margins, Investor Relations
Director Jerry O'Callaghan told Bloomberg News in an interview.
"Distribution is key to our business," the report quoted Mr.
O'Callaghan as saying.  "Setting a global network is our main goal
for the next few years," he added.

Mr. O'Callaghan, the report notes, said that the meat producer
aims to sell 60% of its products through its own network, Mr.
O'Callaghan said, without providing further details.

                         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.

In November 2009, following JBS's announcement of plans to buy
Pilgrim's PRide COrp., Moody's affirmed JBS's 'B1' corporate
family rating, with postiive outlook. "Given the positive outlook,
a downgrade to the ratings is unlikely in the near term, but could
be caused by weaker liquidity or a large debt-financed
acquisition," the ratings agency said.


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


ANGLO-DUTCH COMPANY: Members Receive Wind-Up Report
---------------------------------------------------
On December 2, 2009, the members of The Anglo-Dutch Company
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Peter Mackay
          c/o Global Captive Management Ltd.
          Governors Square, 2nd Floor, Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 1363, Grand Cayman KY1-1108
          Cayman Islands
          c/o Peter Mackay
          Telephone: (345) 949 7966


APHELION GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 10, 2009, the shareholders of Aphelion Global Mac
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Beverly Mathias
          c/o Citco Trustees (Cayman) Limited
          P.O. Box 31106, Grand Cayman KY1-1205


CHRISTIE LTD: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 11, 2009, the shareholders of Christie Ltd. received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


CONTEXT/TQA GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On December 11, 2009, the shareholders of Context/TQA Global
Convertible Master Fund, Ltd. received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


CONTEXT/TQA SPECIAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 11, 2009, the shareholders of Context/TQA Special
Opportunities Master Fund, Ltd. received the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


CROSS STAFF: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 15, 2009, the shareholders of Cross Staff Aquila Euro
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Jennifer Chailler, Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


CROSS STAFF: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 15, 2009, the shareholders of Cross Staff Aquila Us$
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Jennifer Chailler, Deloitte & Touche
         P.O. Box 1787, Grand Cayman KY1-1109
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


CS CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
On December 18, 2009, the shareholders of CS Capital Four Credit
Selections Fund Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


CS CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
On December 18, 2009, the shareholders of CS Capital Four Credit
Selections Master Fund Limited received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Prue Lawson
          Telephone: (345) 914 8662
          Facsimile: (345) 945 4237
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands


GENESIS CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 11, 2009, the shareholders of Genesis Capital
Appreciation Fund SPC received the liquidator's report on the
company's wind-up proceedings and property disposal.

John James Toohey is the company's liquidator.


HERON INVESTMENTS: Shareholders Receive Wind-Up Report
------------------------------------------------------
On December 18, 2009, the shareholders of Heron Investments Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Cathlin Rossiter
         Telephone: (345) 914 8663
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


HFG SHORTPLUS: Shareholders Receive Wind-Up Report
--------------------------------------------------
On December 11, 2009, the shareholders of HFG Shortplus Master
Fund Ltd. received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


JEFFERIES HYDE: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 10, 2009, the shareholders of Jefferies Hyde Park Fund
(Cayman) Ltd. received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


KPG INVESTMENTS: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 11, 2009, the shareholders of KPG Investments received
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Lion International Corporate Services Limited
          c/o Miss Shakira Gourzong
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634
          P.O. Box 484, Grand Cayman KY1-1106
          Cayman Islands


MUTUAL FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 16, 2009, the shareholders of Mutual Fund Basket
Reference Fund (1-N) Limited received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MUTUAL FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 16, 2009, the shareholders of Mutual Fund Basket
Reference Fund (6-A) Limited received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MUTUAL FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
On December 16, 2009, the shareholders of Mutual Fund Basket
Reference Fund (7-A) Limited received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OSPRAIE DRAXIS: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 18, 2009, the shareholders of Ospraie Draxis Investor
Ltd received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Cathlin Rossiter
         Telephone: (345) 914 8663
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


OSPRAIE REAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 18, 2009, the shareholders of Ospraie Real Return Fund
Ltd received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Cathlin Rossiter
         Telephone: (345) 914 8663
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


OSPRAIE REAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 18, 2009, the shareholders of Ospraie Real Return
Portfolio Ltd received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Cathlin Rossiter
         Telephone: (345) 914 8663
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


