TCRLA_Public/100203.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, February 3, 2010, Vol. 11, No. 023

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Workers Illegally Shredded Files, Jury Told
STANFORD INT'L: Vantis Falls GBP10.7 Million Into Red


A R G E N T I N A

* Moody's Says Conditions in Argentine banking system is Stable


B E R M U D A

RAM HOLDINGS: Commences Discounted Offer for Preference Shares
XL CAPITAL: Patrick Tannock to Join XL Insurance as President


B R A Z I L

BRASKEM SA: Sunoco Acquisition Won't Affect S&P's 'BB+' Rating
BRASKEM SA: Sunoco Deal Won't Affect Moody's 'Ba1' Rating
COSAN SA: Forms Ethanol Venture With Royal Dutch Shell Plc
COSAN SA: S&P Puts 'BB-' Corp. Rating on CreditWatch Positive
COSAN SA: Shell Joint Venture Won't Affect Moody's 'Ba3' Rating

FIDC BCSUL: Moody's Assigns 'Ba1' Rating on Senior Shares


C A Y M A N  I S L A N D S

ABSOLUTE LARGE: Members Receive Wind-Up Report
ALLIANCEBERNSTEIN GLOBAL: Shareholders Receive Wind-Up Report
ALLIANCEBERNSTEIN GLOBAL: Shareholders Receive Wind-Up Report
ALLIANCEBERNSTEIN GLOBAL: Shareholders Receive Wind-Up Report
ALLIANCEBERNSTEIN MARKET: Shareholders Receive Wind-Up Report

AMP CDO 2007-2: Shareholders Receive Wind-Up Report
AUB ARBITRAGE: Shareholders Receive Wind-Up Report
AUB GLOBAL: Shareholders Receive Wind-Up Report
AUB GLOBAL: Shareholders Receive Wind-Up Report
AUB GLOBAL: Shareholders Receive Wind-Up Report

AUB GLOBAL: Shareholders Receive Wind-Up Report
AUB MANAGED: Shareholders Receive Wind-Up Report
BERNSTEIN INSTITUTIONAL: Shareholders Receive Wind-Up Report
BLOCK CAPITAL: Shareholders Receive Wind-Up Report
CHEYNE SELECT: Shareholders Receive Wind-Up Report

COCONUT MUSIC: Shareholders Receive Wind-Up Report
COPPER TRADING: Shareholders Receive Wind-Up Report
G SQUARE: S&P Downgrades Ratings on Two Classes of Notes
INDUSTRIAL MACHINERY: Shareholders Receive Wind-Up Report
MALLET GLOBAL: Shareholder Receives Wind-Up Report

MALLET GLOBAL: Shareholder Receives Wind-Up Report
MARINER-DOLPHIN SPECIAL: Shareholders Receive Wind-Up Report
MAROD FINANCE: Shareholders Receive Wind-Up Report
ORIZZONTE INVESTMENT:  Shareholders Receive Wind-Up Report
PLATINUM REAL: Shareholders Receive Wind-Up Report

PREMIER HEDGE: Shareholders Receive Wind-Up Report
SEVERIN PROPERTIES: Shareholders Receive Wind-Up Report
TREESDALE BONDS: Shareholder Receives Wind-Up Report
TRIDENT III: Members Receive Wind-Up Report
TURTLE GROWTH: Members Receive Wind-Up Report

VIRTUS CAYMAN: Shareholders Receive Wind-Up Report


C O S T A  R I C A

COSTA RICA: Fitch Affirms Issuer Default Ratings at 'BB'


E C U A D O R

PETROCUADOR: Signs Deal With IESS for Panacocha Field


J A M A I C A

AIR JAMAICA: Employees Take Stand Against Pending Sale
JAMAICA PUBLIC SERVICE: Cuts Power of Five Proprietors
NATIONAL COMMERCIAL BANK: More Senior Execs Leave NCB Capital
NATIONAL COMMERCIAL BANK: Posts JM$2.77BB Profit for Qtr Ended Dec


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Lascelles deMercado Unit Appoints New Board Members


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Unit has New Electrical Substation


X X X X X X X X

* IATA Expects More Bankruptcies in Global Airline Industry




                         - - - - -


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


STANFORD INT'L: Workers Illegally Shredded Files, Jury Told
-----------------------------------------------------------
Two former Stanford Financial Group Cos. employees oversaw
destruction of stacks of corporate records in defiance of a court
order to preserve them after the U.S. Securities and Exchange
Commission sued Robert Allen Stanford, Susannah Nesmith and Andrew
M. Harris at Bloomberg News report, citing a federal prosecutor.
"There was nothing routine about this shred," Assistant U.S.
Attorney Matthew Klecka told a jury of 10 men and two women at the
outset of the trial in Miami, the report relates.

According to the report, defendants Thomas Raffanello and Bruce
Perraud are accused of obstructing the SEC proceeding and
destroying records sought in a federal investigation.  Both denied
the charges.   The report notes that the trial before Judge
Richard W. Goldberg is the first linked to what U.S. prosecutors
and regulators have described as a US$7 billion fraud scheme led
by Mr. Stanford.

As reported in the Troubled Company Reporter-Latin America on
July 10, 2009, Mr. Perraud, indicted by a federal grand jury in
Florida, entered his plea in a Fort Lauderdale federal court
before U.S. Magistrate Judge Lurana Snow.  The report noted Mr.
Perraud -- a former global security specialist at Stanford's Fort
Lauderdale office -- allegedly had a document-shredding company
destroy a 95-gallon bin full of papers on Feb. 25, just days after
the judge presiding over the U.S. SEC case had issued an order
forbidding the alteration, removal or destruction of Stanford
Financial records.

According to a TCRLA report on September 14, 2009, Mr. Raffanello
has been charged in a three-count superseding indictment with
conspiracy to obstruct a U.S. SEC proceeding and to destroy
documents in a federal investigation; obstruction of a proceeding
before the SEC; and destruction of records in a federal
investigation, announced Assistant Attorney General of the
Criminal Division Lanny A. Breuer and Acting U.S. Attorney Jeffrey
H. Sloman of the Southern District of Florida.  The initial
indictment in the case was unsealed by the U.S. District Court for
the Southern District of Florida on June 19, 2009, and charged
Bruce Perraud of Weston, Fla., a former global security specialist
at the Fort Lauderdale SFG office, with one count of destruction
of records in a federal investigation.  In addition to charging
Mr. Raffanello of Coral Gables, Fla., the superseding indictment
charges Mr. Perraud with an additional count of conspiracy as we

                 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).


STANFORD INT'L: Vantis Falls GBP10.7 Million Into Red
-----------------------------------------------------
Antigua-based receiver Vantis Business Recovery Services posted
its interim results for the six months ended October 31, 2009.

