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

        Thursday, February 11, 2010, Vol. 11, No. 029

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Ex-Workers Lose Bid to Dismiss Tampering Case


A R G E N T I N A

DIDAXIS SA: Creditors' Proofs of Debt Due on March 16
EL CIUDADANO: Creditors' Proofs of Debt Due on March 31
PETROBRAS ENERGIA: Posts ARS30 Million Profit in Fourth Quarter
TELECOM ARGENTINA: Telecom Italia Trims Contenders for Firm


B A R B A D O S

* BARBADOS: Tourism Shows Signs of Improvement in 2010


B E R M U D A

CHIPMOS TECHNOLOGIES: Applies to Transfer NASDAQ Listing


B R A Z I L

BANCO CRUZEIRO: Plans to Issue Overseas Bonds
CAIXA ECONOMICA: To Issue US$1.59 Billion in 8-Year Bonds
GERDAU AMERISTEEL: Hires Schifino Lee for Advertising Campaign
LUPATECH SA: Moody's Downgrades Corporate Family Rating to 'B2'
TELEBRAS: Brazil May Invest US$11 Billion to Revive Firm

USIMINAS SIDERURGICAS: To Host 4Q Conference Call on Feb. 25


C A Y M A N  I S L A N D S

ALAGNA INVESTMENT: Commences Wind-Up Proceedings
ANCHORAGE CAPITAL: Commences Wind-Up Proceedings
AVENUE CLO: Commences Wind-Up Proceedings
BOSCHETTO INTERNATIONAL: Commences Wind-Up Proceedings
BROOKLANDS EURO: S&P Downgrades Ratings on Four Classes of Notes

CI LTD: Commences Wind-Up Proceedings
CONTEXT/TQA VANTAGE: Commences Wind-Up Proceedings
CONTEXT/TQA VANTAGE: Commences Wind-Up Proceedings
EATON VANCE: Commences Wind-Up Proceedings
ENTRUST LIQUIDFUNDS: Commences Wind-Up Proceedings

FAIRHEADS INTERNATIONAL: Commences Liquidation Proceedings
FAMILY INTERNATIONAL: Commences Wind-Up Proceedings
GEOMATRIX LDC: Commences Wind-Up Proceedings
GICALEPA LTD: Commences Wind-Up Proceedings
GRACE INVESTMENTS: Commences Liquidation Proceedings

GREEN RAPID: Commences Wind-Up Proceedings
HERALD SECURITIES: Commences Liquidation Proceedings
INDREN INVESTMENT: Commences Wind-Up Proceedings
JAKOBSHORN INVESTMENTS: Commences Wind-Up Proceedings
JOJOBA INVESTING: Commences Wind-Up Proceedings

LAMARMOTTA LTD: Commences Wind-Up Proceedings
LILLO HOLDING: Commences Wind-Up Proceedings
LONDON WALL: S&P Downgrades Ratings on Six Classes of Notes
MINT SECURITIES: Commences Liquidation Proceedings
PANDORA LIMITED: Commences Wind-Up Proceedings

PARAGON GLOBAL: Commences Liquidation Proceedings
PIGGY INTERNATIONAL: Commences Wind-Up Proceedings
REICH & TANG: Commences Wind-Up Proceedings
RHONE SECURITIES: Commences Liquidation Proceedings
SALOMONE LTD: Commences Wind-Up Proceedings

SEQA CAPITAL: Commences Wind-Up Proceedings
SPARQ (CAYMAN): Commences Liquidation Proceedings
SWISSOTEL WP: Court Enters Wind-Up Order


E C U A D O R

* ECUADOR: Gets US$200 Million Loans From Andean Development


J A M A I C A

AIR JAMAICA: TO Sell 2 Aircrafts to Settle Outstanding Debts
AIR JAMAICA: Executives Meet With Officials From Trinidad
SUGAR COMPANY OF JAMAICA: Cabinet to Get Update on Divestment
* JAMAICA: Fall Off in Revenues Could Increase, Consultant Says


M E X I C O

CEMEX SAB: Appoints Fernando Gonzalez as EVP-Planning & Finance
GRUPO TMM: Posts 4Q 2009 Earnings Release on February 25
METROFINANCIERA SA: S&P Affirms Ratings on Two Construction Loans
XIGNUX SA: S&P Affirms Long-Term Corporate Credit Rating at 'BB+'


X X X X X X X X

* Fitch Lists January 2010 Rating Actions for Latin America
* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


STANFORD INT'L: Ex-Workers Lose Bid to Dismiss Tampering Case
-------------------------------------------------------------
Susannah Nesmith and Andrew M. Harris at Bloomberg News report
that two former Stanford Financial Group Co. employees, Bruce
Perraud and Thomas Raffanello, lost a mid-trial bid to dismiss
charges that they illegally shredded records wanted by the U.S.
Securities and Exchange Commission for a probe of Robert Allen
Stanford.

According to the report, U.S. District Judge Richard W. Goldberg
in Miami refused to throw out the case after hearing arguments.
The report relates that Judge Goldberg questioned prosecutors'
ability to prove intent, calling their evidence "precious thin,"
and said he would allow the defense to renew its request later in
the case.

Bloomberg News notes that as prosecutors rested their case,
attorneys for the Stanford workers argued the U.S. failed to prove
they acted criminally, according to a court filing.  "There's no
evidence of corrupt intent," the report quoted Mr. Raffanello
attorney Kendall Coffey as saying. "It's time for this case to end
now," he added.

As reported in the Troubled Company Reporter-Latin America on
July 10, 2009, 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.  A TCRLA report on
September 14, 2009, related that 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.

                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
=================


DIDAXIS SA: Creditors' Proofs of Debt Due on March 16
-----------------------------------------------------
Cristina Alicia Mattioni, the court-appointed trustee for Didaxis
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 16, 2010.

Ms. Mattioni will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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:

         Cristina Alicia Mattioni
         Uruguay


EL CIUDADANO: Creditors' Proofs of Debt Due on March 31
-------------------------------------------------------
Estudio Guillermo Salem y Asociados, the court-appointed trustee
for El Ciudadano y La Region SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until March 31, 2010.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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:

         Estudio Guillermo Salem y Asociados
         Lavalle 1527
         Argentina


PETROBRAS ENERGIA: Posts ARS30 Million Profit in Fourth Quarter
---------------------------------------------------------------
Petrobras Energia SA posted a fourth-quarter net profit of ARS30
million (US$7.8 million) from a net loss of ARS384 million a year
earlier due to higher operating results, Taos Turner at Dow Jones
Newswires reports.  The report relates that operating income was
ARS311 million versus ARS1 million.

According to the report, for the period ended December 31, net
sales fell to ARS3.465 billion from ARS3.493 billion a year
earlier.  The report notes that refining and distribution topped
the company's sales categories at ARS1.52 billion versus ARS1.6
billion; while exploration and production-related sales totaled
ARS880 million compared with ARS1.1 billion a year earlier.