OSPRAIE TRADING: Shareholders Receive Wind-Up Report
----------------------------------------------------
On December 18, 2009, the shareholders of Ospraie Trading Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Cathlin Rossiter
         Telephone: (345) 914 8663
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


OSPRAIE VALUE: Shareholders Receive Wind-Up Report
--------------------------------------------------
On December 18, 2009, the shareholders of Ospraie Value Ltd
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Cathlin Rossiter
         Telephone: (345) 914 8663
         Facsimile: (345) 945 4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


SIGNATURE QSPE: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 17, 2009, the shareholders of Signature QSPE Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Warren Keens
         c/o Stephen Roney
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Fourth Floor, Harbour Place
         P.O. Box 1034, Grand Cayman, KYI-1102


SPM STRATEGIES: Shareholders Receive Wind-Up Report
---------------------------------------------------
On December 11, 2009, the shareholders of SPM Strategies Offshore,
SPC received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


SOUTHPORT MILLENNIUM: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On December 11, 2009, the shareholders of Southport Millennium
Master Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          Jennifer Parsons
          Telephone: (345) 815 1820
          Facsimile: (345) 949 1986


SOUTHPORT MILLENNIUM: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On December 11, 2009, the shareholders of Southport Millennium
Offshore Fund, Inc. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          Jennifer Parsons
          Telephone: (345) 815 1820
          Facsimile: (345) 949 1986


SOUTHPORT MILLENNIUM: Shareholders Receive Wind-Up Report
---------------------------------------------------------
On December 11, 2009, the shareholders of Southport Millennium
Twenty Offshore Fund, Ltd. received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          Jennifer Parsons
          Telephone: (345) 815 1820
          Facsimile: (345) 949 1986


ULTIMA INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
On December 14, 2009, the shareholders of Ultima Investments
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


VET PARTNERS: Shareholders Receive Wind-Up Report
-------------------------------------------------
On December 11, 2009, the shareholders of Vet Partners Holdings
Inc. received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


WEST SIDE: Shareholders Receive Wind-Up Report
----------------------------------------------
On December 15, 2009, the shareholders of West Side VII Offshore
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         West Side Advisors LLC
         1995 Broadway, 8th Floor
         New York, NY 10023, USA


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


* CHILE: IDB OKs US$50MM Loan to Improve Municipal Management
-------------------------------------------------------------
The Inter-American Development Bank approved US$50 million loan to
Chile to support a program to improve municipal management and
finance urban investments with high social returns.

The program, which will be executed by the Undersecretariat of
Regional Development, will deepen the process of decentralization
in Chile, where municipal governments have taken on the
responsibility for delivering and supervising basic services.

The loan is part of a US$400 million conditional line of credit
for investment projects approved by the IDB in December 2006 to
strengthen governments at the subnational level in Chile.

Under the program, municipalities will be offered incentives to
attain financial, institutional and technical goals that will
enable them to gain access to long-term resources to finance
strategic investments for urban development.  Among projects that
could be financed are parks, cultural centers, bus terminals,
public markets, public lighting, traffic control systems and waste
management equipment.

In preparation for this program, the IDB assisted the SUBDERE in
developing tools to gauge municipal financial risks and helped
Chilean officials learn more about the Mexican and Brazilian
experiences in municipal financing.

The new loan is for 15 years, with a five-year grace period and a
variable interest rate based on LIBOR.  Local counterpart funds
for the program will total US$54.6 million.


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


BANCREDIT CAYMAN: Turnover Not a Substitute for Avoidance
---------------------------------------------------------
WestLaw reports that the joint official liquidators of one of
affiliated financial institutions that maintained accounts at a
bank, who were barred, by Florida's one-year statute of repose,
from pursuing unauthorized funds transfer claims against the bank
for honoring allegedly unauthorized instructions to transfer
proceeds from a certificate of deposit owned by the first
financial institution to a money market account established for
the benefit of a second, affiliated institution, could not evade
the statute of repose by pursuing a claim against bank for
turnover of any remaining funds in the money market account under
the bankruptcy turnover statute.  The turnover claim was really
nothing more than a claim to recover damages from the bank for the
allegedly unauthorized funds transfer.  In re Bancredit Cayman
Ltd., --- B.R. ----, 2009 WL 3762337 (Bankr. S.D. Fla.).

