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

              Wednesday, March 3, 2010, Vol. 11, No. 043

                            Headlines



A R G E N T I N A

ALUCARD MANAGEMENT: Creditors' Proofs of Debt Due on May 17
BDM EMPRESARIAL: Asks for Preventive Contest
CARDIOLOGIA GLOBAL: Requests for Preventive Contest
FLORISAN SRL: Creditors' Proofs of Debt Due on May 18
IT GROUP: Creditors' Proofs of Debt Due on May 14

LIMA LIMON: Stops Making Payments
PROYECTOS AUSTRALES: Creditors' Proofs of Debt Due on March 17


B E R M U D A

PARKCENTRAL: Contributories and Creditors to Meet on March 15
PROTOSTAR LTD: Creditors Fail to Stall ProtoStar Sale Bonuses


B R A Z I L

BANCO PINE: Posts R$85.1-Million Net Income in 2009
BRASIL FOODS: Domestic Demand to Fuel Higher Profit Margins
CAMARGO CORREA: To Issue US$1.66 Billion in Commercial Papers
COMPANHIA ENERGETICA: In Talks to Acquire Ampla Energia e Servico
COMPANHIA SIDERURGICA: S&P Affirms 'BB+' Corporate Credit Rating

COSAN SA: Moody's Reviews Corporate Family Rating at 'Ba3'
GERDAU AMERISTEEL: Incurs US$161.7-Million Net Loss in FY2009
GERDAU SA: May Restart Chile Units After Quake Damage Assessment


C A Y M A N  I S L A N D S

AALL INVESTMENT: Shareholders Receive Wind-Up Report
ANAK EUROPEAN: Shareholders Receive Wind-Up Report
ANAK EUROPEAN: Shareholders Receive Wind-Up Report
ANAK EUROPEAN: Shareholders Receive Wind-Up Report
APIANA INVESTMENTS: Shareholders Receive Wind-Up Report

CASOP CRACKER: Members Receive Wind-Up Report
CHILTON EUROPEAN: Shareholders Receive Wind-Up Report
CHILTON SMALL: Shareholders Receive Wind-Up Report
CLINTON ARBITRAGE: Shareholders Receive Wind-Up Report
CLINTON ARBITRAGE: Shareholders Receive Wind-Up Report

CLINTON MADISON: Shareholders Receive Wind-Up Report
CLINTON MADISON: Shareholders Receive Wind-Up Report
CLINTON RIVERSIDE: Shareholders Receive Wind-Up Report
ENTRUST LIQUIDFUNDS: Shareholders Receive Wind-Up Report
GOSER VENTURES: Shareholders Receive Wind-Up Report

INDOCHINA INDUSTRIAL: Members Receive Wind-Up Report
INDOCHINA INDUSTRIAL: Members Receive Wind-Up Report
INDOCHINA LAND: Members Receive Wind-Up Report
INDOCHINA LAND: Members Receive Wind-Up Report
INVESCO CBO: Shareholders Receive Wind-Up Report

ISC CAYMAN: Shareholders Receive Wind-Up Report
O'CONNOR CREDIT: Shareholders Receive Wind-Up Report
O'CONNOR QUANTITATIVE: Shareholders Receive Wind-Up Report
PERLAGONIA CAYMAN: Shareholders Receive Wind-Up Report
PILOTROCK LIQUIDFUND: Shareholders Receive Wind-Up Report

PILOTROCK LIQUIDFUND: Shareholders Receive Wind-Up Report
ROSHAM HOLDINGS: Shareholders Receive Wind-Up Report
SEVEN BRIDGES: Members Receive Wind-Up Report
SIRIOS RECOVERY: Shareholders Receive Wind-Up Report
UOARS LIMITED: Shareholders Receive Wind-Up Report


C O L O M B I A

BANCOLOMBIA SA: Gen. Shareholders OK Distribution of 2009 Profits


D O M I N I C A N  R E P U B L I C

AES DOMINICA: Gov't Owes US$500 Million to Power Companies


E C U A D O R

* ECUADOR: 2009 Exports to Andean Countries Fall 33%


J A M A I C A

AIR JAMAICA: Deadline for Bid for Downtown Offices Set on March 12
NATIONAL COMMERCIAL: S&P Shifts Watch on 'CCC' Rating to Positive