                    About Petrobras Energia

Headquartered in Buenos Aires, Argentina, Petrobras Energia S.A.
-- http://www.petrobras.com.ar/-- is an integrated company
engaged in energy sector.  The company's activities are divided
into four segments.  The oil and gas exploration and production
segment is responsible for the acquisition, exploration and
maintenance of oil and gas reserves, as well as the production
of fuels.  The refining and distribution segment is engaged in
the refining of crude oils and their processing into lubricants.
It is represented by Refineria del Norte SA and Empresa
Boliviana de Refinacao SA.  The petrochemistry segment is
engaged in the production of styrene, polystyrene, rubber,
fertilizers and polypropylene through Innova SA and Petroquimica
Cuyo SA.  The gas and energy segment is involved in the
production of gas and electric energy, and energy transportation
through Transportadora de Gas del Sur SA.  The company also
operates in Bolivia, Ecuador, Peru, Colombia and Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 16, 2009, Standard & Poor's Ratings Services said that it
lowered or affirmed the global scale ratings on 15 Argentine
entities.  Some of these ratings were removed from CreditWatch,
where they were placed with negative implications on Nov. 5, 2008.
The outlooks on all ratings are stable.


TELECOM ARGENTINA: Telecom Italia Trims Contenders for Firm
-----------------------------------------------------------
Telecom Italia SpA has narrowed the list of potential buyers for
its stake in a company that controls Telecom Argentina SA, Drew
Benson at Bloomberg News reports, citing La Nacion newspaper.

According to the report, the newspaper said that the remaining
three contenders, all Argentine, are real estate property
developer IRSA Inversiones y Representaciones SA and two
investment funds.  The report relates that the offers for the 50%
stake in Telecom Argentina range from US$580 million to US$630
million.

As reported in the Troubled Company Reporter-Latin America on
January 12, 2010, Total Telecom News said that Telecom Italia must
get out of Argentina by February 25, 2010, or face government
intervention in the sale of its stake in Telecom Argentina S.A.
Dow Jones Newswires related that Argentina's National Antitrust
Commission has given Telecom Italia one year to divest its stakes
in Telecom Argentina, due to a conflict of interest.  According to
the report, CNDC said that Spain's Telefonica SA's minority stake
in Telecom Italia creates a conflict between the two companies'
Argentine operations.  The report related that Telefonica owns
Telefonica Argentina, which shares an effective duopoly over the
Argentine telecommunications sector with Telecom.

                     About Telecom Argentina

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

                           *     *     *

As of January 12, 2010, the company continues to carry Standard
and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating.


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


* BARBADOS: Tourism Shows Signs of Improvement in 2010
------------------------------------------------------
Tourism in Barbados is already showing tremendous signs of
improvement in 2010, Caribbean Net News reports.

According to the report, Barbados Tourism Authority preliminary
figures show a 5.3% increase in arrivals as at January 29 over the
previous period in 2010, while official 2009 figures show that
tourism officials met their target with the sector waning by 8.6%.
The report relates that early 2009 predictions were for a
performance in the region of -8.5%.

Caribbean Net News notes that a number of businesses that buckled
under the recession reopened under new management and new
branding.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, The Executive Board of the International
Monetary Fund noted that Barbados is facing a severe
economic recession.  Output is contracting, as the global
financial crisis has depressed tourism, brought Foreign Direct
Investment (FDI) to a sudden stop, and weakened public finances.
Consequently, unemployment has risen to double-digit level.  While
the underlying balance of payments is expected to remain weak,
international reserves are expected to increase marginally in
2009, on account of the SDR allocations and the large government
bond issue abroad.


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


CHIPMOS TECHNOLOGIES: Applies to Transfer NASDAQ Listing
--------------------------------------------------------
ChipMOS TECHNOLOGIES (Bermuda) LTD. has submitted an application
to the NASDAQ Stock Market to transfer its listing to The NASDAQ
Capital Market from The NASDAQ Global Select Market.

The Company earlier disclosed information about a deficiency
letter received from the NASDAQ Stock Market Listing
Qualifications Department on September 17, 2009.  ChipMOS
continues to meet all aspects of NASDAQ's stringent regulatory,
corporate governance and financial requirements, other than
NASDAQ's minimum bid price requirement.

If the transfer listing application for listing its securities on
The NASDAQ Capital Market is approved, NASDAQ will notify the
Company that it has been granted an additional 180 calendar day
compliance period, commencing on March 16, 2010.  If the Company
is not so eligible for initial listing on The NASDAQ Capital
Market, NASDAQ will provide written notice to Company informing
that the Company's securities will be delisted.  At that time, the
Company may appeal the determination made by NASDAQ to delist its
securities to a Listing Qualifications Panel or submit to NASDAQ,
proposals that may be adopted regarding Company's definitive plan
to address the subject of the deficiency letter.

                  About ChipMOS TECHNOLOGIES

Based in Hsinchu, Taiwan, ChipMOS Technologies (Bermuda) Ltd.
provides a range of semiconductor testing and assembly services
primarily for memory, mixed-signal, and liquid crystal displayand
other flat-panel display driver semiconductors. The Company also
provides semiconductor turnkey services by purchasing fabricated
wafers, and selling tested and assembled semiconductors.


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


BANCO CRUZEIRO: Plans to Issue Overseas Bonds
---------------------------------------------
Banco Cruzeiro do Sul SA plans to issue overseas bonds, Rogerio
Jelmayer at Dow Jones Newswires reports, citing an unnamed source.

According to the report, the bonds will carry a five-year maturity
and yield 8.75% per year.  The report relates that BCP Securities
and BTG Pactual are coordinating the operation, which is expected
to be priced later this week.

Dow Jones Newswires notes that the bank still did not decide the
amount to be raised from the operation.

Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA
(Bovespa - CZRS4) -- http://www.bcsul.com.br/-- is a private-
sector multiple bank with operations in the consumer segment,
through paycheck-deductible loans to public employees and social
security beneficiaries, and in the corporate segment, offering
middle-market companies short-term loans usually backed by
receivables.  The bank's core business is lending to civil
servants, with payments automatically deducted from payrolls.

                           *     *     *

As of February 2, 2010, the company continues to carry Moody's
Foreign Currency LT Debt Ratings at Ba2 and LT Bank Deposits
Ratings at Ba3.


CAIXA ECONOMICA: To Issue US$1.59 Billion in 8-Year Bonds
---------------------------------------------------------
Caixa Economica Federal plans to sell bonds for the first time to
raise funds for new corporate loans, Aluisio Alves at Reuters
reports, citing Company Chief Financial Officer Marcio Percival.
The report relates that the bank plans to raise BRL3 billion
(US$1.59 billion) in eight-year debt on local capital markets,
among the first-ever sales of so-called financial notes issued by
Brazilian banks.