Highlights

The six months ended October 31, 2009 was a challenging period
with Group results dominated by exceptional charges primarily
addressing impairment issues:

    * Business Recovery Services (BRS) division continued to grow
      with pre-exceptional revenue up 43% to GBP17.4 million
     (2008:GBP12.2 million);

    * Business Advisory & Tax (BATS) division, incorporating
      independent financial advice, declined with pre-exceptional
      revenue down 17% to 29.6m (2008: GBP35.7 million);

    * Operating profit on continuing activities before
      amortization, exceptional items, interest and tax was
      GBP3.6 million (2008: GBP7.2m restated);

    * Exceptional charges of GBP11.7 million include non-cash
      impairment of current and intangible assets amounting to
      GBP9.4 million;

    * The Group has started a cost reduction program to improve
      future operating performance.  Recruitment is ongoing into
      BRS to strengthen this growing division;

    * Decisions from UK Court of Appeal and from the financial
      regulator in Switzerland awaited regarding control of
      Stanford International Bank assets and therefore recovery of
      BRS' time costs;

    * Adjusted basic earnings per share, before amortisation and
      exceptional items, amounted to 1.5p profit per share (2008:
      7.3p restated).  Basic earnings per share amounted to 15.3p
      loss (2008: 6.1p profit restated);

    * Amended debt facility agreed on 2 November 2009 to increase
      working capital.  Net debt, excluding finance leases & loan
      stock, at October 31, 2009 amounted to GBP40.4m;

    * Stephen Smith appointed interim Finance Director in November
      2009 and Mike Wheeler appointed Non-executive Chairman in
      December 2009.  Trevor Applin, Paul Ashton and Bob Thornton
      stepped down from the plc board as Executive Directors to
      the operating board.  Paul Gourmand and Graham Cole retired
      as Non-executive Directors.

A full text copy of the company's financial results is available
free at http://ResearchArchives.com/t/s?4fde

                             About Vantis

Vantis Business Recovery Services --- http://www.vantisplc.com/--
- is a trading division of Vantis Group Ltd, which is regulated by
the Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

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


* Moody's Says Conditions in Argentine banking system is Stable
---------------------------------------------------------------
The direction of credit conditions in the Argentine banking system
is stable, Moody's Investors Service concludes in its yearly
report on the industry.

The stable outlook incorporates the rating agency's expectations
that banks' financial fundamentals will remain largely adequate,
despite the many challenges of the domestic operating environment.
The system's resilience and its ability so far to absorb the
impact of the global financial crisis and difficult macroeconomic
conditions are also taken into account.

"Moreover," the report's author, Vice President Maria Andrea
Manavella states, "the rated banks' well-established franchises,
their good earnings, their broader product and services offerings
-- which should benefit operating efficiency -- and their adequate
capital levels are all incorporated in Moody's weighted-average
bank financial strength rating BFSR of D for the Argentine banks."

Over the course of 2009, Moody's unsupported ratings for Argentine
banks have been mostly stable.  "The deposit ratings of many
banks, however, have been downgraded by, on average, one notch,"
the analyst says, "following Moody's reassessment of the systemic
support indicator, which is incorporated into these ratings."

Argentine banks are now more liquid than they have been in
previous years, which is actually a reflection of the low economic
activity and thus modest credit intermediation.  "Nevertheless,"
Ms. Manavella notes, "this liquidity -- both in local and foreign
currency -- and the system's deep capital buffers, coupled with
very limited currency mismatching and reduction of exposure to the
public sector, have all supported the banks' performance in 2009.
However, the analyst notes "the credit intermediation is affected
by the instability of the economy so the Argentine banks deal with
a largely transactional banking system."

Moody's also believes the Argentine banks will manage to retain
their liquidity, which is supported by the banks' conservative
policies and the high reserves required, however Ms. Manavella
explains "the recent conflict between the Argentine government and
the Central Bank could negatively affect the banking system's
liquidity management if it results in an implicit loss of autonomy
of the Central Bank, thus ultimately aligning the risk profiles of
both institutions."

Despite declining interest rates, the banking system has continued
to enjoy robust financial margins, which Moody's expects will
boost profitability levels, despite higher credit costs.  These
profits basically derive from favorable deposit repricing and
wider credit spreads, together with growing income from
securities.  The banks' high liquidity levels and accumulated
earnings should also benefit their capital ratios.

"However," she adds, "the Argentine banks need to remain vigilant
regarding their cost structure because high inflation could
significantly affect the banks' operating expenses."  The analyst
points out that likely further interest rate cuts and high
inflation will call for increased business volumes next year,
which is critical to sustaining the banks' profitability."

"Their ability to grow with quality will be key in 2010," Ms.
Manavella concludes.


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


RAM HOLDINGS: Commences Discounted Offer for Preference Shares
--------------------------------------------------------------
RAM Holdings Ltd. Commenced a tender offer to purchase any and all
of the outstanding Non-Cumulative Preference Shares, Series A,
with a par value of US$0.10 per share and a liquidation preference
of US$1,000 per share, of RAM Holdings, and the commencement by
RAM Reinsurance Company Ltd., RAM Holdings' operating subsidiary,
of a tender offer to purchase any and all of the outstanding Class
B Preference Shares, with a par value of US$1,000 per share and a
liquidation preference of US$100,000 per share of RAM Re, each
upon the terms and subject to the conditions set forth in the
Purchase Offer Memorandum and Proxy Statement dated as of January
29, 2010, and the accompanying Proxy, Consent and Letter of
Transmittal.

Upon the terms and subject to the conditions of the Series A
Tender Offer, RAM Holdings is offering to purchase Series A
Preference Shares at a price per share equal to (a) US$250.00,
comprised of US$200.00 and US$50.00, in the case of Series A
Preference Shares tendered (and not subsequently validly
withdrawn) on or before 5:00 p.m., New York City time, on
February 11, 2010, and accepted by RAM Holdings, or (b) US$200.00,
which is the Series A Purchase Price, in the case of Series A
Preference Shares tendered after the Series A Early Tender
Deadline but no later than the Series A Expiration Date, and such
shares are accepted by RAM Holdings.

Upon the terms and subject to the conditions of the Class B Tender
Offer, RAM Re is offering to purchase Class B Preference Shares at
a price per share equal to (a) US$25,000.00, comprised of
US$20,000.00 and US$5,000.00, in the case of Class B Preference
Shares tendered (and not subsequently validly withdrawn) on or
before the 5:00 p.m., New York City time, on February 11, 2010,
and accepted by RAM Re, or (b) US$20,000.00, which is the Class B
Purchase Price, in the case of Class B Preference Shares tendered
after the Class B Early Tender Deadline but no later than the
Class B Expiration Date (as defined below), and such shares are
accepted by RAM Re.