M E X I C O

COMERCIAL MEXICANA: Swings to MXN310-Mil. Net Profit in 4Q
GRUPO CEMENTOS: Gets Temporary Waiver & Extension from Creditors


N I C A R A G U A

* NICARAGUA: Economic Output Fell 2.2% in December From Year Ago


P E R U

DOE RUN PERU: Signs LOI with Glencore to Resume Operations


V E N E Z U E L A

CA ELECTRICIDAD: Fitch Affirms Issuer Default Rating at 'B+'
PETROLEOS DE VENEZUELA: May Withdraw From Isla Refinery


X X X X X X X X

* LATAM: Fitch Lists Rating Changes for Region on February




                         - - - - -


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


ALUCARD MANAGEMENT: Creditors' Proofs of Debt Due on May 17
-----------------------------------------------------------
Alicia Zurron, the court-appointed trustee for Alucard Management
Group SRL's bankruptcy proceedings, will be verifying creditors'
proofs of debt until May 17, 2010.

Ms. Zurron will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 50, 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:

         Alicia Zurron
         Avenida Corrientes 2963
         Argentina


BDM EMPRESARIAL: Asks for Preventive Contest
--------------------------------------------
BDM Empresarial SRL asked for preventive contest.  The company
stopped making payments last January 2.


CARDIOLOGIA GLOBAL: Requests for Preventive Contest
---------------------------------------------------
Cardiologia Global SA requested for preventive contest.  The
company stopped making payments last November 18, 2008.


FLORISAN SRL: Creditors' Proofs of Debt Due on May 18
-----------------------------------------------------
Maria Orazi, the court-appointed trustee for Florisan SRL's
reorganization proceedings, will be verifying creditors' proofs of
debt until May 18, 2010.

Ms. Orazi will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 21
in Buenos Aires, with the assistance of Clerk No. 49, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on March 30, 2011.

The Trustee can be reached at:

         Maria Orazi
         Tucuman 1484
         Argentina


IT GROUP: Creditors' Proofs of Debt Due on May 14
-------------------------------------------------
Moises Freilich, the court-appointed trustee for It Group SA's
reorganization proceedings, will be verifying creditors' proofs of
debt until May 14, 2010.

Mr. Freilich will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 5, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 22, 2011.

The Trustee can be reached at:

         Moises Freilich
         Viamonte 1446
         Argentina


LIMA LIMON: Stops Making Payments
---------------------------------
Lima Limon SRL stopped making payment last November 2009.


PROYECTOS AUSTRALES: Creditors' Proofs of Debt Due on March 17
--------------------------------------------------------------
Claudia Debora Fleischamn, the court-appointed trustee for
Proyectos Australes SRL's bankruptcy proceedings, will be
verifying creditors' proofs of debt until March 17, 2010.

Ms. Fleischamn will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, 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:

         Claudia Debora Fleischamn
         Sarmiento 3843
         Argentina


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


PARKCENTRAL: Contributories and Creditors to Meet on March 15
-------------------------------------------------------------
The contributories and creditors of Parkcentral Global Hub Limited
will hold their first meetings on March 15, 2010, at 10:30 a.m.
and 11:00 a.m. respectively.

The meeting will be held at the offices of KPMG Advisory Limited,
Crown House, 4 Par-la-Ville Road, in Hamilton HM 08, Bermuda.


PROTOSTAR LTD: Creditors Fail to Stall ProtoStar Sale Bonuses
-------------------------------------------------------------
A judge has rejected unsecured creditors' request to bar bonus
payments associated with ProtoStar Ltd.'s $185 million satellite
sale while they appeal the order approving the payments, despite
the creditors' belief that they will prevail in the dispute,
Law360 reports.

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

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  The Debtors have tapped UBS Securities
LLC as investment banker and financial advisor.

Also on July 29, 2009, ProtoStar and its affiliates, including
ProtoStar Development Ltd., commenced a coordinated proceeding in
the Supreme Court of Bermuda.  John C. McKenna of Finance & Risk
Services Ltd. as liquidator of the Bermuda Group.

In their Chapter 11 petition, the Debtors listed between
US$100 million and US$500 million each in assets and debts.  As of
December 31, 2008, ProtoStar's consolidated financial statements,
which include non-debtor affiliates, showed total assets of
US$463,000,000 against debts of US$528,000,000.