According to the report, Caixa's fundraising plans come as
investors expect the central bank to raise borrowing costs --
currently at an all-time-low 8.75% -- as early as April.  The
report notes that the bank's effort will probably pave the way for
a flurry of debt offerings by rival lenders, which suffered from a
dearth of funding sources in the months that followed the
September 2008 global credit crisis.

Reuters says that Caixa Economica also plans to start offering
trade financing lines for Brazilian exporters in June.  The report
relates that the bank also plans to sell bonds in international
capital markets in the second half of 2010.  The bank, the report
adds, will use proceeds from the global bond offering to offer
dollar-denominated loans for Brazilian companies abroad.

                       About Caixa Economica

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

                           *     *     *

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


GERDAU AMERISTEEL: Hires Schifino Lee for Advertising Campaign
--------------------------------------------------------------
Gerdau Ameristeel Corporation is getting some help from Schifino
Lee Advertising & Branding in Tampa to create a national
advertising campaign targeting the steel industry, Biz Journal
News reports.  The report relates that the new advertising will
help position and recognize the company as an industry leader.

"Business and trade advertising is one of our specialties at
Schifino Lee, and we are pleased to have the opportunity to help
Gerdau Ameristeel tell its story and reach out to customers," said
Ben Lee, principal of Schifino Lee, in a release obtained by the
news agency.

Schifino Lee was founded in 1993 by Lee and Paola Schifino.  ts
clients include AT&T Inc., WellCare Health Plans, USAmeriBank,
Dermazone Solutions, M.E. Wilson Co. and Franklin Street Financial
Partners.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.


LUPATECH SA: Moody's Downgrades Corporate Family Rating to 'B2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Lupatech
S.A., concluding the review process initiated on November 12,
2009.  The ratings outlook is stable

Ratings downgraded are:

Issuer: Lupatech S.A.

  -- Corporate Family Rating: to B2 from B1 (global scale); to
     Ba1.br from Baa3.br (Brazil national scale)

Issuer: Lupatech Finance Ltd.  (Cayman Islands)

  -- US$ 275 million Senior Unsecured Guaranteed Perpetual Notes:
     to B3 from B2 (foreign currency)

The outlook for all ratings is stable.

The rating action reflects Moody's expectations that operating
margins and cash flow metrics will remain pressured over the near
term due to the continued low capacity utilization and challenging
working capital management.

Although Lupatech has dedicated efforts to reduce fixed costs,
operational inefficiencies deriving from persistent low capacity
utilization will likely keep operating margins and debt protection
metrics under pressure in the near term.  Moody's view considers
that, even though Lupatech has likely benefited from the
resumption of bids for equipment and services in late 2009 by its
most important client Petroleo Brasileiro S.A. (rated A3, outlook
stable), the conversion of the additional backlog into sales and
cash flow should only materialize over the longer term.

S&P believes that leverage as measured by Total Adjusted Debt to
EBITDA will peak at about 13x during the first half of 2010
(compared with 8.8x as of September 30, 2009 LTM) as stronger
quarters of 2009 roll off.  While Lupatech's leverage is high even
for the single-B rating category, Moody's believe that the B2
rating is still adequate for Lupatech based on its good liquidity,
the support of Brazil's development bank, BNDES, and the overall
positive medium term outlook for the oil & gas industry in Brazil.
In Moody's view, Lupatech's ability to delever its balance sheet
is to a large extent dependent on the execution path of Petrobras'
large investment program of about US$ 160 billion in the next five
years.  Furthermore, Lupatech's considerable exposure to foreign
currency under the perpetual notes could impair its ability to
reduce leverage in the event of a devaluation of the Brazilian
Real.

Liquidity is expected to remain healthy in the near term based on
Lupatech's current sizeable cash position fully covering short
term financial obligations.  Moody's note that BNDES (rated A3,
outlook stable) has strongly supported Lupatech, as evidenced by
an 11.45% interest in the company (through BNDES Participacoes
S.A.), the subscription of some 90% of Lupatech's convertible
debentures issued in 2009, and a BRL 121 million Finame amortizing
loan disbursed in December 2009, which proceeds were used to
refinance short term working capital debt.  Combined, the
convertible debentures held by BNDES and the Finame loan represent
some 45% of Lupatech's total debt; the remaining 55% are mostly
represented by the company's perpetual notes.

In December 2009 Lupatech obtained the waiver from the debentures
holders (namely BNDES) for the breached financial covenants and to
postpone the next verification date to December 2010, when Moody's
believe Lupatech will be back in compliance with the financial
covenants.

The stable outlook reflects Moody's expectation of a moderate
reduction in Lupatech's idle capacity and consequently some
improvement in its operating margins, in particular from the
second half of this year, as conversion of the backlog
materializes gradually.  As a result, Moody's anticipate Total
Adjusted Net Debt to EBITDA to decline towards 7.0x by 2010 year-
end.  Moody's expect that Lupatech will continue to focus on a
more efficient working capital management and turn free cash flow
positive, while maintaining adequate liquidity.

The ratings or outlook could be downgraded if the company is not
able to show operational improvements and delever its balance
sheet as expected.  An inability to maintain healthy liquidity
based on cash balance plus free cash flow in excess of short term
financial obligations would also put pressure on the ratings.

The ratings or outlook could experience upward pressure if
Lupatech succeeds in reducing its leverage as measured by Total
Adjusted Net Debt to EBITDA to below 5.0x and generates positive
free cash flow such that Free Cash Flow to Total Adjusted Net Debt
approaches 5% on a sustainable basis.  Also the maintenance of a
strong liquidity position would be required for a positive rating
action.

The last rating action on Lupatech was on November, 12, 2009, when
Moody's placed all its related ratings on review for possible
downgrade and simultaneously downgraded Lupatech's corporate
family rating on the Brazilian national scale to Baa3.br from
Baa2.br.

Headquartered in Caxias do Sul, Brazil, Lupatech is a leading
equipment manufacturer and service provider to the oil & gas
industry in Brazil, besides producing industrial valves and
casting parts.  Lupatech reported net revenues of BRL643 million
(US$300 million using the average exchange rate) in the last
twelve months ended September 30, 2009.


TELEBRAS: Brazil May Invest US$11 Billion to Revive Firm
--------------------------------------------------------
Brazil may invest up to BRL20 billion (US$11 billion) to revive
state-owned telephone company Telecomunicacoes Brasileiras SA and
increase competition by offering broadband services for half the
price charged by local carriers, Carla Simoes and Iuri Dantas at
Bloomberg News report, citing an unnamed official.

According to the report, Cezar Alvarez, national coordinator of
digital policy for President Luiz Inacio Lula da Silva, said that
the government is considering a plan to have Telebras manage the
nation's fiber optics infrastructure and provide broadband
services to consumers directly.  The report relates Mr. Alvarez
said that President Lula will review the Telebras plan and may
announce measures next month.

Mr. Alvarez, Bloomberg News adds, said that the government aims to
use Telebras to meet a goal of increasing broadband access to 30%
of the country's poorest population from just 0.6%.