Bancredit (Cayman) Limited is a Cayman Islands banking institution
within a Dominican Republic group of companies.  Bancredit is in
liquidation proceedings before the Grand Court of the Cayman
Islands since 2004.  Richard E.L. Fogerty and G. James Cleaver of
Kroll (Cayman) Limited were appointed by the Cayman Islands Court
to act as Bancredit's Joint Official Liquidators on May 31, 2004.
The Liquidators, on the estate's behalf, filed a Chapter 15
petition (Bankr. S.D.N.Y. Case No. 06-11026) on May 10, 2006.
Timothy T. Brock, Esq., at Satterlee Stephens Burke & Burke LLP
in New York, represents the Liquidators in the Chapter 15 case.
The Liquidators estimated that the company had more than
$100 million in total assets and $215 million in total debts at
the time of the Chapter 15 filing.


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


* ECUADOR: Posts US$1.29 Billion Fiscal Deficit in Jan-July
-----------------------------------------------------------
Ecuador's central government posted a fiscal deficit of US$1.29
billion between January and July from a surplus of US$685 million
in the same period of 2008, Mercedes Alvaro at Dow Jones Newswires
reports, citing a report from the Finance Ministry.  Dow Jones
Newswires relates that the 2009 period deficit is equal to 2.5% of
gross domestic product.

According to Dow Jones Newswires, the report showed that while
revenues totaled US$6 billion in the period, expenditures totaled
US$7.29 billion from US$7.82 billion in revenue and US$7.13
billion in expenditures in the year-earlier period.  The Ministry,
Dow Jones Newswires relates, said that lower oil prices drove down
revenues.

Dow Jones Newswires notes that central bank data showed that
Ecuador's oil export revenues totaled US$2.96 billion between
January and July, down 59% from the US$7.30 billion registered in
the same period of 2008.

The central government, Dow Jones Newswires says, had a primary
deficit of US$1.04 billion between January and July from a primary
surplus of US$1.12 billion in the year-earlier period.  Dow Jones,
citing the Fiscal Policy Observatory think tank, adds that
Ecuador's central government will close 2009 with a fiscal deficit
of US$2.07 billion and next year it could rise to US$2.38 billion.

                           *     *     *

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-'.


* ECUADOR: IDB Provides US$100MM for Housing Incentives System
--------------------------------------------------------------
The Inter-American Development Bank approved a US$100 million loan
to support Ecuador's Housing Incentives System, which provides
economic assistance to low-income families that lack housing or
live in substandard homes in urban and rural areas.

Lending from the Bank will allow the government to maintain its
housing policy amid the global financial crisis affecting
countries in the region, by providing financial resources and
promoting institutional change to enhance SIV's effectiveness,
equity, and transparency.

Under the four-year plan, nearly 30,000 families will receive
subsidies to either buy, build, or improve their homes in a
country where 70 percent of houses are built informally by their
owners, without respecting building or urban development
standards.  As a result, Ecuador has a stock of makeshift housing,
with deficiencies in basic services, lack of ownership title, and,
in some cases, located in hazard zones.

The plan's goals include:

    * Some 4,300 urban families will receive up to US$5,000 for
      the purchase of a house.
    * About 6,100 urban households will get up to US$3,600 for
      the construction of a home on individual land plots.
    * Roughly 9,200 urban families will get up to US$1,500 for
      home improvements.
    * Approximately 9,300 households in rural and urban fringe
      areas will receive up to US$5,000 to build a home.

The funds will also support institutional strengthening of the
sector, including personnel training, installation of a
comprehensive information system for SIV, and implementation of
supervision and oversight mechanisms to boost SIV's efficiency and
transparency.

The loan is for a 25-year term, with a four-year period of grace,
at a LIBOR-based interest rate.  The Government of Ecuador will
provide an additional US$5.8 million in local counterpart funds.

                           *     *     *

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-'.


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


AIR JAMAICA: Workers Salary Gets Delayed on Cash Flow Problems
--------------------------------------------------------------
Air Jamaica Limited has delayed the payment of salaries to its
employees due to a severe cash flow problem, RadioJamaica reports.
The report relates that employees normally receive their pay at
least one week early during the month of December.