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


BANCO PINE: Posts R$85.1-Million Net Income in 2009
---------------------------------------------------
Banco PINE S.A. posted R$85.1 million net income in 2009,
representing a 10.3% ROAE.  The 4Q09 result was R$21.1 million,
while the annualized ROAE stood at 10.7%

The company's operating income was another highlight in the
quarter, increasing 28.6% yoy to R$38.2 million.  In December
2009, the Corporate loan portfolio, Banco PINE's core business,
was R$4.1 billion, an expansion of 20.6% over September.

The quality of the company's loan portfolio also improved.  In
December 2009, 97.9% of the loan portfolio was rated between AA
and C. Despite the volatility in the markets, Banco PINE's Non-
Performing Loan ratio remained below 2%.  In 2009, the peak was
1.7% on June 30.  On December 31, the NPL ratio stood at 0.7%,
demonstrating the improvement in the credit environment.

In December 2009, total deposits, including Agribusiness Letters
of Credit, totaled R$3.0 billion, a 107.2% growth in relation to
December 2008, the highest level ever in the Bank's history.  In
February 2010, Banco PINE successfully concluded the issuance of
subordinated notes.  The total amount issued was US$125 million
with maturity of seven years.  After the Brazilian Central Bank
approval, Banco PINE will be able to classify this as Tier II,
boosting Shareholders' Equity to more than R$1 billion.

                         About Banco Pine

Banco Pine SA -- http://www.bancopine.com.br/-- is a Brazil-based
bank which provides commercial banking products.  It has both
individual and corporate customers.  The Bank offers a range of
financial products and services, such as financial and strategic
advisory, treasury products, investment options, specialized
credit lines and loans.  The Bank's customer transactions involve
the domestic onlending of funds, international transactions
including trade finance and foreign currency-linked loans, the
issuances of bid bonds, performance bonds and sureties and
treasury products for clients. Banco Pine SA operates both
domestic and international markets.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 16, 2010, Fitch Ratings has affirmed Banco Pine S.A.'s
ratings:

  -- Foreign and Local Currency Long-Term Issuer Default Ratings
     at 'B+';

  -- Foreign and Local Currency Short-Term IDRs at 'B';

  -- Individual Rating at 'D';


BRASIL FOODS: Domestic Demand to Fuel Higher Profit Margins
-----------------------------------------------------------
Lucia Kassai at Bloomberg News reports that BRF Brasil Foods SA
said that growing Brazilian demand will help it boost margins
further this year after it posted a profit in the fourth quarter.
The report relates Company Chief Financial Officer Leopoldo Saboya
said that domestic demand for the company's food products will
rise at a faster pace than international demand.  The company's
domestic sales volumes will likely climb as much as 10% in 2010,
topping the 3%-to-5% increase expected in international markets,
he added.

"I'm optimistic about the domestic market, while international
demand will experience a slow and gradual recovery," the report
quoted Mr. Saboya as saying.  "We expect growing margins for this
year as prices recover in domestic and international markets," he
added.

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, BRF Brasil Foods posted sales of R$ 24.4 billion
and a market capitalization of US$11.4 billion in 2009.  In 2009,
Brasil Foods' net sales surpassed the R$20.9 billion mark.
Adjusted net income was R$360 million considering pro-forma
results, that is the fully consolidated figures for wholly owned
subsidiary, Sadia, and its controlled companies shown as if the
merger of shares had taken place on January 1, 2008.

                        About Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of July 14, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating.  The company also continues to carry Standard
and Poor's BB+ LT Issuer Credit Ratings.


CAMARGO CORREA: To Issue US$1.66 Billion in Commercial Papers
-------------------------------------------------------------
Camargo Correa SA is planning to raise about BRL3 billion (US$1.66
billion) from the issue of commercial papers, Rogerio Jelmayer at
Dow Jones Newswires reports.  The report relates that the company
will use the proceeds of the issue to finance the acquisition of a
minority stake in Portuguese cement maker Cimentos de Portugal
(Cimpor).

"Strategically, Fitch views the acquisition positively.  It will
allow Camargo to increase its presence in the global cement
market, and it should result in synergies with Camargo's highly
correlated core businesses (cement, engineering and construction).
Cimpor's presence in 13 countries, including Brazil where it
operates six cement plants and 32 ready mix units, would further
improve Camargo's geographic diversification," Fitch rating agency
said, the report notes.  According to the report, the commercial
papers, which would mature in six months, was rated at F1(bra) by
Fitch.