              About Telecomunicacoes Brasileiras

Telecomunicacoes Brasileiras SA (Telebras) is Brazil's former
state-owned telephone holding company.


USIMINAS SIDERURGICAS: To Host 4Q Conference Call on Feb. 25
------------------------------------------------------------
Usinas Siderurgicas do Minas Gerais SA will host its fourth
quarter 2009 Results Conference Call on February 25, 2010, at
8:30 AM EST (Portuguese) and 10:00 AM EST (English).

Investors can log on to this Web site:

   http://www.mediatown.com.br/prnewswire/player/?id=166

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas do
Minas Gerais S.A. aka Usiminas -- http://www.usiminas.com.br-- is
principally engaged in the steel industry.  The company has a
production capacity of 4.7 million tons of crude steel per annum.
The company produces non-coated steel (including slabs, heavy
plates, hot- and cold-rolled sheets and coils) and galvanized
sheets and coils.  The company provides its products to the
automotive, piping, building and electrical/electronic and
agricultural and road machinery industries.  In addition to its
core business operations, it is also involved in the
commercialization, import and export of raw materials, steel
products and by-products; the provision of project development and
research services; the provision of personnel training services,
and the provision of mining, transportation, construction and
technical assistance services.  The company's products are sold in
Brazil, as well as exported to other Latin American countries, the
United States, China and South Korea, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1
Subordinate Debt rating.


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


ALAGNA INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Alagna Investment Ltd. commenced wind-up proceedings on December
2, 2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ANCHORAGE CAPITAL: Commences Wind-Up Proceedings
------------------------------------------------
Anchorage Capital Partners Offshore II, Ltd commenced wind-up
proceedings on December 2, 2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


AVENUE CLO: Commences Wind-Up Proceedings
-----------------------------------------
Avenue CLO VII, Ltd. commenced wind-up proceedings on December 2,
2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BOSCHETTO INTERNATIONAL: Commences Wind-Up Proceedings
------------------------------------------------------
Boschetto International Ltd. commenced wind-up proceedings on
December 2, 2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BROOKLANDS EURO: S&P Downgrades Ratings on Four Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on four classes in
Brooklands Euro Referenced Linked Notes 2002-1 Ltd. and four
classes in Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.
At the same time, S&P affirmed its ratings on one class in
Brooklands Euro Referenced Linked Notes 2002-1 and one class in
Brooklands ABS Euro Referenced Linked Notes 2002-2.

S&P lowered its ratings on these tranches following its analysis
of the effect that its updated corporate CDO criteria have on
these ratings.

On Sept. 17, S&P placed its ratings on 1,626 European cash flow,
hybrid, and synthetic CDO transactions on CreditWatch negative, in
tandem with the publication of its updated criteria.

The rating actions reflect S&P's recalibration of the parameters
within its CDO Evaluator model in connection with its criteria
update.

In its review, S&P considered both the updated criteria and the
current credit quality of the portfolio.  S&P will include these
tranches in the January global synthetic rated
overcollateralization report, which will include the SROC ratios
for synthetic corporate CDO transactions under the updated
criteria.

                          Ratings List

      Ratings Lowered And Removed From Creditwatch Negative

       Brooklands Euro Referenced Linked Notes 2002-1 Ltd.
    US$276 Million Fixed- And Floating Rate Notes Class A+(TAP)

                       Rating
                       ------
               To                  From
               --                  ----
               BBB+                AAA/Watch Neg

       Brooklands Euro Referenced Linked Notes 2002-1 Ltd.
     US$276 Million Fixed- And Floating Rate Notes Class A

                       Rating
                       ------
               To                  From
               --                  ----
               B                   BB+/Watch Neg

       Brooklands Euro Referenced Linked Notes 2002-1 Ltd.
     US$276 Million Fixed- And Floating Rate Notes Class B1

                       Rating
                       ------
               To                  From
               --                  ----
               CCC                 BB-/Watch Neg

       Brooklands Euro Referenced Linked Notes 2002-1 Ltd.
     US$276 Million Fixed- And Floating Rate Notes Class B2

                       Rating
                       ------
               To                  From
               --                  ----
               CCC                 BB-/Watch Neg

       Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.
     US$225 Million floating- and fixed-rate notes Class SA2

                       Rating
                       ------
               To                  From
               --                  ----
               BBB-                AA-/Watch Neg

     Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.
    US$225 Million Floating- And Fixed-Rate Notes Class A1

                       Rating
                       ------
               To                  From
               --                  ----
               BB                  BBB+/Watch Neg

     Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.
    US$225 Million Floating- And Fixed-Rate Notes Class A2

                       Rating
                       ------
               To                  From
               --                  ----
               B                   BB+/Watch Neg

     Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.
    US$225 Million Floating- And Fixed-Rate Notes Class A3

                       Rating
                       ------
               To                  From
               --                  ----
               CCC                 B+/Watch Neg

                         Ratings Affirmed

       Brooklands Euro Referenced Linked Notes 2002-1 Ltd.
     US$276 Million Fixed- And Floating Rate Notes Class C

                              Rating
                              ------
                              CCC-

     Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.
    US$225 Million Floating- And Fixed-Rate Notes Class A4

                              Rating
                              ------
                              CCC-


CI LTD: Commences Wind-Up Proceedings
-------------------------------------
CI Ltd SPC commenced wind-up proceedings on December 1, 2009.

The company's liquidator is:

         Ronald Sulisz
         Strategic Risk Solutions (Cayman) Limited
         Governors Square
         Building 3, 2nd Floor
         P.O. Box 1159, Grand Cayman
         Cayman Islands, KY1-1102


CONTEXT/TQA VANTAGE: Commences Wind-Up Proceedings
--------------------------------------------------
Context/TQA Vantage Plus Master Fund, Ltd. commenced wind-up
proceedings on December 3, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CONTEXT/TQA VANTAGE: Commences Wind-Up Proceedings
--------------------------------------------------
Context/Tqa Vantage Plus Master Fund, Ltd. commenced wind-up
proceedings on December 3, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EATON VANCE: Commences Wind-Up Proceedings
------------------------------------------
Eaton Vance Loan Opportunities Fund II, Ltd. commenced wind-up
proceedings on December 1, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ENTRUST LIQUIDFUNDS: Commences Wind-Up Proceedings
--------------------------------------------------
Entrust Liquidfunds Inc commenced wind-up proceedings on
November 26, 2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FAIRHEADS INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------------
Fairheads International Securities Limited commenced liquidation
proceedings on November 30, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Simon Gray
         c/o Lesli Schutte
         Telephone: (345) 949 6960
         Facsimile: (345) 949 6961
         PO Box 1814, Grand Cayman KY1-1109
         Cayman Islands


FAMILY INTERNATIONAL: Commences Wind-Up Proceedings
---------------------------------------------------
Family International Ltd. commenced wind-up proceedings on
December 2, 2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GEOMATRIX LDC: Commences Wind-Up Proceedings
--------------------------------------------
Geomatrix LDC commenced wind-up proceedings on December 2, 2009.