According to the report, Air Jamaica employees will have to wait
until the middle of next week to get paid.  The report notes that
Air Jamaica President Bruce Nobles confirmed that the airline is
in a jam and unable to meet its payroll this week.  "Well we
normally pay salaries a little earlier than normal pay days around
Christmas so that people can have cash for Christmas but because
of some delays in some cash requirements and some timing issues we
are going to be a bit delayed but we are still going to pay people
next week and they will get their full pay," the report quoted Mr.
Nobles as saying.

                         About Air Jamaica

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term corporate credit rating on Air Jamaica Ltd.
to 'CCC' from 'CCC+'.  The outlook is negative.


AIR JAMAICA: Prime Minister Holds Talks in Trinidad
---------------------------------------------------
Prime Minister Bruce Golding has held discussions with the
government in Trinidad and Tobago over Air Jamaica Limited and
Caribbean Airlines, Go-Jamaica reports.

According to the report, citing a statement from the Office of the
Prime Minister in Trinidad and Tobago, Mr. Golding met with the
Acting Prime Minister, Dr Lenny Saith.  The statement, the report
relates, said that the Jamaican Prime Minister was accompanied by
a high level delegation to discuss matters related to both
regional carriers.

Jamaica, the report notes, is yet to announce the successful
bidder for the cash strapped airline.

                        About Air Jamaica

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term corporate credit rating on Air Jamaica Ltd.
to 'CCC' from 'CCC+'.  The outlook is negative.


AIR JAMAICA: Deal With Caribbean Airlines Could be Reached Soon
---------------------------------------------------------------
A deal could be reached soon between the Jamaican government and
Caribbean Airlines for the sale of Air Jamaica, Go-Jamaica News
reports, citing Prime Minister Bruce Golding.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2009, Jamaica Observer said that Trinidad and
Tobago-owned Caribbean Airlines and Thomas Cook have both
expressed an interest in acquiring Air Jamaica.  According to
Go-Jamaica News, Mr. Golding said discussions with the two bidders
ended after the government began negotiations with a preferred
bidder under an exclusive agreement.  The report relates that
discussions later resumed with Caribbean Airlines after the
government failed to arrive at an acceptable agreement with the
preferred bidder, and the regional airline altered its proposal.

Go-Jamaica News notes that Mr. Golding traveled to Trinidad and
Tobago where he held further discussions with Caribbean Airlines
and the government of the twin island state.

TCRLA, citing Radio Jamaica, noted that Air Jamaica has been
hemorrhaging over US$150 million per annum and the government has
had to foot the massive bill. Moreover, Radio Jamaica said, the
airline currently has over US$600 million in loans outstanding.

                         About Air Jamaica

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 5, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term corporate credit rating on Air Jamaica Ltd.
to 'CCC' from 'CCC+'.  The outlook is negative.


* JAMAICA: Gov't to Cut High Interest Rates From Local Debts
------------------------------------------------------------
Jamaica Prime Minister Golding said that the government will be
forced to cut the rate it's paying on the money it borrows from
local investors, RadioJamaica reports.  The report relates Mr.
Golding said that at present interest charges is costing the
government more than US$175.2 billion a year, which is not
sustainable.

According to the report, Mr. Golding said that he already
discussions have started with the local players about the
impending interest rate cut.  Measures will be intensified to
divest loss making-entities like Air Jamaica Limited, he added.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings has downgraded Jamaica's long-
term foreign and local currency Issuer Default Ratings to 'CCC'
from 'B'.  The Outlooks on the Long-Term ratings remain Negative.
Jamaica's Country ceiling has also been lowered to 'B-' from 'B+'
and the short-term foreign currency IDR has been downgraded to 'C'
from 'B'.


* JAMAICA: Reaches Deal with IMF on Key Elements of US$1.3BB Loan
-----------------------------------------------------------------
Trevor Alleyne, chief of an International Monetary Fund mission to
Jamaica, issued the following statement in Kingston:

"The Jamaican authorities and an IMF staff mission have reached
agreement on the key elements of a program that the IMF would
support with a loan under a Stand-By Arrangement.  We will remain
in close contact with the authorities over the coming days as they
finalize their economic program in a Letter of Intent, which would
then be reviewed by IMF management.  The current timetable
envisages that the IMF's Executive Board would consider Jamaica's
SBA early in the new year.  The SBA under discussion is for a SDR
802.5 million (about US$1.3 billion) over 27 months.