As reported in the Troubled Company Reporter-Latin America on
February 12, 2010, Bloomberg News said that Camargo Correa SA
agreed to buy 22.2% of Cimpor-Cimentos for EUR6.50, each of the
almost 149 million Cimpor shares it plans to buy, valuing the
transaction at about EUR968 million (US$1.33 billion).  The report
related that Camargo Correa is buying the stake from Portuguese
construction company Teixeira Duarte-Engenharia e Construcoes SA.

                        About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings currently rates Camargo and its
special-purpose vehicle CCSA Finance Limited:

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


COMPANHIA ENERGETICA: In Talks to Acquire Ampla Energia e Servico
-----------------------------------------------------------------
Companhia Energetica de Minas Gerais SA (Cemig) is in advanced
talks to acquire local rival Ampla Energia e Servicos SA, Rogerio
Jelmayer at Dow Jones Newswires reports, citing local newspaper O
Estado de S. Paulo.

According to the report, the newspaper cited an unnamed person
closed to the operation.  The report relates that the newspaper
did not unveil the total amount of the possible acquisition.

Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil.  Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais.  Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix.  Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities.  In addition to those 52 plants,
another three are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                           *     *     *

As of October 19, 2009, the company continues to carry Moody's Ba1
LC currency Issuer rating.


COMPANHIA SIDERURGICA: S&P Affirms 'BB+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings, including the 'BB+' long-term corporate credit rating on
Brazil-based steel maker Companhia Siderurgica Nacional, and
removed them from CreditWatch Negative, where they were placed
Dec. 18, 2009.  The outlook is positive.

"The rating action reflects the company's cancellation of its
unsolicited bid to acquire shares of Cimpor Cimentos de Portugal
S.G.P.S. S.A. (BBB-/Watch Neg/--) because CSN was unable to
acquire shares equivalent to one-third of Cimpor's capital.  CSN
has cancelled its unsolicited bid and has not acquired any shares
of Cimpor," said Standard & Poor's credit analyst Flavia Bedran.

Even facing unfavorable market conditions in 2009, CSN was able to
maintain a strong EBITDA margin of 33% in 2009.  The company is
well-positioned in strategic segments in which strong demand was
stimulated by government subsidies -- such as automotive, civil
construction, and household appliances.  This and its leading
market position in packaging helped it to report better revenues
than its domestic peers.  In addition, the company gained market
share from competitors and still reported stronger profitability.
S&P expects CSN to continue improving its cash generation in the
following quarters.  Although the bid for Cimpor demonstrates
CSN's plans to improve its position in the cement market, S&P does
not believe that future mergers or acquisitions will jeopardize
the company's financial profile.

The positive outlook reflects CSN's very strong liquidity and
sound profitability after a year of challenging market conditions.
CSN's diversified portfolio of products and increasing market
position in growing segments should allow it to benefit from
demand recovery through 2010.  The outlook also reflects sound
business fundamentals associated with CSN's growing iron ore
operations, allowing the company to sustain not only more stable,
but also higher operating margins through business cycles than
peers.  Liquidity remains a critical issue for CSN, as it provides
it with cushion to face any adverse market conditions in the
medium term.  The ratings could come under downward pressure if
CSN is involved in sizable acquisitions that weaken liquidity and
credit metric trends, or if it announces aggressive investment
programs under less-favorable market conditions, pointing toward
weakening cash-flow metrics.


COSAN SA: Moody's Reviews Corporate Family Rating at 'Ba3'
----------------------------------------------------------
Moody's Investors Service placed the Ba3 corporate family rating
for Cosan S.A. Industria e Comercio and its guaranteed senior
unsecured debt ratings on review for possible upgrade, following
the announcement that the company has entered into a memorandum of
understanding with Shell for the formation of two joint ventures
to combine the majority of Cosan's businesses with several of
Shell's assets in Brazil, including its fuel distribution
business.

On January 31, 2010, Cosan and Shell International Petroleum
Company Limited (unrated, a subsidiary of Royal Dutch Shell plc,
rated Aa1/stable) entered into a non-binding memorandum of
understanding to form two joint ventures that would consist
essentially of the majority of Cosan's sugar and ethanol,
cogeneration and fuel distribution assets.  Cosan's other assets
comprised of its logistics business, its lubricant business;
future cogeneration assets; retail sugar brands Da Barra and
Uniao; and, owned land are excluded from the transaction.  Cosan
would also essentially transfer all of its net debt of around
US$2.5 billion to the new entity.