Only creditors who were able to file their proofs of debt by
January 21, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GICALEPA LTD: Commences Wind-Up Proceedings
-------------------------------------------
Gicalepa Ltd. commenced wind-up proceedings on December 2, 2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


GRACE INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
Grace Investments Inc. commenced liquidation proceedings on
December 3, 2009.

Only creditors who were able to file their proofs of debt by
January 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Brott Limited
         c/o Michelle R. Bodden-Moxam
         Bridge Street Serivices Limited
         Marquee Place, Suite 300
         430 West Bay Road, P.O. Box 30691
         Grand Cayman KY1-1203, Cayman Islands


GREEN RAPID: Commences Wind-Up Proceedings
------------------------------------------
Green Rapid Limited commenced wind-up proceedings on December 2,
2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


HERALD SECURITIES: Commences Liquidation Proceedings
----------------------------------------------------
Herald Securities Limited commenced liquidation proceedings on
November 27, 2009.

The company's liquidator is:

         Lee John Osborne
         Palm Grove House
         P.O. Box 438, Road Town
         Tortola, British Virgin Islands


INDREN INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Indren Investment Ltd. commenced wind-up proceedings on December
2, 2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


JAKOBSHORN INVESTMENTS: Commences Wind-Up Proceedings
-----------------------------------------------------
Jakobshorn Investments Ltd. commenced wind-up proceedings on
December 2, 2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


JOJOBA INVESTING: Commences Wind-Up Proceedings
-----------------------------------------------
Jojoba Investing Ltd. commenced wind-up proceedings on December 2,
2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LAMARMOTTA LTD: Commences Wind-Up Proceedings
---------------------------------------------
Lamarmotta Ltd. commenced wind-up proceedings on December 2, 2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LILLO HOLDING: Commences Wind-Up Proceedings
--------------------------------------------
Lillo Holding Inc. commenced wind-up proceedings on November 5,
2009.

Only creditors who were able to file their proofs of debt by
December 7, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LONDON WALL: S&P Downgrades Ratings on Six Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on six classes in London
Wall 2006-1 Ltd.'s credit-linked collateralized debt obligation.

S&P lowered its ratings on these tranches following its analysis
of the effect that its updated corporate CDO criteria have on
these ratings.

On Sept. 17, S&P placed its ratings on 1,626 European cash flow,
hybrid, and synthetic CDO transactions on CreditWatch negative, in
tandem with the publication of its updated criteria.

The rating actions reflect S&P's recalibration of the parameters
within its CDO Evaluator model in connection with its criteria
update.

In its review, S&P considered both the updated criteria and the
current credit quality of the portfolio.  S&P will include these
tranches in the January global synthetic rated
overcollateralization report, which will include the SROC ratios
for synthetic corporate CDO transactions under the updated
criteria.

                          Ratings List

      Ratings Lowered And Removed From Creditwatch Negative

                     London Wall 2006-1 Ltd.
  US$300 Million And US$30 Million Credit-Linked Notes Class A

                       Rating
                       ------
               To                  From
               --                  ----
               AA-                 AAA/Watch Neg

                     London Wall 2006-1 Ltd.
    US$300 Million And US$30 Million Credit-Linked Notes Class B1

                       Rating
                       ------
               To                  From
               --                  ----
               BBB                 AA-/Watch Neg

                     London Wall 2006-1 Ltd.
  US$300 Million And US$30 Million Credit-Linked Notes Class B2

                       Rating
                       ------
               To                  From
               --                  ----
               BBB                 AA-/Watch Neg

                     London Wall 2006-1 Ltd.
  US$300 Million And US$30 Million Credit-Linked Notes Class C

                       Rating
                       ------
               To                  From
               --                  ----
               BB+                 BBB+/Watch Neg

                     London Wall 2006-1 Ltd.
  US$300 Million And US$30 Million Credit-Linked Notes Class D

                       Rating
                       ------
               To                  From
               --                  ----
               BB-                 BBB-/Watch Neg

                     London Wall 2006-1 Ltd.
  US$300 Million And US$30 Million Credit-Linked Notes Class E

                       Rating
                       ------
               To                  From
               --                  ----
               B-                  BB-/Watch Neg


MINT SECURITIES: Commences Liquidation Proceedings
----------------------------------------------------
Mint Securities Limited commenced liquidation proceedings on
November 27, 2009.

The company's liquidator is:

         Lee John Osborne
         Palm Grove House
         P.O. Box 438, Road Town
         Tortola, British Virgin Islands


PANDORA LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Pandora Limited commenced wind-up proceedings on November 19,
2009.

Only creditors who were able to file their proofs of debt by
January 5, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PARAGON GLOBAL: Commences Liquidation Proceedings
-------------------------------------------------
Paragon Global Limited commenced liquidation proceedings on
November 27, 2009.

The company's liquidator is:

         Lee John Osborne
         Palm Grove House
         P.O. Box 438, Road Town
         Tortola, British Virgin Islands


PIGGY INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------
Piggy International commenced wind-up proceedings on November 12,
2009.

Only creditors who were able to file their proofs of debt by
December 12, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


REICH & TANG: Commences Wind-Up Proceedings
-------------------------------------------
Reich & Tang Minutus Offshore, Ltd. commenced wind-up proceedings
on November 27, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


RHONE SECURITIES: Commences Liquidation Proceedings
---------------------------------------------------
Rhone Securities Limited commenced liquidation proceedings on
November 27, 2009.

The company's liquidator is:

         Lee John Osborne
         Palm Grove House
         P.O. Box 438, Road Town
         Tortola, British Virgin Islands


SALOMONE LTD: Commences Wind-Up Proceedings
-------------------------------------------
Salomone Ltd. commenced wind-up proceedings on December 2, 2009.

Only creditors who were able to file their proofs of debt by
January 4, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SEQA CAPITAL: Commences Wind-Up Proceedings
-------------------------------------------
Seqa Capital Offshore, Ltd. commenced wind-up proceedings on
November 24, 2009.

Only creditors who were able to file their proofs of debt by
January 20, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SPARQ (CAYMAN): Commences Liquidation Proceedings
-------------------------------------------------
SPARQ (Cayman) Corp. commenced liquidation proceedings on
December 3, 2009.

Only creditors who were able to file their proofs of debt by
January 22, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         New Century Infocomm Tech Co., Ltd.
         Michelle R. Bodden-Moxam
         Bridge Street Services Limited
         Marquee Place, Suite 300, 430 West Bay Road
         P.O. Box 30691, Grand Cayman KY1-1203
         Cayman Islands


SWISSOTEL WP: Court Enters Wind-Up Order
----------------------------------------
On November 30, 2009, the Grand Court entered an order that winds
up the operations of Swissotel WP Development Limited.