In connection with the Series A Tender Offer, RAM Holdings is also
soliciting proxies and consents from holders of the Series A
Preference Shares in connection with a Special General Meeting to
be held at Canon's Court, 22 Victoria Street, Hamilton HM EX,
Bermuda, on February 11, 2010 at 6:00 p.m., New York City time,
and at which such holders will consider certain amendments to the
certificate of designations of Series A Preference Shares to
modify the terms of such shares.  In connection with the Class B
Tender Offer, RAM Re is also soliciting proxies and consents from
holders of the Class B Preference Shares in connection with a
Special General Meeting to be held at Canon's Court, 22 Victoria
Street, Hamilton HM EX, Bermuda, on February 11, 2010 at 6:30
p.m., New York City time, and at which such holders will consider
certain amendments to the certificate of designation, preferences
and rights of the Class B Preference Shares to modify the terms of
such shares.  Holders may not tender their Preference Shares in
the Tender Offers without voting for and consenting to the
applicable Proposed Amendments.

Certain Information Regarding the Tender Offers

The Series A Tender Offer will expire at 11:59 p.m., New York City
time, on February 26, 2010, unless extended or earlier terminated.
The Class B Tender Offer will expire at 11:59 p.m., New York City
time, on February 26, 2010, unless extended or earlier terminated.
Each of RAM Holdings and RAM Re will pay for all validly tendered
and not subsequently validly withdrawn Preference Shares accepted
for purchase promptly after the applicable Expiration Date.

Deutsche Bank Securities Inc. is acting as dealer manager for the
Tender Offers.  Questions regarding the Tender Offers may be
directed to Deutsche Bank Securities Inc. at:  (866) 627-0391
(toll-free) or (212) 250-2955.

D.F. King & Co., Inc. is acting as tender agent and information
agent for the Tender Offers. Requests for copies of the Offer
Documents may be directed to D.F. King & Co., Inc. at (212) 269-
5550 (banks and brokers) or (800) 347-4750 (toll-free).

Hamilton, Bermuda-based RAM Holdings Ltd. (BSX: RAMR) (Pink
Sheets: RAMR) -- http://www.ramre.com/-- is a holding company.
Its operating subsidiary, RAM Reinsurance Company Ltd., provides
financial guaranty reinsurance for U.S. and international public
finance and structured finance transactions.


XL CAPITAL: Patrick Tannock to Join XL Insurance as President
------------------------------------------------------------
XL Insurance, the global insurance operations of XL Capital Ltd,
disclosed the appointment of Patrick Tannock as President of XL
Insurance (Bermuda) Ltd and Country Manager.  The appointment is
effective as of February 22, 2010.

Mr. Tannock has more than 25 years of experience in the Bermuda
market and the international insurance and reinsurance industry,
including approximately 10 years with Marsh & McLennan and 16
years with ACE Bermuda.  Most recently he held the position of
Executive Vice President as well as Chief Underwriting Officer and
Director of ACE Bermuda's specialist directors & officers
subsidiary, Corporate Officers & Directors Assurance Ltd (CODA).

Mr. Tannock, who will report to XL Insurance International
Property & Casualty Regional Operating Officer Donal Kelly, will
work with XLIB underwriting managers to provide strategic
direction and leadership of XLIB business lines and manage the
day-to-day Bermuda insurance operations.

In addition to his role with XL, Mr. Tannock is Vice Chairman of
the Association of Bermuda International Companies (ABIC), and a
member of the Financial Intelligence Agency Board, and the Bermuda
Government Board of Education.

Commenting on the appointment, XL Insurance Chief Executive Dave
Duclos said: "We are delighted to have Patrick join the XL
Insurance team.  He comes to XL with extensive and diversified
experience in brokering and underwriting.  His strong leadership
skills along with his knowledge and expertise in the Bermuda and
global insurance markets makes him the right person to lead XLIB
and to help drive XL Insurance business objectives forward.  In
addition to his wealth of experience, Patrick is a highly-regarded
executive in the Bermuda insurance industry.  This appointment
further demonstrates the importance of the Bermuda market and XL's
commitment to its insurance operations on the island."

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


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


BRASKEM SA: Sunoco Acquisition Won't Affect S&P's 'BB+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Brazilian petrochemical company Braskem S.A. (BB+/Stable/--) are
not affected by the company's announcement that it has agreed to
acquire petrochemical assets in the U.S. from Sunoco Chemicals, a
division of Sunoco Inc.

The transaction amounts to US$350 million to be paid in cash, and
the new assets are expected to report EBITDA of US$70 million to
$80 million annually, for a limited effect on Braskem's financial
ratios.  S&P still sees Braskem's strong liquidity and potential
support from shareholder Petroleo Brasileiro S.A. - Petrobras as
mitigating its aggressive leverage.  S&P further expects the
company will reduce its total debt-to-EBITDA ratios to about 4.5x
in 2010 and 4.0x in 2011.


BRASKEM SA: Sunoco Deal Won't Affect Moody's 'Ba1' Rating
---------------------------------------------------------
Moody's Investors Service has commented that the Ba1 rating and
stable outlook of Braskem S.A. are unaffected by the announcement
that the company has entered into an agreement to purchase the
polypropylene operations of Sunoco Chemicals (unrated, a
subsidiary of Sunoco Inc rated Baa2 with outlook negative) for
about US$350 million.  In Moody's view, the relatively small
amount involved combined with the additional cash flow from the
acquired assets will result in immaterial impact on Braskem's debt
protection metrics.

Moody's last rating action on Braskem occurred on January 22,
2010, when Moody's affirmed all its ratings and stable outlook
following the announcement that the company entered into an
agreement to acquire 100% of the shares of Quattor Participacoes
S.A., Brazil's second largest producer of petrochemical resins.

Braskem is the largest producer of thermoplastic resins in the
Americas, with annual production capacity (pro-forma for Quattor)
of some 9.5 million tons of basic petrochemicals and about
5.6 million tons of polyethylene, polypropylene and PVC.  Braskem
also produces caustic soda, chlorine, EDC and gasoline.


COSAN SA: Forms Ethanol Venture With Royal Dutch Shell Plc
----------------------------------------------------------
Fred Pals and Lucia Kassai at Bloomberg News report that Royal
Dutch Shell Plc formed an ethanol venture with Cosan SA Industria
& Comercio in Brazil.  The report relates that Shell will
contribute assets including 2,740 service stations and as much as
US$1.93 billion to the 50-50 venture; while Cosan SA will provide
US$4.93 billion of assets, including plants able to crush 60
million tons of cane a year and control of an ethanol-trading
unit, according to news statements by the companies.

According to the report, Shell and competitors such as Chevron
Corp. are investing in biofuels as they seek to meet increasing
energy demand while cutting emissions of carbon dioxide.  "This
venture represents the best entry of scale into sustainable
biofuels," the report quoted Mark Williams, head of Shell's
downstream business, as saying.  "We believe Cosan is the right
partner and Brazilian ethanol is the right product to bring
forward at this stage," Mr. Williams added.

Shell will pay US$1.63 billion in cash over two years and may make
additional payments of US$300 million in five years based on
future gains of the venture, Cosan said in a statement obtained by
the news agency.