Shell, on the other hand, will contribute US$1.625 billion in cash
over two years and a contingent contribution estimated by Cosan in
US$300 million over a period of approximately 5 years.  Shell
would also contribute its fuel distribution and retail businesses
(including aviation) and its equity stakes in companies involved
in biomass research and development (IOGEN and CODEXIS).  The MOU
calls for a mutual exclusivity period of 180 days to conclude
negotiations.  The transaction is subject to the execution of the
definitive agreements, as well as shareholder and regulatory
approvals.

The transaction, if consummated, could result in more than a one-
notch upgrade of Cosan's existing senior unsecured rating based on
the expected stronger credit profile of the joint ventures where
virtually all of Cosan's debt will be transferred to.  Cosan's
existing credit profile post this transaction is also likely to
improve as the remaining company will essentially be debt-free.

Cosan's standalone operating results and leverage have improved
for the last twelve months ended in December 31, 2009 compared to
FY09 ended in March 31, 2009, driven by higher revenues due to
record sugar prices and good revenue growth and margin expansion
of Cosan's CCL division.

The review will focus on the likely consummation of the
transaction, as well as the final capital and organizational
structures, corporate governance and business plans of the new
entity and remaining Cosan, after the transaction.  Additionally,
Cosan's unsecured debt rating will be based on the final guarantee
and overall structure of the bonds.

Moody's last rating action on Cosan occurred on September 23,
2008, when Moody's downgraded its rating to Ba3 with a negative
outlook 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.

Ratings placed under review for possible upgrade:

* Corporate Family Rating: Ba3/A3.br
* US$450 million Guaranteed Perpetual Senior Unsecured Notes: Ba3
* US$400million Guaranteed Senior Unsecured due 2017: Ba3

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


GERDAU AMERISTEEL: Incurs US$161.7-Million Net Loss in FY2009
-------------------------------------------------------------
Gerdau Ameristeel Corporation reported a net loss of US$46.1
million (US$0.11 per share) for the three months ended
December 31, 2009, in comparison to a net loss of US$25.4 million
(US$0.06 per share) for the three months ended September 30, 2009
and US$1.3 billion (US$3.08 per share) for the three months ended
December 31, 2008.  Included in the results for the three months
ended December 31, 2009 is a pre-tax charge of US$12.2 million
related to the write-off of deferred financing costs and a pre-tax
gain on sale of investments of US$3.2 million.  Excluding these
adjustments, Non-GAAP Adjusted Net Loss was US$40.3 million
(US$0.09 per share) for the three months ended December 31, 2009.

For the year ended December 31, 2009, the Company incurred a net
loss of US$161.7 million (US$0.37 per share) compared to a net
loss of US$587.4 million (US$1.36 per share) for the year ended
December 31, 2008.  Included in the current year results is a
US$115.0 million pre-tax charge related to actions announced
earlier this year to stop production at certain of the Company's
steel mills, a pre-tax charge of $12.2 million related to the
writedown of deferred financing costs, a pre-tax charge of US$11.9
million related to the early extinguishment of certain debt
obligations and a pre-tax gain on the sale of investments of
US$3.2 million.  Excluding these adjustments, the Non-GAAP
Adjusted Net Loss was US$73.3 million (US$0.17 per share) for the
year ended December 31, 2009.  This compares to Non-GAAP Adjusted
Net Income of US$718.0 million (US$1.67 per share fully diluted)
for the year ended December 31, 2008.

Net sales for the three months ended December 31, 2009 decreased
9% to US$1.0 billion from US$1.1 billion for the three months
ended September 30, 2009, and decreased 29% from US$1.4 billion
for the three months ended December 31, 2008.  Weighted average
mill selling price decreased 2% or US$13 per ton in comparison to
the three months ended September 30, 2009 and decreased 33% or
US$296 per ton in comparison to the three months ended December
31, 2008.  Finished steel shipments were 1.3 million tons, a
decrease of 14% or 210,000 tons from the three months ended
September 30, 2009 and a decrease of 4% or 55,000 tons from the
three months ended December 31, 2008.