The company's liquidators are:

         Christopher Dorrien Johnson
         Russell Smith
         Johnson Smith Associates Ltd
         80 Shedden Road, Elizabethan Square Phase III
         PO Box 2499, George Town
         KY1-1104, Grand Cayman, Cayman Islands


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


* ECUADOR: Gets US$200 Million Loans From Andean Development
------------------------------------------------------------
Ecuador signed two loan contracts worth US$200 million with the
Andean Development Corp, Mercedes Alvaro at Dow Jones Newswires
reports.  The report relates that CAF said that the loans will be
used to improve quality of life for Ecuadorians, generate
employment and help the production and manufacturing sectors.

According to the report, of the total, US$100 million will be used
to finance part of a program to improve drinking water and
sanitation services.  The report relates that the other US$100
million will be used to support production and manufacturing,
through credit lines from state-owned development bank Corporacion
Financiera Nacional.

                          *     *     *

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: TO Sell 2 Aircrafts to Settle Outstanding Debts
------------------------------------------------------------
Air Jamaica Limited will sell two of the eight aircraft it owns to
settle outstanding debts with the Internal Revenue Service in the
United States, Go-Jamaica reports, citing Prime Minister Bruce
Golding.  The report relates Mr. Golding said that the six
remaining aircraft are on lease and one is to be returned shortly.
The lease arrangements for the other five aircraft may continue
beyond privatization, he added.

According to the report, the Jamaican government will set aside
US$27 billion, which will include US$25 million for redundancy
costs, in the next budget to cover exit costs associated with the
Air Jamaica.

Mr. Golding, the report notes, said that Air Jamaica is divesting:

   -- routes,
   -- real estate,
   -- spare parts,
   -- maintenance facility that provides service for other
      Airplanes, and
   -- five floors at the Air Jamaica offices on
      Harbour Street

Go-Jamaica relates that Mr. Golding said the proceeds from the
sale will be pumped into the 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
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.


AIR JAMAICA: Executives Meet With Officials From Trinidad
---------------------------------------------------------
Officials from Trinidad are in Jamaica to meet with executives
from Air Jamaica Limited as part of due diligence, prior to a sale
agreement, RadioJamaica reports.

According to the report, among them is a former Air Jamaica
employee who now works as a consultant with prospective buyers of
the national carrier, Caribbean Airlines.  The report relates that
officials arrived February 9, and went into a closed door meeting
with Bruce Nobles, Chief Executive Officer of Air Jamaica.

The report notes that the visiting officials are to go over the
books and inspect Air Jamaica's facilities at the country's
airports.

As reported in the Troubled Company Reporter-Latin America on
February 10, 2010, Go-Jamaica News report said that certain
Informal Commercial Importers joined in the demonstration by a few
Air Jamaica Limited workers, saying that their trade will be
significantly affected by the sale of the national airline.  The
TCRLA, citing Go-Jamaica News, related that a small group of
placard- bearing protestors stood in front of the Air Jamaica
offices on Harbour Street in Kingston calling for Government to
sell the airline to its staff.  The report noted that Vice
president of the National Workers Union, Granville Valentine, said
that the Air Jamaica workers are willing to increase the pressure
on the government if it ignores the appeal of the staff.

                         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.


SUGAR COMPANY OF JAMAICA: Cabinet to Get Update on Divestment
-------------------------------------------------------------
The Cabinet of Jamaica is expected to turn its attention to the
sale of the remaining sugar factories of Sugar Company of Jamaica
Limited that are still under the government's control,
RadioJamaica reports.  The report relates that a submission is to
be presented concerning the divestment.

According to the report, the sale of the sugar assets is one of
the commitments made by the Bruce Golding administration in its
economic plan submitted to the International Monetary Fund.  The
report notes that Agriculture Minister Dr. Christopher Tufton
disclosed that minor changes have been made to plans to sell the
factories.

                            About SCJ

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

                           *     *     *

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


* JAMAICA: Fall Off in Revenues Could Increase, Consultant Says
---------------------------------------------------------------
Government consultant Dennis Chung said the fall-off in revenues
this fiscal year could climb to as much as JM$30 billion,
RadioJamaica says.  The report relates that it was reported that
inflows into the country's coffers had dipped by JM$26 billion up
to the end of December.

However, the report notes, despite the increase in taxes last
month, Mr. Chung said that the gap in the budget will still
expand.  "The fact that we're going to be taking JM$61 million out
of the economy and already we've seen that the tax package has had
a negative impact on the economy, I think revenue will be off
target by about JM$30 million for this year and that is before the
effect of the JM$21 billion tax package," the report quoted Mr.
Chung as saying.

As a result, the report says, Mr. Chung has expressed doubt that
the government can comfortably meet the revenue targets outlined
in the economic plan which it presented to the International
Monetary Fund.

                           *     *     *

As reported in the Troubled Company Latin America on February 8,
2010, Moody's Investors Service disclosed that it considers
Jamaica's debt exchange proposal for domestic creditors as an
event of default.  As reflected in the nation's current sovereign
ratings of Caa1, with a negative outlook, on both domestic and
foreign currency debt, Moody's had anticipated that Jamaica's
long-standing commitment to honor its obligations in full and on
schedule might finally break this year.


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


CEMEX SAB: Appoints Fernando Gonzalez as EVP-Planning & Finance
---------------------------------------------------------------
CEMEX, S.A.B. de C.V. has made changes to its senior management
team, with Fernando Gonzalez being appointed as Executive Vice
President, Planning & Finance, RTT News reports.

According to the report, Mr. Gonzalez, whose most recent position
was Executive Vice President for Planning and Development,
previously headed CEMEX's businesses in Europe, Middle East,
Africa, Asia, South America, and Australia.  The report relates
that Mr. Gonzalez has been a member of the company's Executive
Committee since 2003, and will be responsible for all corporate
strategic and developmental functions, including the company's
relationships with capital markets.

                          About Cemex SAB

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

                           *     *     *

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

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

   -- Local currency IDR at 'B';

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

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

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

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

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

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

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


GRUPO TMM: Posts 4Q 2009 Earnings Release on February 25
--------------------------------------------------------
Grupo TMM, S.A.B. will publish fourth-quarter 2009 financial
results on Thursday, February 25 after the close of trading on the
New York Stock Exchange.

TMM's management will host a conference call and Webcast to review
financial and operational highlights on Friday, February 26 at
11:00 a.m. Eastern time.

To participate in the conference call, please dial (877) 723-9509
(domestic) or (719) 325-4767 (international) at least five minutes
prior to the start of the event.  Accompanying visuals and a
simultaneous Webcast of the meeting will be available at
http://www.visualwebcaster.com/event.asp?id=66233.