"The program's main goal is to address the country's economic
imbalances and put Jamaica on a path of sustainable growth. The
program with the IMF is also expected to catalyze significant
additional financing from other international institutions.

"Jamaica has been hard hit by the global economic crisis, in
particular through a sharp decline in bauxite and alumina output,
a fall in remittances and a slowdown in tourism revenues.  The
economy is expected to shrink by around 3.3 percent in 2009.

"The program seeks to resolve the problem of an unsustainable debt
position currently at over 130 percent of GDP and other weaknesses
in the economy.  Key to its success will be implementing a
credible medium-term fiscal framework and a pro-active debt
management strategy to put the debt-to-GDP ratio on a clear
downward path.

"This involves a coordinated set of fiscal reforms to: (i)
strengthen public finances, including through new fiscal
responsibility legislation; (ii) reform public enterprises and
public sector employment; and (iii) make the tax structure more
efficient.

"Measures could include a mixture of controls on public sector
salaries, some tax increases, as well as cuts in other spending.

"At the same time, the program allows for an increase in social
safety net spending to protect the most vulnerable, in particular
a 50 percent rise in the budget of the PATH (Program of
Advancement through Health and Education) cash transfer and the
school feeding programs. In addition, General Consumption Tax
(GCT) exemptions on rice and counter flour will be maintained.

"Additional reforms are envisaged to strengthen the resilience of
the financial sector."

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings has downgraded Jamaica's long-
term foreign and local currency Issuer Default Ratings to 'CCC'
from 'B'.  The Outlooks on the Long-Term ratings remain Negative.
Jamaica's Country ceiling has also been lowered to 'B-' from 'B+'
and the short-term foreign currency IDR has been downgraded to 'C'
from 'B'.


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


ARACRUZ CELULOSE: Terminates Reporting Obligations in U. S.
------------------------------------------------------------
Management of Aracruz Celulose S.A will file a Form 15F with the
U.S. Securities and Exchange Commission to terminate its reporting
obligations in the United States.  Since Aracruz's reporting
obligations in the United States will be suspended immediately
upon the filing of the Form 15F, Aracruz does not expect to file
an annual report on Form 20-F for 2009.

Aracruz's deregistration under the U.S. securities laws follows
its Stock Swap Merger with Fibria Celulose S.A. ("Fibria",
formerly Votorantim Celulose e Papel S.A.), consummated on
November 18, 2009, which caused all of the issued and outstanding
Aracruz shares, including the Aracruz Class B Preferred Shares, to
be exchanged for Fibria common shares, which in turn caused (1)
Aracruz to become a wholly-owned subsidiary of Fibria, and (2) the
Aracruz shares and ADSs to cease to be traded on the BM&FBOVESPA
and the New York Stock Exchange, respectively on November 18,
2009.  As a result of Aracruz's Stock Swap Merger with Fibria,
Fibria currently owns, directly or indirectly through three non-
U.S. wholly-owned subsidiaries, 100% of Aracruz's total capital
stock.

                    About Aracruz Celulose

Brazil-based Aracruz Celulose SA (SAO:ARCZ6) --
http://www.aracruz.com.br/-- is producer of bleached hardwood
kraft market pulp.  The Company produces eucalyptus pulp, which is
a variety of hardwood pulp used by paper manufacturers to produce
a range of products, including tissues, printing and writing
papers, liquid packaging boards and specialty papers.  The
Company's production facilities consist of the Barra do Riacho
Unit in Espirito Santo State, which has three production units
each with two bleaching, drying and baling lines, the Guaiba Unit,
located in the municipality of Guaiba, State of Rio Grande do Sul,
and Veracel, located in the municipality of Eunapolis, State of
Bahia, where it has a 50% stake.  During the year ended December
31, 2007, the Company produced approximately 2,569,000 tons of
bleached eucalyptus kraft pulp (BEKP) (3,095,000 tons including
50% of Veracel's pulp production).

                         *     *     *

As of July 19, 2009, the company continues to carry Standard and
Poor's BB LT Issuer Credit ratings.  The company also continues to
carry Firch BB- LT Issuer Default Ratings.