Net sales for the year ended December 31, 2009 were US$4.2 billion
compared to net sales of $8.5 billion for the year ended
December 31, 2008.  Weighted average mill selling price for the
year ended December 31, 2009 decreased 28% or US$247 per ton
compared to the same period in 2008 while finished steel shipments
decreased 36% to 5.3 million tons for the year ended December 31,
2009 compared to 8.3 million tons for the same period in 2008.

EBITDA was US$43.8 million for the three months ended December 31,
2009, compared to EBITDA of US$163.0 million for the three months
ended September 30, 2009 and US$19.4 million for the three months
ended December 31, 2008.  For the year ended December 31, 2009,
EBITDA was US$320.3 million compared to EBITDA of US$1.5 billion
for the year ended December 31, 2008.

During the three months and year ended December 31, 2009, the
Company incurred a foreign exchange loss of US$7.4 million and
US$37.9 million, respectively, as the Canadian dollar strengthened
approximately 4% and 16% in comparison to the US dollar.  This
charge arose from the revaluation of US dollar investments held by
the Company's Canadian entities.

During December 2009, the Company entered into a new US$650
million senior secured asset-based revolving credit facility.  The
facility replaced the Company's US$950 million asset-based credit
facility that would have matured in October 2010.  The new
facility is scheduled to mature in December 2012.  In addition,
the Company entered into a US$610 million loan agreement with
Gerdau Holdings Inc., a subsidiary of Gerdau S.A.  The loan bears
interest at 7.95%, is payable semi-annually, has no scheduled
principal payment prior to maturity, and will mature in January
2020.  The net proceeds of the Gerdau Holdings, Inc. loan plus an
additional US$300 million of cash were used to prepay US$910
million of the Term Loan Facility.

At December 31, 2009, the Company had US$656.3 million of cash and
short-term investments, a decrease of US$32.1 million from the
levels at December 31, 2008.  Excluding both the cash paid by the
Company to redeem its US$405 million 10 3/8% Senior Notes in
August 2009 and the US$300 million debt prepayment, the Company
generated US$680.2 million in cash and short-term investments in
2009.  In addition to its cash and short-term investments, the
Company had approximately US$420.2 million available under secured
credit facilities which resulted in a total liquidity position of
approximately US$1.1 billion at December 31, 2009.

                           CEO Comments

Mario Longhi, President and CEO of Gerdau Ameristeel, said, "While
2009 was certainly a challenging year for the steel industry, we
took a number of actions to better position us for the future.  In
regard to our operations, we reduced our cost structure and
implemented processes to better maximize productivity across our
network of facilities and we worked very closely with our customer
base during these difficult times to enhance our long-term
relationships.  From a financial standpoint, using our significant
cash generation, we improved the strength of our balance sheet by
reducing our debt by $709 million and extending maturities.

"Some of the benefits of these actions were evidenced in the
fourth quarter 2009 results.  By focusing on what we control, when
comparing the fourth quarter of 2009 to the same period of 2008,
we improved EBITDA by US$24 million despite facing a decline in
selling prices and shipment volumes of 33% and 4%, respectively. I
am proud to say that these successes were achieved as a result of
the dedication of our teams delivering exceptional performance
during these difficult times.

"While minimal stimulus dollars were spent during 2009, we believe
that more infrastructure projects will be undertaken during 2010.
In addition, there are certain segments such as the nuclear power
industry which we believe will begin committing significant
investments to modernize the aging infrastructure in North
America.  We believe that these factors, along with low customer
inventory levels and increases in shipments and selling prices
that have occurred since the end of 2009, give us reason to enter
2010 with optimism for a better year."

                          IFRS Conversion

In 2008, the Canadian Accounting Standards Board confirmed that
Canadian publicly accountable enterprises will be required to
adopt International Financial Reporting Standards for interim and
annual financial statements related to fiscal years beginning on
or after January 1, 2011. In accordance with the approval granted
by the Canadian securities regulatory authorities, the Company
expects to adopt IFRS in 2010.

                      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.


GERDAU SA: May Restart Chile Units After Quake Damage Assessment
----------------------------------------------------------------
Laura Price at Bloomberg News reports that Gerdau SA said it will
decide when to restart operations in Chile after assessing
possible damage to its buildings and equipment after an earthquake
struck on February 27.