A replay of the conference call will be available through April 1
at 11:59 p.m. Eastern time, by dialing (888) 203-1112 or (719)
457-0820, and entering passcode 7854987. On the Internet a replay
will be available for 30 days at
http://www.visualwebcaster.com/event.asp?id=66233

                        About Grupo TMM

Headquartered in Mexico City, Grupo TMM, S.A.B. (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

As reported in the Troubled Company Reporter-Latin America on
July 17, 2008, Grant Thornton, S.C., raised substantial doubt
about the ability of Grupo TMM, S.A.B, to continue as a going
concern after it audited the company's financial statements for
the year ended Dec. 31, 2007.  The auditing firm pointed to the
company's sustained substantial losses from continuing
operations during the past five years.


METROFINANCIERA SA: S&P Affirms Ratings on Two Construction Loans
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
two series of Metrofinanciera S.A. de C.V. SOFOM E.N.R.'s
construction loan securitizations and removed them from
CreditWatch negative.

S&P lowered the ratings on the securitizations in February 2009
after Metrofinanciera announced that it would restructure all of
its construction loan-backed securities.  The restructuring has
not taken place and S&P has no information indicating that it will
take place in the short term.  However, S&P believes that a
restructuring would likely cause some or all of the investors in
these transactions to receive less than par.  A restructuring
could also result in modifications to the payment terms of the
original obligations, which S&P would consider tantamount to a
default, and S&P's current ratings reflect this risk.  While a
restructuring might not cause a payment default according to the
legal provisions of the bonds, Standard & Poor's considers a
technical default to have occurred when a payment related to an
obligation isn't made in accordance with its original terms, even
with investor agreement.

According to S&P's ratings criteria, upon an announcement of this
sort, the ratings on the affected classes are lowered to 'CC' on
the global scale and/or 'mxCCC' on the Mexican local scale.  The
'mxCC' rating on the subordinated B note from series 2007-1
reflects the same restructuring proposal, but is one notch lower
than the rating on the class A note because of the structural
subordination it provides the transaction.

If Metrofinanciera successfully completes a restructure of its
construction loan securitizations that aims to extend the original
maturity dates and maintain the face values and coupon rates of
the bonds, Standard & Poor's, in accordance with its criteria,
will lower its credit ratings on all of the affected series to 'D'
and/or 'mxD' (default).  Standard & Poor's will then reassess the
credit quality of each transaction in order to determine what the
new rating levels should be.

     Ratings Affirmed And Removed From Creditwatch Negative

          Metrofinanciera Construction Loan Trust #650
                          Series 2007-1

                                Rating
                                ------
          Class A           To           From
          -------           --           ----
          Mexican scale     mxCCC        mxCCC/Watch Neg
          Global scale      CC           CC/Watch Neg

                                Rating
                                ------
          Class B           To           From
          -------           --           ----
          Mexican scale     mxCC         mxCC/Watch Neg

     Construction Loan Trust Variable Funding Notes Due 2012

                                   Rating
                                   ------
                              To           From
                              --           ----
             Global scale     CC           CC/Watch Neg


XIGNUX SA: S&P Affirms Long-Term Corporate Credit Rating at 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings on Xignux S.A. de C.V., including the 'BB+' long-term
corporate credit rating and the 'mxA+' national scale rating.  The
outlook is stable.

"The ratings on Xignux are constrained by the cyclicality of most
of its end markets, commodity price volatility, and single-digit
operating margins.  However, the ratings also consider Xignux's
significant market share, moderate product diversity, and vertical
integration," said Standard & Poor's credit analyst Juan Pablo
Becerra.  Its emphasis on high quality has attracted world-
renowned joint-venture partners that provide it with low-cost
access to state-of-the-art technology and enhance its export
capabilities.  Xignux's financial policy also supports the rating.
In particular, it is committed to maintaining a total debt-to-
EBITDA ratio of less than 2.5x through the cycle, which S&P
believes is adequate for the current rating category.

Xignux is a diversified holding company.  Its subsidiaries
manufacture a variety of products, mostly for industrial markets.
The company sells electrical wire and cable, electrical power and
distribution transformers, food products, and foundry products.

Prolec-GE, which accounts for almost 70% of Xignux's total EBITDA,
has been significantly affected by the weak economic environment
in the U.S. This was reflected in Xignux's weaker total debt-to-
EBTIDA ratio, which S&P believes could end 2009 at 2.9x, compared
with 2.1x and 1.1x in 2008 and 2007, respectively.  S&P expects
Xignux's performance in 2009 to be weaker than its initial
expectations, but S&P expects the company's key financial ratios
to strengthen with the U.S. economy.  In terms of capital
expenditures, S&P expects Xignux to reduce its requirements during
the next two years because current idle capacity will be more than
enough to cover expected increasing demand in most of its
divisions.  Moreover, Xignux should be able to cover its capital
expenditure program with its own cash-flow generation, and this
should favor its financial performance.

The stable outlook reflects S&P's expectation that in 2010,
Xignux's total debt-to-EBITDA ratio should inch below 2.5x and
that its funds from operations-to-total debt ratio will be around
30%.  Weaker-than-expected financial and operating performance
could lead to a negative rating action.  Conversely, improvements
in the company's business profile -- particularly a higher EBITDA
contribution from the food business and the services segment of
the transformers division -- and financial performance that is
stronger than S&P's expectations could lead to a positive rating
action.


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

* Fitch Lists January 2010 Rating Actions for Latin America
-----------------------------------------------------------
This is a comprehensive list of Fitch Ratings' 48 Latin America
National scale rating changes for the month of January 2010, which
include: upgrades, downgrades, Rating Outlook and Rating Watch
revisions, and withdrawn ratings.  These rating actions were
previously announced via separate press releases in Spanish or
Portuguese.

Fitch has upgraded these National ratings:

Hidroelectrica Boliviana S.A. (Bolivia)

  -- National equity rating to 'CCC (bol)' from 'CC (bol)';
  * (Rating action took place on Dec 31, 2009.)

Celfin Large Cap Fondo de Inversion (Large Cap Latam) (Chile)

  -- National long-term rating First Class Level to '2 (cl)' from
     '4 (cl)'.

  -- Outlook remains Stable

  * (Rating action took place on Jan 4, 2010.)

Empresa Nacional de Electricidad S.A. - ENDESA (Chile)

  -- National long-term rating to 'AA (cl)' from 'AA-(cl)';

  -- Commercial paper national scale rating to 'F1+/AA (cl)' from
     'F1+/AA-(cl)'.

  * (Rating action took place on Jan 8, 2010.)

Enersis S.A. (Chile)

  -- National long-term rating to 'AA (cl)' from 'AA-(cl)';

  -- Bonds to 'AA+ (cl)' from 'AA (cl)';

  -- Commercial paper national scale rating to 'F1+/AA (cl)' from
     'F1+ /AA- (cl)'.

  * (Rating action took place on Jan 8, 2010.)

Ford Credit S.A. (Mexico)

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

  -- National short-term rating to 'F3 (mex)' from 'B (mex)';

  -- Rating Outlook revised to Positive from Negative   * (Rating
     action took place on Jan 15, 2010.)