                           About Cosan SA

Headquartered in Piracicaba, Brazil, Cosan S.A. Industria e
Comercio -- http://www.cosan.com.br/en/ir/-- produces sugar and
ethanol.  The company cultivates, harvests and processes
sugarcane, the main raw material for sugar and ethanol
manufacturing.  With 17 manufacturing units and two port terminals
in the city of Santos, Cosan says it is currently the largest
individual group in the world in terms of sugarcane byproducts
manufacturing.  With capacity to grind more than 40 million tonnes
of sugarcane, the group represents 12% of overall production in
the mid-southern region of the country.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba3
LT Corp Family rating and Senior Unsecured debt rating.  The
company also continues to carry S&P's BB- Issuer credit ratings;
and Fitch ratings' BB LT Issuer default ratings.


COSAN SA: S&P Puts 'BB-' Corp. Rating on CreditWatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its
ratings, including the 'BB-' corporate credit ratings, on Cosan
S.A. Industria e Comercio and Cosan Ltd. on CreditWatch with
positive implications.

The CreditWatch listing followed the announcement by Cosan and
Shell International Petroleum Co. Ltd., a subsidiary of Royal
Dutch Shell PLC (Shell; AA/Stable/A-1+) that they have signed a
nonbinding memorandum of understanding for the creation of a joint
venture (JV) combining their Brazilian ethanol and sugar, and fuel
distribution, assets.

Under the proposal, Cosan will contribute its sugar and ethanol
assets, 15 cogeneration plants, and fuel distribution assets,
valued at US$4.93 billion; and US$2.52 billion in net debt.  Shell
will contribute with its Brazilian downstream assets, interests in
two biotech companies, and an injection of US$1.63 billion in cash
within two years.

The JV will not include Cosan's assets in lubricants, logistics,
land, and retail sugar brands, or Shell's lubricants business in
Brazil.  The companies announced a 180-day period to discuss and
close the deal.

"The CreditWatch listing reflects S&P's expectation of positive
impact on Cosan's financial profile if the transaction is
successful," said Standard & Poor's credit analyst Marcelo
Schwarz.

Assuming the transaction closes, S&P believes positive effects
will come from the dropping down of Cosan's net debt into the JV,
even though Cosan will not fully control the cash flows from the
combined entity.  Also, the JV will likely improve liquidity with
cash from Shell and will likely benefit from stronger cash
generation from Shell's downstream assets in Brazil.

S&P also believes that the JV will have a stronger business
profile.  The fuel distribution business typically generates
stable cash flows, which will account for a significant and higher
proportion of combined EBITDA.  And S&P sees economies of scale
and other synergies, and access to in-house technology innovations
in biofuel.

The JV will also likely benefit Cosan's internationalization
strategy and improve its access to capital markets to finance its
growth strategy.  S&P believes that Cosan's association with a
partner with a stronger credit profile to support growth is a
positive for its overall credit quality.

S&P expects to resolve the CreditWatch within the next few months
as the proposed transactions develop and S&P obtains a full
understanding of the business and financial implications of the
deal on both Cosan Ltd. and Cosan S.A.


COSAN SA: Shell Joint Venture Won't Affect Moody's 'Ba3' Rating
---------------------------------------------------------------
Moody's Investors Service has commented that the Ba3 rating and
negative outlook of Cosan S.A. Industria e Comercio are unaffected
at this moment by the announcement that it has entered into a non-
binding memorandum of understanding with Shell International
petroleum Company Limited (unrated, a subsidiary of Royal Dutch
Shell plc rated Aa1 with outlook stable) for the creation of a
joint venture combining certain of their respective assets, though
the transaction could be potentially positive from a credit
perspective.

Moody's last rating action on Cosan occurred on September 23,
2008, when Moody's downgraded its rating to Ba3 with outlook
negative from Ba2 following the announcement that Cosan entered
into an agreement with ExxonMobil International Holdings B.V. to
acquire ExxonMobil's fuel distribution and lubricant assets in
Brazil.

Cosan is a low-cost Brazilian sugar and ethanol producer with a
leading position in the global sugar and ethanol industry.  Also,
Cosan is the fourth largest fuel distributor in Brazil.


FIDC BCSUL: Moody's Assigns 'Ba1' Rating on Senior Shares
---------------------------------------------------------
Moody's America Latina has assigned a Aa2.br rating (Brazilian
National Scale) and a Ba1 rating (Global Scale, Local Currency) to
the senior shares of the fifth series (Series 2009-1) issued by
FIDC BCSul Verax Credito Consignado II, a securitized transaction
backed by a pool of personal loans originated by Banco Cruzeiro do
Sul S.A.

The issuer's shares are backed by the cash flows arising from
repayment of personal loans extended by the bank solely to (i)
active government employees at the federal, state, and municipal
levels, and (ii) retirees and pensioners covered by the Regime
Proprio de Previdencia Social (RGPS) pension system, which in turn
is managed by the INSS (Instituto Nacional do Seguro Social), the
government agency in charge of social security to non-public
service workers in Brazil.  Such repayments are deducted by a
government agency directly from each obligor's pension.

Moody's ratings are based on these principal factors:

  -- A minimum of 35% credit enhancement provided through
     subordination;

  -- A minimum ratio of 1.67x the weighted average interest rate
     on the personal loans to the weighted average coupon on the
     senior shares, the purpose of which is to mitigate risks such
     as prepayment and interest rate mismatch, in addition to
     losses;

  -- The credit quality of the personal loans extended by the bank
     to active government employees, who enjoy job stability
     mandated by law and who cannot be fired except for cause;

  -- The credit quality of the personal loans extended by the bank
     to retirees and pensioners managed by INSS, which depend upon
     the ability and willingness of the Brazilian federal
     government, acting through its Treasury Office, to make
     timely payments of monthly pension benefits, and to cover any
     unfunded pension liabilities of INSS; and

  -- The eligibility criteria for the purchase of assets,
     including geographic concentration and delinquency levels,
     origination criteria, and maximum loan tenor;

  -- The legal structure of the transaction, including the
     bankruptcy remoteness of the issuer.

The issuer is a receivables investment fund and is structured as a
master program able to issue multiple series of senior shares,
backed by a common pool of personal loans originated by the bank.

Series 2009-1 will have a tenor of 48 months, and the senior
shares will be amortized in six quarterly payments after a 32-
month grace period and starting on month 33.  Proceeds of the
issuance of the fifth series will be used to make revolving
purchases of personal loan receivables originated by Cruzeiro do
Sul.

Further details of Moody's analysis of the FIDC BCSUL can be found
in the FIDC BCSul presale report published March 16th, 2005, as
well as in performance update reports published thereafter.

                        Rating Methodology

The rating methodology used to rate consigned-loan backed
transactions is based on historical performance data, the deal's
structural features and qualitative assessments.  The performance
data includes, among others, historical information about the
origination of receivables, delinquencies, and prepayments.  The
qualitative assessment includes, among other factors, a review of
origination and credit approval processes and servicing.