GRUPO POSADAS: Fitch Affirms Issuer Default Rating at 'B+'
----------------------------------------------------------
Fitch Ratings has affirmed Grupo Posadas, S.A.B. de C.V.'s
ratings:

  -- Local currency Issuer Default Rating at 'B+';
  -- Foreign currency IDR at 'B+';
  -- Senior notes due 2011 at 'B+/RR4';
  -- National Scale rating at 'BBB+';
  -- Certificados Bursatiles issuances at 'BBB+'.

The Rating Outlook has been revised to Stable from Negative.

Posadas' ratings are based on the company's solid business
position, strong brand name and multiple hotel formats.  Posadas'
presence in all major urban and coastal locations in Mexico,
consistent product offering and quality brand image have resulted
in occupancy levels that are above the industry average in Mexico.
The use of multiple hotel formats allows the company to target
domestic and international business travelers as well as tourists.
The company also benefits from diversification into other business
segments, which reduces some exposure to its hotel business.
Operations are primarily located in Mexico, which limits
geographic diversification.  The ratings also consider the
industry's high correlation to economic cycles, which affects
operating indicators negatively in downturns.

The ratings also reflect the deterioration on operating
performance and financial indicators derived from the current
adverse economic environment and deepened by the negative effects
on travel and tourism in Mexico resulting from the outbreak of the
A-H1N1 virus.  The revision in Outlook to Stable considers an
expected improvement in operating indicators and its financial
profile in 2010 as the company's results stabilize and recover
from the negative events in 2009.

While Fitch was already expecting a pessimistic operating
environment for Posadas in 2009, reflected in declining operating
trends during the past 12 months, the outbreak of the A-H1N1 virus
further aggravated the company's situation for the remainder of
the year.  Operating results for the second quarter of 2009
reflect the negative effect of the outbreak, with occupation
levels down to 49% during the quarter from 64% during the same
period in 2008 and revenue per available room (REVPAR) down 25%
compared to the previous year.  As a result, EBITDA declined by
over 30% during the quarter to MXN253 million and 18% during the
first nine months of the year to MXN914 million while EBITDA
margins went down to 15% during the second quarter from 21% during
the same period in 2008 and to 18% at Sept. 30, 2009 compared to
22% in 2008.  Although there's been a gradual recovery in travel
in Mexico, the prevalent recessive economic environment will
continue to pressure results.

Posadas has been able to adjust and adapt its operations
successfully during previous economic downturns, although the
combination of events in 2009 proved to be challenging.  Fitch
expects improved results in 2010 as they should benefit from
better operating indicators during the months of May, June and
July which in 2009 were deeply affected by the outbreak of the A-
H1N1 virus.  In addition to that, occupation levels should also
improve as the devaluation of the Mexican peso has made Mexico a
more attractive tourist destination for foreigners in terms of
cost, and made international destinations for Mexicans more
expensive.

The company's financial profile has also been affected negatively
by the depreciation of the MXN against the US$ and lower EBITDAR
generation.  As of Sept. 30, 2009, the ratio of total adjusted
debt to EBITDAR for the last 12 months (LTM) was 4.4 times (x)
compared to 3.6x for the same period in 2008.  Fitch expects this
ratio to increase to a range of approximately 4.5x-4.7x by year-
end 2009 as a result of a decline in EBITDA generation, with an
expectation that debt levels remain relatively stable through the
year.  Credit protection measures should gradually improve as
EBITDA generation recovers gradually.

At Sept. 30, 2009, on-balance sheet debt reached US$397 million of
which approximately 75% was dollar-denominated and the remainder
was in pesos.  Short-term debt represented only 15% of total debt.
In addition to that, the company had approximately US$136 million
of off-balance sheet debt related to hotel leases.  The company's
liquidity position is manageable, with maturities of US$88 million
over the next 15 months and a cash balance at Sept. 30, 2009 of
US$44 million and funds from operations (FFO) on average of over
US$90 million during the past five years.

Fitch believes Posadas' cash balances, excluding cash needed for
operations, allow it to cover margin calls considering the current
level of the MXN, and although the company has been able to close
some derivative instrument positions it still has some exposure to
currency volatility which can translate into further margin calls.
In addition to cash balances of US$44 million, at Sept. 30, 2009
the company had US$34.7 million held as collateral related to its
derivative instruments.  Additional depreciation of the MXN would
increase stress on liquidity and put greater pressure on financial
indicators.