According to the report, the company's main plants in Colina and
Renca, in the Santiago region, were operating when the earthquake
struck.  The report relates that the company said that there are
no reports of injuries to any of its employees after the
earthquake.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


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


AALL INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of AALL Investment Management (Cayman) Ltd.
received, on January 11, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Brian Patrick Shaunessy
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman KY1-1102


ANAK EUROPEAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Anak European Select Feeder Fund Limited
received, on January 25, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Keith Blake
         c/o Dorra Mohammed
         Telephone: 345-914-4475
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


ANAK EUROPEAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Anak European Select Master Fund Limited
received, on January 25, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Keith Blake
         c/o Dorra Mohammed
         Telephone: 345-914-4475
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


ANAK EUROPEAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Anak European Select US Feeder Fund Limited
received, on January 25, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Keith Blake
         c/o Dorra Mohammed
         Telephone: 345-914-4475
         Facsimile: 345-949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164


APIANA INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Apiana Investments Japan Longshort Fund
received, on January 29, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Managementplus Limited
         c/o Nicole Ebanks
         Telephone: (345) 943 2295
         Facsimile: (345) 943 2294
         Grand Pavilion Commercial Centre
         802 West Bay Road, 1st Floor
         P.O. Box 31855, Grand Cayman, KY1-1207


CASOP CRACKER: Members Receive Wind-Up Report
---------------------------------------------
The members of Casop Cracker Ltd. received, on January 28, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Linburgh Martin
         c/o Neil Gray
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman, KYI-1102


CHILTON EUROPEAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Chilton European Liquidfund, Ltd received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CHILTON SMALL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Chilton Small Cap Liquidfund, Ltd received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLINTON ARBITRAGE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of The Clinton Arbitrage Fund, Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLINTON ARBITRAGE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of The Clinton Arbitrage Portfolio Limited
received, on January 21, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


CLINTON MADISON: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Clinton Madison Fund, Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLINTON MADISON: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Clinton Madison Master Fund, Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLINTON RIVERSIDE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Clinton Riverside Convertible Euro Feeder
Fund, Ltd. received, on January 21, 2010, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ENTRUST LIQUIDFUNDS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Entrust Liquidfunds GP Ltd received, on
January 22, 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


GOSER VENTURES: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Goser Ventures Limited received, on
January 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 0626


INDOCHINA INDUSTRIAL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Indochina Industrial Properties received, on
January 26, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Thanh Oai Nguyen
         Capital Place, 9th Floor
         6 Thai Van Lung Street
         District 1, HCM City, Vietnam
         Telephone: +84 8 3 910 4855
         Facsimile: +84 8 3 910 4860


INDOCHINA INDUSTRIAL: Members Receive Wind-Up Report
----------------------------------------------------
The members of Indochina Industrial Properties II received, on
January 26, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Thanh Oai Nguyen
         Capital Place, 9th Floor
         6 Thai Van Lung Street
         District 1, HCM City, Vietnam
         Telephone: +84 8 3 910 4855
         Facsimile: +84 8 3 910 4860


INDOCHINA LAND: Members Receive Wind-Up Report
----------------------------------------------
The members of Indochina Land Bach Dang Towers received, on
January 26, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Thanh Oai Nguyen
         Capital Place, 9th Floor
         6 Thai Van Lung Street
         District 1, HCM City, Vietnam
         Telephone: +84 8 3 910 4855
         Facsimile: +84 8 3 910 4860


INDOCHINA LAND: Members Receive Wind-Up Report
----------------------------------------------
The members of Indochina Land Plaza received, on January 26, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Thanh Oai Nguyen
         Capital Place, 9th Floor
         6 Thai Van Lung Street
         District 1, HCM City, Vietnam
         Telephone: +84 8 3 910 4855
         Facsimile: +84 8 3 910 4860


INVESCO CBO: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Invesco CBO 2000-1 Ltd received, on
January 22, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


ISC CAYMAN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of ISC Cayman Ltd. received, on January 22, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Dyer
         Telephone: (345)949-8244
         Facsimile: (345)949-5223
         P.O. Box 1984, Grand Cayman KY1-1104


O'CONNOR CREDIT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of O'Connor Credit Arbitrage Limited received, on
January 15, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


O'CONNOR QUANTITATIVE: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of O'Connor Quantitative Trading Strategies
Limited received, on January 15, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PERLAGONIA CAYMAN: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Perlagonia Cayman received, on January 22,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Ogier
         c/o Jody Powery-Gilbert
         Telephone: (345) 815-1763
         Facsimile: (345) 949-9876