Moody's views the rating of Brazilian consigned loan
securitizations like this one as linked to some degree to the
rating of the originator sponsoring the deal.  Moody's base this
view on the commingling of the securitized flows with collections
belonging to the originator and operational and legal issues that
could make it difficult to transfer servicing to an alternate
servicer.

As the primary servicer of the transaction, Banco Cruzeiro do Sul
receives cash payments from the jurisdictions and then proceeds to
reconcile the received payments to determine which funds are to be
transferred to the segregated bank account of the FIDC, and which
funds it will retain for consigned loans that have not been sold
and remain on its own balance sheet.  In the case of a financial
failure of the originator, however, cash could become trapped in
the estate of the originator until the regulators or the judicial
system sorts out what are the cash flows that belong to the
securitization.

Moody's also analyzes structural features such as the triggers
present in the transaction and the availability of reserve
accounts.

Rating Action

The complete rating action is:

* FIDC BCSul Verax Credito Consignado II -- Fifth Series (Series
  2009-1) -- Aa2.br (Brazilian National Scale) & Ba1 (Global
  Scale, Local Currency).


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


ABSOLUTE LARGE: Members Receive Wind-Up Report
----------------------------------------------
The members of Absolute Large Cap Limited received on, December
30, 2009, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Julian Lloyd-Vine
         Telephone: (345) 943-1206
         Facsimile: (345) 943-1207
         P.O. Box 31298, Grand Cayman KY1-1206


ALLIANCEBERNSTEIN GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Alliancebernstein Global Diversified
Strategies (Sterling Managed) Ltd. - Hedge Fund C received on,
December 31, 2009, the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


ALLIANCEBERNSTEIN GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Alliancebernstein Global Diversified
Strategies Ltd. - Master Fund C received on, December 31, 2009,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


ALLIANCEBERNSTEIN GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Alliancebernstein Global Diversified
Strategies (USD Managed) Ltd. - Hedge Fund C received on,
December 31, 2009, the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


ALLIANCEBERNSTEIN MARKET: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Alliancebernstein Market Neutral Strategy Ltd.
- CAMN-A1 received on, December 31, 2009, the liquidators' report
on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


AMP CDO 2007-2: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of AMP CDO 2007-2 received on, January 8, 2010,
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


AUB ARBITRAGE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of AUB Arbitrage Fund received on, December 31,
2009, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


AUB GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of AUB Global Bond Fund received on, December 31,
2009, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


AUB GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of AUB Global Equity Fund received on,
December 31, 2009, the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


AUB GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of AUB Global Growth Fund received on,
December 31, 2009, the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


AUB GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of AUB Global High Yield Fund received on,
December 31, 2009, the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


AUB MANAGED: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of AUB Managed Master Fund received on,
December 31, 2009, the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


BERNSTEIN INSTITUTIONAL: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Bernstein Institutional Global Diversified
Hedge Fund Ltd. received on, December 31, 2009, the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


BLOCK CAPITAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Block Capital Offshore, Ltd. received on,
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier Fiduciary Services (Cayman) Limited
         c/o Philip Hughes
         Telephone: (345) 815-1402
         Facsimile: (345) 945-6265


CHEYNE SELECT: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Cheyne Select Strategies Fund Inc. received
on, January 8, 2010, 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


COCONUT MUSIC: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Coconut Music Limited received on, January 7,
2010, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         N.A. Wilkins
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107


COPPER TRADING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Copper Trading Corporation received on,
January 7, 2010, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         N.A. Wilkins
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107


G SQUARE: S&P Downgrades Ratings on Two Classes of Notes
--------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative the credit ratings on G Square Finance Ltd.'s
class A and class B.  At the same time, S&P affirmed the rating on
the class C notes.

The rating actions are based on S&P's understanding that G Square
Finance's assets will be liquidated in the coming months but that
the net proceeds of the liquidation will not be sufficient to
fully repay classes A, B, and C.

In April 2009, the transaction triggered an event of default under
the conditions of the notes.  S&P understands that this event of
default was not related to non-payment of interest or principal,
but instead was triggered when the transaction failed its event of
default par value tests.

Following the event of default, senior creditors requested the
trustee to appoint a receiver to enforce security over the
transaction's assets.  The receiver was appointed in July 2009.

While little information has been reported on the transaction
since the receiver was appointed, S&P now considers it highly
likely that the transaction has failed to make timely interest
payments on the class A notes, although S&P has no written
confirmation of this.

S&P understands that the receiver may act to liquidate G Square
Finance's assets in the coming months and distribute the net
proceeds according to the transaction's priority of payments.

Based on information S&P has received, S&P considers it highly
likely that the net proceeds of the liquidation will be
insufficient to cover in full payments due to creditors that rank
ahead of the class A, B and C notes.  If S&P's assessment is
correct, it is unlikely that any further distributions will be
made on the notes.

G Square Finance is a hybrid cash flow CDO of U.S. structured
finance securities where more than 90% of the portfolio is
referenced synthetically via a total return swap.

                           Ratings List

                       G Square Finance Ltd.
               US$125 Secured Floating-Rate Notes

      Ratings Lowered And Removed From CreditWatch Negative

                               Rating
                               ------
         Class         To                  From
         -----         --                  ----
         A             CC                  BB/Watch Neg
         B             CC                  CCC-/Watch Neg

                         Ratings Affirmed

                      Class         Rating
                      -----         ------
                      C             CC


INDUSTRIAL MACHINERY: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Industrial Machinery and Engineering
Consultants Corporation received on, January 7, 2010, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         N.A. Wilkins
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107


MALLET GLOBAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Mallet Global Events Fund, Ltd. received on,
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-1986


MALLET GLOBAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Mallet Global Events Enhanced, Ltd. received
on, December 29, 2009, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Shameer Jasani
         Telephone: (345) 815-1802
         Facsimile: (345) 949-1986


MARINER-DOLPHIN SPECIAL: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Mariner-Dolphin Special Opportunities Fund
Ltd. received on, January 8, 2010, 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


MAROD FINANCE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Marod Finance Corporation received on,
January 7, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         N.A. Wilkins
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107


ORIZZONTE INVESTMENT:  Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Orizzonte Investment Ltd received on,
December 24, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


PLATINUM REAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Platinum Real Estate (Cayman) Limited received
on, January 8, 2010, 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


PREMIER HEDGE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Premier Hedge Enhanced, Ltd. received on,
January 8, 2010, 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


SEVERIN PROPERTIES: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Severin Properties, Ltd. received on,
December 29, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Andy Tuan Bui
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


TREESDALE BONDS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Treesdale Bonds Plus SPC received on, January
6, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Jo-Anne Maher
         Telephone: (345) 815-1762
         Facsimile: (345) 949-9876


TRIDENT III: Members Receive Wind-Up Report
-------------------------------------------
The members of Trident III, L.L.C. received on, December 28, 2009,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Pound Capital Corporation
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309, Ugland House
         Grand Cayman KY1-1104, Cayman Islands