Grupo Posadas is the largest hotel operator in Mexico, with 112
hotels and 19,687 rooms across Mexico (85% of total rooms), Brazil
(10%), United States (3%), Argentina (1%) and Chile (1%).
Approximately 80% of rooms are in urban locations, with the
remaining 20% in coastal destinations.  The company manages
different hotel formats (under a combination of owned, leased and
managed properties) that include Aqua, Fiesta Americana Grand,
Fiesta Americana, Fiesta Inn, One Hotels and Fiesta Americana
Vacation Club in Mexico, and Caesar Park and Caesar Business in
Brazil, Argentina and Chile.  For the year ended Dec. 31, 2008,
Posadas had US$514 million of revenues and US$114 million of
EBITDA, considering year-end exchange rates.


===============
P A R A G U A Y
===============


* PARAGUAY: Paraguay Denies Transfer to PDVSA
---------------------------------------------
The Paraguayan government dismissed the alleged transfer of a port
terminal it controls in Argentina to Petroleos de Venezuela as
part of a debt of the Paraguayan oil company Petropar with the
Venezuelan holding, EL Universal News reports, citing Argentine
newspaper Ambito Financiero.

According to the report, Ambito Financiero newspaper said that
Francisco Rivas, the Paraguayan Minister of Industry and Trade
told reporters that such decision "is unthinkable."  The report,
citing the newspaper, relates that Mr. Rivas added that Fernando
Lugo, the Paraguayan Head of State, "has never mentioned" this
possibility.

Ambito Financiero, the report relates, reported that the
Paraguayan government's port terminal for fuel unloading and
transshipment located in Puerto Zarate, on the Parana River, which
is part of the Paraguay-Parana water highway, is subject to a
"transfer" negotiation with PSVSA.

                   About Petroleos de Venezuela

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

                           *     *     *

According to Moody's Investors Service, Paraguay continues to
carries Moody's B3 foreign and local currency ratings with stable
outlooks.


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


PETROLEOS DE VENEZUELA: Paraguana Refinery to Process Less Oil
--------------------------------------------------------------
Venezuela's 900.000 barrel per day Petroleos de Venezuela
Paraguana Refinery Complex may process less oil as the country
energy shortages reduces power generation, Petroleumworld.com
reports, citing Curim Capital Advisors LLC Chief Executive Officer
CEO Colin Fenton.  "We could lose about 200,000 barrels a day in
the global market, which would most likely affect heating oil, and
China in particular," the report quoted Mr. Fenton as saying.  "It
would affect products," he added.

According to the report, citing an interview with Bloomberg
television, Mr. Fenton said that the government may opt to slow
refinery production in Venezuela to divert electricity for public
use.

Petroleumworld.com notes that Venezuela provides crude and heating
oil to its eleven PDVSA CITGO U.S. refinery circuit and other
clients around the world, specially oil delivery to Singapore and
other Asian ports.

                           About PDVSA

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

                           *     *     *

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

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


PETROLEOS DE VENEZUELA: Paraguay Denies Transfer to Firm
--------------------------------------------------------
The Paraguayan government dismissed the alleged transfer of a port
terminal it controls in Argentina to Petroleos de Venezuela as
part of a debt of the Paraguayan oil company Petropar with the
Venezuelan holding, EL Universal News reports, citing Argentine
newspaper Ambito Financiero.

According to the report, Ambito Financiero newspaper said that
Francisco Rivas, the Paraguayan Minister of Industry and Trade
told reporters that such decision "is unthinkable."  The report,
citing the newspaper, relates that Mr. Rivas added that Fernando
Lugo, the Paraguayan Head of State, "has never mentioned" this
possibility.

Ambito Financiero, the report relates, reported that the
Paraguayan government's port terminal for fuel unloading and
transshipment located in Puerto Zarate, on the Parana River, which
is part of the Paraguay-Parana water highway, is subject to a
"transfer" negotiation with PSVSA.

                   About Petroleos de Venezuela

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

                           *     *     *

According to Moody's Investors Service, Paraguay continues to
carries Moody's B3 foreign and local currency ratings with stable
outlooks.