Banco de Desarrollo Rural SA (Banrural) (Guatemala)

  -- National short-term rating 'F1+ (gtm)' from 'F1(gtm)'.
  * (Rating action took place on Jan 22, 2010.)


Forjas Taurus S.A. (Brasil)

  -- National long-term rating to 'A (bra)' from 'A-(bra)'.
  * (Rating action took place on Jan 22, 2010.)

GMAC Mexicana, S.A. (Mexico)

  -- National short term rating to 'B (mex)' from 'C (mex)'.
  * (Rating action took place on Jan 26, 2010.)

Fitch has also downgraded these ratings:

Fondo Mutuo Celfin Money Market (Chile)

  -- National long-term rating to 'AA-fm/M1 (cl)' from 'AAfm/M1
      (cl)'.

  -- Outlook remains Stable

  * (Rating action took place on Jan 4, 2010.)

Municipio de Metepec (Mexico)

  -- National long-term rating to 'A (mex)' from 'A+ (mex)'.
  * (Rating action took place on Jan 12, 2010.)

Municipio de Chihuahua (Mexico)

  -- National long-term rating to 'AA-(mex)' from 'AA (mex)'.
  -- Rating Outlook remains Stable
  * (Rating action took place on Jan 15, 2010.)

MXMACFW 06-2U (Mexico)

  -- National long-term rating bonds to 'B-(mex)' from 'BB (mex)'.
  -- Rating Outlook revised to Negative
  * (Rating action took place on Jan 25, 2010.)

MXMACFW 06U (Mexico)

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

  -- Rating Outlook revised to Negative

  * (Rating action took place on Jan 25, 2010.)

Fitch has made these Outlook and Rating Watch revisions:

Sociedad Electrica Santiago S.A. (ESSA) (Chile)

  -- National long-term rating 'BBB+ (cl)'.
  -- Outlook revised to Negative
  * (Rating action took place on Jan 18, 2010.)

Uniao de Industrias Petroquimicas S.A (Unipar) (Brasil)

  -- National long-term rating 'A- (bra)';
  -- Rating Watch revised to Positive
  * (Rating action took place on Jan 25, 2010.)

Fitch has affirmed and withdrawn these ratings:

CrediQ Inversiones II, S.A. (El Salvador)

  -- Certificates of Inversion (Traunch I, II and III)
  * (Rating action took place on Jan 5, 2010.)

Aracruz Celulose S.A. (Brasil)

  -- National long-term Rating 'A+ (bra)'.
  * (Rating action took place on Jan 8, 2010.)

Syngenta II (Argentina)

  -- US$ 1.60 million short-term rating Certificates of
     Participation 'B (arg)'.
  * (Rating action took place on Jan 15, 2010.)

Banco IBI S.A. (Brasil)

  -- National long-term Rating 'AAA (bra)';
  -- National short-term Rating 'F1+ (bra)'.
  * (Rating action took place on Jan 19, 2010.)

Securitizadora Bice S.A.

  -- PS-24 y PS-25.
  * (Rating action took place on Jan 21, 2010.)

GE Money Credito Hipotecario S.A. (Mexico)

  -- Long-term rating 'BBB (mex)';
  -- short-term rating 'F3 (mex)';
  -- Short-term rating 'AAFC3-(mex)'
  * (Rating action took place on Jan 22, 2010.)

CFA VII (Argentina)

  -- ARP48 million Notes 'AAA (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Consubono XXXVIII (Argentina)

  -- ARP16.94 million Class A Notes 'AA (arg)'
  * (Rating action took place on Jan 25, 2010.)

Consubond LXV (Argentina)

  -- ARP6.92 million Class B Notes 'A-(arg)'.
  * (Rating action took place on Jan 25, 2010.)

Ribeiro XXXI (Argentina)

  -- ARP 20.09 million Notes 'AAA (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Secubono XXXVIII (Argentina)

  -- ARP32.62 million Notes 'AAA (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Consubono XXXV (Argentina)

  -- ARP2.15 million Class B Notes 'A- (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Secubono XXXV (Argentina)

  -- ARP 2.55 million Class C Notes 'A-(arg)'.
  * (Rating action took place on Jan 25, 2010.)

Secubono XXXIV (Argentina)

  -- ARP6.82 million Class C Notes 'BBB+ (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Secubono XXXIX (Argentina)

  -- ARP28.62 million Class A Notes 'AAA (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Megabono XXXIX (Argentina)

  -- ARP26.98 million Class A Notes 'AAA (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Secubono XXXVI (Argentina)

  -- ARP2.59 million Class C Notes 'A-(arg)'.
  * (Rating action took place on Jan 25, 2010.)

Consubond LXIV (Argentina)

  -- ARP 6.48 million Class B Notes 'A-(arg)'.
  * (Rating action took place on Jan 25, 2010.)

Confibono XLII (Argentina)

  -- ARP15.25 million Class A Notes 'A (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Consubono XXXI (Argentina)

  -- ARP5.00 million Class B Notes 'A (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Columbia Tarjetas XI (Argentina)

  -- ARP10.83 million Certificates of Participation 'CCC (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Confibono XXXVII (Argentina)

  -- ARP4.92 million Class B Notes 'BBB+ (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Empresur I (Argentina)

  -- ARP5.64 million Certificates of Participation 'CCC (arg)'
  * (Rating action took place on Jan 25, 2010.)

San Cristobal Caja Mutual V (Argentina)

  -- ARP0.95 million Class C Notes 'BBB (arg)'
  * (Rating action took place on Jan 25, 2010.)

Secubono XXXVII (Argentina)

  -- ARP2.88 million Class B Notes 'AA- (arg)'
  * (Rating action took place on Jan 25, 2010.)

Columbia Tarjetas XII (Argentina)

  -- ARP4.78 million Certificates of Participation 'CC (arg)'
  * (Rating action took place on Jan 25, 2010.)

Cartasur V (Argentina)

  -- ARP1.53 million Certificates of Participation 'CCC (arg)'
  * (Rating action took place on Jan 25, 2010.)

Megabono XXXV (Argentina)

  -- ARP2.83 million Class C Notes 'BBB+ (arg)'.
  * (Rating action took place on Jan 25, 2010.)

Consubond LXVI (Argentina)

  -- ARP7.02 million Class B Notes 'A-(arg)'.
  -- ARP1.87 million Class C Notes 'BBB- (arg)'
  * (Rating action took place on Jan 25, 2010.)

Creditel I (Uruguay)

  -- URP 96.00 million Senior Notes 'AA (uy)'
  * (Rating action took place on Jan 26, 2010.)

Interoceanica de Seguros (Panama)

  -- Financial Strength 'A (pan)'.
  * (Rating action took place on Jan 26, 2010.)

Rizzibono III (Argentina)

  -- ARP0.93 million Certificates of Participation 'CCC (arg)'.
  * (Rating action took place on Jan 27, 2010.)


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                            ***********

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 * * *