TURTLE GROWTH: Members Receive Wind-Up Report
---------------------------------------------
The members of Turtle Growth Limited received on, January 8, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Anthony Brookland
         Telephone: +44 1534 501000
         Facsimile: +44 1534 501935
         Corporate Filing Services Ltd.
         P.O. Box 613, Grand Cayman KY1-1107
         Cayman Islands


VIRTUS CAYMAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Virtus Cayman 2 Limited. received on,
December 31, 2009, the liquidators' report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

         Glen Trenouth
         Rodney Graham
         Telephone: (345) 943-8800
         Facsimile: (345) 943-8801
         P.O. Box 31118, Grand Cayman KY1-1205
         Cayman Islands


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


COSTA RICA: Fitch Affirms Issuer Default Ratings at 'BB'
--------------------------------------------------------
Fitch Ratings has affirmed Costa Rica's long-term foreign and
local currency Issuer Default Ratings at 'BB' and 'BB+',
respectively.  The Outlook on both ratings is Stable.  Fitch has
also affirmed Costa Rica's short-term foreign currency IDR at 'B'
and the Country Ceiling at 'BB+'.

Costa Rica's ratings are supported by its high per capita income;
a relatively diverse economy, which traditionally attracts
sizeable foreign direct investment; and its net external creditor
position.  The ratings are constrained by a narrow fiscal revenue
base, a comparatively weak monetary and exchange rate policy
framework, and relatively low international liquidity indicators.

'The cyclical downturn exposed structural weakness related to
Costa Rica's high dependence on the U.S. economy and a relatively
narrow tax revenue base,' said Casey Reckman, Director in Fitch's
sovereign group.

Costa Rica's real GDP growth contracted by 1.3% last year owing to
weaker domestic demand and the collapse in external demand and
reduced FDI flows.  A more favorable external environment and some
recovery in domestic activity could underpin 2.9% real GDP growth
in 2010.  However, the trend in GDP growth could be weaker over
the forecast period than in recent years due to the slow pace of
economic recovery in the U.S. and somewhat lower FDI flows.

Costa Rica's public finances deteriorated in 2009 as revenues
contracted and counter-cyclical spending was financed with
increased borrowing.  As a result, central government debt
increased to 27% of GDP in 2009 from 25% in 2008.  The authorities
plan to unwind the additional fiscal stimulus during the first
half of 2010, but last year's social expenditure increases could
be difficult to trim.

In the absence of higher growth, fiscal consolidation could be
achieved through revenue-enhancing fiscal reforms and continued
improvements in tax administration.  However, political and
institutional gridlock could continue to hinder passage and
implementation of fiscal or other meaningful reforms.

Costa Rica has demonstrated resilience against the destabilizing
effects of the global economic and financial crisis.  The
financial system was not exposed to toxic assets, and a
precautionary IMF Stand-by Arrangement, at US$735 million or 18%
of end-2008 international reserves, helped bolster investor
confidence and preserve macroeconomic stability.  Nonetheless,
Costa Rica remains vulnerable to external shocks due to its
comparatively high financial dollarization, structural current
account deficits and fragile albeit improved international
liquidity.

'Sustaining macroeconomic stability and policy credibility is
important for upholding investor confidence and supporting
economic recovery, especially as inflationary pressures increase
and extraordinary multilateral support is withdrawn,' said
Reckman.

Further strengthening of Costa Rica's monetary and exchange rate
policy framework, as well as its external balance sheet, could
benefit the sovereign's ability to cope with external shocks and,
in turn, its creditworthiness.  Stronger growth and a credible
fiscal strategy to stabilize the government debt burden could also
support creditworthiness.  On the other hand, sustained fiscal
slippage and deteriorating debt dynamics could be negative for
Costa Rica's ratings.


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


PETROCUADOR: Signs Deal With IESS for Panacocha Field
-----------------------------------------------------
Petroecuador and the Social Security Institute (IESS) signed
Monday an agreement to establish a trust to finance development of
the Panacocha oil field, Mercedes Alvaro at Dow Jones Newswires
reports.

According to the report, the Panacocha field is expected to
produce up to 25,000 barrels a day.  The report relates that
production is expected to begin in September at around 15,000
barrels a day.

IESS, the report notes, will provide US$165 million of the US$273
million needed to develop Panacocha, which has around 7.4 million
barrels of proven reserves.

Dow Jones Newswires says that disbursement from IESS will begin
this month with US$27 million, marking the first time IESS has
invested in oil projects.

                        About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa has authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure.
The report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.


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


AIR JAMAICA: Employees Take Stand Against Pending Sale
------------------------------------------------------
The National Workers Union, one of the unions representing Air
Jamaica Limited's employees, is warning of disruptions at the
airline if the Golding administration fails to heed calls to keep
the entity under Jamaican ownership, RadioJamaica reports.  The
report relates that in recent weeks the employees have been
involved in an intense lobby for Air Jamaica to be sold to the
Jamaica Airline Pilots Association (JALPA), which has presented a
business plan to Prime Minister Bruce Golding.

However, the report notes that Mr. Golding has indicated that he
is more inclined to divesting Air Jamaica to the Trinidad-based
Caribbean Airlines.

According to the report, NWU Vice President Granville Valentine,
said that this is not going down well with Air Jamaica employees.
Mr. Valentine, the report relates, said that the workers are
extremely agitated and prepared to take strong action if the
decision is made to place the airline in foreign hands.  "I can
assure you that workers are just waiting for the call from the
unions and other leaderships around to just say, start the
protest.  If the government should make that move and sell Air
Jamaica to Trinidad, then what it would create is a total lockdown
of all flights in and out of Jamaica that is how serious it is at
this time but we hope that good sense prevails on all sides," the
report quoted Mr. Valentine as saying.

The report notes that time is running out before the Government
will make a decision concerning the future ownership of the
national airline.  RadioJamaica says that there are reports that
it will have to indicate what is to become of Air Jamaica by the
meeting of the Board of the International Monetary Fund to discuss
Jamaica's application for balance of payment support.

                      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
January 27, 2010, Moody's Investors Service changed the ratings
outlook of Air Jamaica Limited to stable.  The Corporate Family
and senior unsecured ratings of Air Jamaica are affirmed at Caa1.
The change in outlook mirrors the change of the outlook of the
foreign currency bond rating of The Government of Jamaica to
stable, which occurred on January 22, 2010.  The ratings reflect
Jamaica's unconditional and irrevocable guarantee of the rated
debt obligations of Air Jamaica.  The foreign currency bond rating
of Jamaica remains Caa1, notwithstanding the January 22, 2010
downgrade of Jamaica's local currency bond rating by Moody's to
Caa2.

As reported in the TCR-LA 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 PUBLIC SERVICE: Cuts Power of Five Proprietors
------------------------------------------------------
Five business operators have been arrested for stealing
electricity, as the Jamaica Public Service Company intensifies its
efforts to crack down on power theft, Jamaica Gleaner reports.
The report relates that they were among 10 persons detained in the
first two weeks of this year.