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




* BOND PRICING: For the Week December 14 to December 18, 2009
-------------------------------------------------------------

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

ARGENTINA

ARGENT-$DIS         8.28   12/31/2033   USD     72.73959
ARGENT-PAR          1.18   12/31/2038   ARS       38.525
ARGENT-=DIS         7.82   12/31/2033   EUR     60.26333
ARGNT-BOCON PR11       2   12/3/2010    ARS     24.74476
ARGNT-BOCON PR13       2   3/15/2024    ARS     74.32769
ARGNT-BOCON PRE8       2   1/3/2010     ARS      5.67465
BUENOS AIRE PROV   9.625   4/18/2028    USD     65.41222
BUENOS AIRE PROV   9.375   9/14/2018    USD     68.22258
BUENOS-$DIS         9.25   4/15/2017    USD     74.68974
MASTELLONE HERMA       8   6/30/2012    USD     67.57822
MENDOZA PROVINCE     5.5   9/4/2018     USD     71.64634

BRAZIl

CESP                9.75   1/15/2015    BRL     70.01829

CAYMAN ISLAND

BARION FUNDING      1.44   12/20/2056   GBP     32.06459
BARION FUNDING      0.63   12/20/2056   GBP     18.49509
BES FINANCE LTD      6.2   2/7/2035     EUR       71.799
BISHOPSGATE ASSE   4.808   8/14/2044    GBP      68.9254
BLUE CITY CO 1     13.75   11/7/2013    USD     24.94462
CHINA MED TECH         4   8/15/2013    USD           61
CHINA SUNERGY       4.75   6/15/2013    USD       62.931
DUBAI HLDNG COMM       6   2/1/2017     GBP     55.35027
DUBAI HLDNG COMM    4.75   1/30/2014    EUR     62.60406
FERTINITRO FIN      8.29   4/1/2020     USD           70
GOL FINANCE         8.75   #N/A N Ap    USD           82
LDK SOLAR CO LTD    4.75   4/15/2013    USD        73.25
MAZARIN FDG LTD     0.63   9/20/2068    GBP     15.20149
MAZARIN FDG LTD     1.44   9/20/2068    GBP     29.32716
PANAMA CANAL RAI       7   11/1/2026    USD       80.875
PUBMASTER FIN      6.962   6/30/2028    GBP     67.03271
PUBMASTER FIN       8.44   6/30/2025    GBP       72.464
SHINSEI FIN CAYM   6.418   #N/A N Ap    USD     56.46478
SHINSEI FINANCE     7.16   #N/A N Ap    USD           58
SMFG PREFERRED     6.164   #N/A N Ap    GBP     76.17498
XL CAPITAL LTD       6.5   #N/A N Ap    USD       73.758

JAMAICA

JAMAICA GOVT           8   3/15/2039    USD     69.66667
JAMAICA GOVT         8.5   2/28/2036    USD           67

PUERTO RICO

PUERTO RICO CONS     6.5   4/1/2016     USD           49
PUERTO RICO CONS     6.2   5/1/2017     USD           50
PUERTO RICO CONS     6.1   5/1/2012     USD        65.75

VENEZUELA

PETROLEOS DE VEN     4.9   10/28/2014   USD     55.94136
PETROLEOS DE VEN    5.25   4/12/2017    USD     52.97964
PETROLEOS DE VEN   5.375   4/12/2027    USD       43.376
PETROLEOS DE VEN     5.5   4/12/2037    USD     43.01423
PETROLEOS DE VEN       5   10/28/2015   USD     49.93066
PETROLEOS DE VEN   5.125   10/28/2016   USD     47.53529
VENEZUELA           9.25   9/15/2027    USD     70.92875
VENEZUELA           9.25   9/15/2027    USD     61.77917
VENEZUELA           9.25   5/7/2028     USD     65.22916
VENEZUELA              9   5/7/2023     USD     64.72722
VENEZUELA           5.75   2/26/2016    USD       63.375
VENEZUELA              7   12/1/2018    USD     62.30682
VENEZUELA           7.75   10/13/2019   USD      63.1125
VENEZUELA              6   12/9/2020    USD     53.48639
VENEZUELA           8.25   10/13/2024   USD        60.09
VENEZUELA           7.65   4/21/2025    USD     56.82554
VENEZUELA              7   3/31/2038    USD        53.46
VENZOD - 189000    9.375   1/13/2034    USD     65.26917


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


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