According to the report, the company has also recovered an
estimated US$6.5 million from persons involved in the theft of
electricity.  The report notes that more than 1,100 'throw-ups'

RadioJamaica says that in addition, more than 1,100 illegal
connections, or 'throw-ups', were removed from across Manchester,
St Catherine and the Kingston Metropolitan Area.  The JPSCO, the
report notes, has also reported that during the period, its Loss-
Control Division inspected several meters and detected
irregularities, such as line taps, meter bypasses and meter
tampering.

Meanwhile, the report discloses, JPSCO, which has declared war on
non-technical losses, has earmarked US$6 billion over the next
five years to fight this scourge.  Approximately 13% of the
electricity generated by the JPS is lost to theft, RadioJamaica
notes.

The company, the report adds, has indicated that it aims to reduce
losses by 2.03% this year, and by at least 1% each year from 2011
to 2014.

                           About JPSCO

Headquartered in Kingston, Jamaica -- https://www.jpsco.com/ --
Jamaica Public Service Company Limited is an integrated electric
utility company and the sole distributor of electricity in
Jamaica.  The company is engaged in the generation, transmission
and distribution of electricity, and also purchases power from
five Independent Power Producers.  Japanese-based Marubeni
Corporation owns 80 percent of the company.  The Government of
Jamaica and a small group of minority shareholders own the
remaining shares.  JPS currently has roughly 582,000 customers who
are served by a workforce of over 1,600 employees.  The Company
owns and operates 28 generating plants, 54 substations, and
roughly 14,000 kilometers of distribution and transmission lines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees.  The same report said
employees unions contended the payments are owed for overtime work
and redundancy adjustments from 2001 to 2007, which amounts to
about JM$600 million.


NATIONAL COMMERCIAL BANK: More Senior Execs Leave NCB Capital
-------------------------------------------------------------
There has been another exodus of senior executives from NCB
Capital Markets Limited, a major subsidiary of National Commercial
Bank Jamaica Limited, RadioJamaica News reports.

According to the report, Vice President and Chief Financial
Officer Debbie Dunkley and Assistant Vice President, Tanya Powell
have left the company.  The report relates that their resignations
took effect on the weekend.

The report notes that Miss Dunkley, who joined NCB Capital Markets
in August 2006, was responsible for directing the company's
financial reporting and compliance.  The report relates that Miss
Powell, who was with the company for a little over six years, was
in charge of strategic planning, human resources and other
internal operations.

RadioJamaica says that their departure comes one month after
Christopher Williams stepped down as Managing Director of NCB
Capital Markets.  Mr. Williams has since joined the newly
established investment firm Proven Limited, the report adds.

                        About NCB Jamaica

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

                           *     *     *

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

Fitch said the ratings have a stable rating outlook.


NATIONAL COMMERCIAL BANK: Posts JM$2.77BB Profit for Qtr Ended Dec
------------------------------------------------------------------
National Commercial Bank Jamaica Limited disclosed a net profit of
JM$2.77 billion for the quarter ended December 31, 2009, which
represents an increase of JM$388 million or 16.3% when compared to
the corresponding period.

Patrick Hylton, NCB Group Managing Director, remains upbeat that
despite the difficult financial environment Jamaica's premier
banking institution will continue to post impressive results.  Mr.
Hylton indicated that the Bank's focus continues to be on building
a financial fortress that is underpinned by strong capital, strong
liquidity, and strong management.

"Our focus is unwavering and is particularly relevant in the
context of Jamaica's challenges with the recent tax package, the
Jamaican Debt Exchange (JDX) Programme as well as the management
of State enterprises," he noted.   He also stressed the fact that
the Bank has extensively assessed the impact of the JDX program on
the future prospects of NCB. "While we expect that the instruments
handed over represent a significant portion of our assets, it will
have a negative impact on our income.  Given the initiatives and
strategies being pursued by the organization we expect that the
Bank will remain profitable." Hylton stated.  He highlighted
revenue enhancement strategies, efficiencies in operating costs
and new product offerings in the securities business as the
initiatives being pursued.


The bank said that its strength continues to be reflected in the
Bank's capital position which continues to be well in excess of
the minimum required by its regulators:

   * Risk-Based Capital Ratio for NCBJ - 15.3% which exceeds the
     minimum requirement of 10%
   * Capital to Risk Weighted Assets Ratio for NCBCM - 62.8% which
     exceeds the minimum requirement of 10%
   * Solvency Ratio for NCBIC - 25.5% which exceeds the minimum
     requirement of 10%

The Wealth Management arm of the Bank contributed 24% of the
Group's operating profits.  NCB Capital Markets, the main
contributor to this segment, achieved a net profit of JM$622
million.  NCB Insurance Company recorded a net profit of JM$472.8
million which was mainly a result of net investment income.

Dennis Cohen, Deputy Group Managing Director reiterated that the
Bank will not be daunted by the change in the country's macro-
economic environment but believes that this shift will create new
opportunities for innovative product development and significant
diversification.  "The success of this institution is not
dependent on the condition of the environment; we pride ourselves
in having the flexibility and the agility to adjust to the
circumstances presented."

The bank said that this agility was most recently demonstrated by
the Board of Director's decision not to declare an interim
dividend this quarter due to the "current uncertainties and
challenges in the Jamaican economy".  The Bank however commits to
reviewing this position in the coming months.  "We will review our
position and make the appropriate decision on dividends at the end
of the next quarter by which time the full impact of the issues
mentioned before will be better appreciated," assured Hylton.

This cautious approach in an uncertain environment is, in the
Bank's view, among some of the tough decisions that have to be
made in order to successfully weather the turbulent period for the
economy and realize significant return on investment for
shareholders in the long term.

The bank said that it remains the largest commercial bank when
measured by profit, assets and branch network.

                        About NCB Jamaica

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

                           *     *     *

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

Fitch said the ratings have a stable rating outlook.


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


CL FINANCIAL: Lascelles deMercado Unit Appoints New Board Members
-----------------------------------------------------------------
The vacancies on the Board of Lascelles deMercado & Company
Limited have been filled, RadioJamaica reports.  The report
relates that Wayne Yip Choy, Fraser Thornton and Stephen Castagne
have been appointed to the company's board effective February 1,
2010.

Lascelles deMercado & Company is a subsidiary of CL Financial
Limited.

According to the report, Marlene Sutherland, a Director of
Lascelles, has indicated that due to work commitments in the
United States, she will not seek re-election to the board at the
next Annual General Meeting of the company.

As reported in the Troubled Company Reporter-Latin America on
January 27, 2010, RadioJamaica said that Lascelles deMercado has
advised that Steve Bideshi and Michael Carballo have resigned from
the board of directors.

                         About CL Financial

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

                           *     *     *

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

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


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


PETROLEOS DE VENEZUELA: Unit has New Electrical Substation
----------------------------------------------------------
To maintain the power supply and operational continuity in PDVSA
Intevep facilities, in event of failure or short in any of the two
circuits that feed the company by the Electricity of Caracas CA,
an electrical substation, medium voltage of 12 thousand 470 volts,
was installed in the oil subsidiary with an investment of one
million bolivares fuertes.

This work was coordinated by the Technical Management of
Industrial Maintenance, part of the General Management Services of
Intevep.  The work involved the disassembling of the old plant and
the installing of the new electrical substation, which will allow
the power to be restore within 15 seconds to Intevep, if the arise
of some external eventuality, it will have an automatic transfer
of load through a link switch with the two circuits above.

Importantly, the electrical substation in operation has an
estimated useful life of thirty-five years, in addition to
providing two major technical benefits, the first, has the
autonomy to de-energize and energize the facilities if necessary,
and finally, automates the entire the process that previously took
up to two hours to restore power in the oil institution.

In this way, PDVSA guarantees the functioning of the technological
and research branch of the oil industry.

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


* IATA Expects More Bankruptcies in Global Airline Industry
-----------------------------------------------------------
The International Air Transport Association on Friday reported
December and full-year 2009 demand statistics for international
scheduled air traffic that showed the industry ending 2009 with
the largest ever post-war decline.  Passenger demand for the full
year was down 3.5% with an average load factor of 75.6%. Freight
showed a full-year decline of 10.1% with an average load factor of
49.1%.

"In terms of demand, 2009 goes into the history books as the worst
year the industry has ever seen. We have permanently lost 2.5
years of growth in passenger markets and 3.5 years of growth in
the freight business," said Giovanni Bisignani, IATA's Director
General and CEO.

International passenger capacity fell 0.7% in December 2009 while
freight capacity grew 0.6% above December 2008 levels. Yields have
started to improve with tighter supply-demand conditions in recent
months, but they remained 5% to 10% down on 2008 levels. "Revenue
improvements will be at a much slower pace than the demand growth
that we are starting to see. Profitability will be even slower to
recover and airlines will lose an expected US$5.6 billion in
2010," said Mr. Bisignani.

Seasonally adjusted demand figures for December compared to
November 2009 indicate a 1.6% rise in passenger traffic while
freight remained basically flat with a 0.2% decline.
International Passenger Demand

December 2009 passenger demand recorded a 4.5% improvement
compared to December 2008, with a load factor of 77.6%. While this
is an 8.4% demand improvement from the February 2009 low point, it
is still 3.4% below the early 2008 peak.

    * Carriers in Asia-Pacific, Europe and North America recorded
      year-on-year declines in passenger demand of 5.6%, 5.0% and
      5.6% respectively in 2009. Asia-Pacific carriers stand out
      as benefitting most from the year-end upturn with an 8.0%
      year-on-year improvement in December. This reflects their
      35% contribution to the year-end rise boosted by the
      significant economic upturn in the region. By contrast,
      European carriers saw a 1.2% decline and North American
      carriers declined by 0.4%. While both North American and
      European carriers saw demand improvements in the first half
      of the year, the second half was basically flat.

    * Middle Eastern carriers generated the fastest growth in
      passenger traffic at the end of the year with a 19.1%
      increase in December (and 11.2% growth for the entire year).
      These gains result from Middle Eastern carriers taking a
      larger share of long-haul connecting traffic over their
      hubs.

    * Latin American carriers recorded 7.1% growth in December.
      Full-year traffic growth was constrained to 0.3% due to the
      impact of Influenza A(H1N1) fears during the second and
      third quarters.

    * Africa's carriers experienced a sharp decline of 6.8% in
      2009 primarily on an exceptionally weak first half. Their
      year ended with December demand at 3.1% above previous year
      levels.

                   International Freight Demand

December 2009 freight demand showed a 24.4% improvement on
December 2008 with a load factor of 54.1%. This improvement is
exaggerated by the exceptionally weak performance in December 2008
which was the low point on the cycle. Freight demand is still 9%
lower than the peak in early 2008. Optimism is returning to the
industry as purchasing managers survey indicators reached a 44-
month high in December pointing towards increased freight volumes
in the coming months.

    * Asia-Pacific carriers accounted for over 60% of the increase
      in international air freight markets over the past 12
      months-outperforming their 45% market share. Despite this
      improvement, Asia-Pacific carriers' freight volumes remain
      8% below peak levels.

    * European carriers remain 20% below 2008 peak levels
      reflecting the glacial pace of economic recovery in Europe
      compared to Asia-Pacific.

    * Middle East carriers and Latin American carriers are smaller
      market participants, but ended the year better than peak
      levels by 7% and 21% respectively.

"The industry starts 2010 with some enormous challenges. The worst
is behind us, but it is not time to celebrate. Adjusting to 2.5-
3.5 years of lost growth means that airlines face another spartan
year focused on matching capacity carefully to demand and
controlling costs," said Mr. Bisignani.

"We also face a renewed challenge on security as a result of the
events of 25 December 2009. The approach of the Obama
administration is encouraging with Department of Homeland Security
Secretary Janet Napolitano visiting IATA's offices in Geneva to
engage industry to find solutions. We agreed that governments and
industry must cooperate and we are preparing for a meeting in the
coming weeks to follow-up on our recommendations which focused on
finding more efficient ways to implement intelligence-driven and
risk-based security measures," said Mr. Bisignani.

"Governments and industry are aligned in the priority that we
place on security. But the cost of security is also an issue.
Globally, airlines spend US$5.9 billion a year on what are
essentially measures concerned with national security. This is the
responsibility of governments, and they should be picking up the
bill," said Mr. Bisignani.

                           *     *     *

Chan Sue Ling and Liza Lin at Bloomberg News report that Mr.
Bisignani said the global airline industry will take at least
three years to recover from a travel slump caused by the worst
recession in six decades.

Bloomberg also reports that Chris Tarry, an independent analyst in
London, who has followed the industry for more than two decades,
said, "A lot of capacity is going to come into the industry.
Capacity will mean that prices and fares go down, so it will make
it even more difficult for a recovery in profit."

"It's going to be a bumpy road," Mr. Tarry said, according to
Bloomberg.

Bloomberg relates the trade group said globally, airlines will
probably post losses totaling US$5.6 billion this year.  That's
about half of last year's estimated US$11 billion deficit,
Bloomberg notes.

Bloomberg relates IATA Chief Economist Brian Pearce said while the
industry's worst loss to date was almost US$13 billion in 2001
following the Sept. 11 terror attacks, an US$80 billion revenue
decline last year was "vastly bigger" than anything previously
experienced.

Bloomberg further notes Mr. Bisignani said more airlines will go
bankrupt.  Bloomberg, citing IATA, discloses about 34 carriers
have gone out of business since 2008.

"I don't think bankruptcies are over for airlines anywhere across
the world," Mr. Tarry said, according to Bloomberg.  "Although
2009 has been difficult for airlines, for some airlines, 2010 may
be more difficult still."


                            ***********

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 2010.  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 * * *