PILOTROCK LIQUIDFUND: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Pilotrock Liquidfund GP, Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PILOTROCK LIQUIDFUND: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Pilotrock Liquidfund, Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ROSHAM HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Rosham Holdings Limited received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         c/o PO Box 707, Grand Cayman KY1-1107


SEVEN BRIDGES: Members Receive Wind-Up Report
---------------------------------------------
The members of Seven Bridges Inc. received, on January 21, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         UBS Nominees Ltd.
         Alan G. de Saram
         Telephone: 949-4544
         Facsimile: 949-8460
         Charles Adams Ritchie & Duckworth
         Zephyr House, 122 Mary Street
         PO Box 709, Grand Cayman, KY1-1107
         Cayman Islands


SIRIOS RECOVERY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sirios Recovery Fund, Ltd. received, on
January 21, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         John F. Brennan, Jr.
         One International Place, 30th Floor
         Boston, MA 02110-2649, USA


UOARS LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of UOARS Limited received, on January 15, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


BANCOLOMBIA SA: Gen. Shareholders OK Distribution of 2009 Profits
-----------------------------------------------------------------
At the annual general shareholders meeting of Bancolombia S.A.,
the shareholders of Bancolombia approved (i) the financial
statements for the year ended December 31, 2009, along with the
accompanying notes and management discussion and (ii) the proposed
distribution of profits presented by the board of directors,
pursuant to which a dividend of Ps. 636.80 per share was declared.
The dividend will be paid as follows: Ps. 159.20 per share every
calendar quarter on the first business day of each such calendar
(April 5th, July 1st, and October 1st 2010, and January 3rd,
2011).

This dividend represents an increase of 2.05% compared to the
dividends paid in 2009 and 91.80% of the amount to be paid as
dividends will be tax free to the shareholder under Colombian
regulations.

The shareholders also approved an increase in legal reserves of
Ps. 411,646 million.

                        About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


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


AES DOMINICA: Gov't Owes US$500 Million to Power Companies
----------------------------------------------------------
AES Dominicana Energia Finance S.A. President Marco De la Rosa
said that the Dominican government owes around US$500 million to
the power companies, Dominican Today reports.  The report relates
Mr. Rosa said that the situation prevents their operation at the
level the population demands.

Meanwhile, the report notes Mr. Rosa stressed that AES
Dominicana's investment aimed at making the country's energy
system more efficient.  "This year we aim to increase imports by
35%.  We're trying to bring around 11 tankers to the country,
since we brought only seven last year," the report quoted Mr. Rosa
as saying.

AES Dominicana Energia Finance S.A. is an energy group operating
in the Dominican Republic, which manages two of AES Corp.'s
wholly owned generation assets, Andres and DPP.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236MW power
plant comprising two simple cycle combustion turbines that can
burn both natural gas and fuel oil Number 2.  Both plants
together have PPA contracts with EDE-Este for 260MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency.  Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Fitch Ratings has affirmed AES Dominicana Energia
Finance, S.A.'s international foreign currency Issuer Default
Rating at 'B-'.  The rating action applies to US$160 million of
notes due 2015 issued by AES Dominicana.  The Recovery Rating has
also been affirmed at 'RR4'.  The Rating Outlook is Stable.


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


* ECUADOR: 2009 Exports to Andean Countries Fall 33%
----------------------------------------------------
Ecuador's exports to Andean Countries dropped 33% to US$2.15
billion last year from US$3.20 billion in 2008, Mercedes Alvaro at
Dow Jones Newswires reports, citing the country's central bank.

According to the report, Ecuadorian imports from Andean countries
-- Bolivia, Colombia, Ecuador, Venezuela -- totaled US$3.2 billion
in 2009, down 35% from US$4.9 billion registered in the previous
year.

According to the report, the central bank data showed:

  Country            Exports                Imports
  -------            -------                -------
Colombia           US$673 million (31%)   US$1.5 billion
Peru               US$932 million (43%)   US$669 million
Venezuela          US$535 million (25%)   US$1.0 billion
Bolivia            the remainder          the remainder

The report notes that Ecuadorian exports worldwide totaled
US$13.76 billion last year, while imports totaled US$14.09
billion.

                          *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


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


AIR JAMAICA: Deadline for Bid for Downtown Offices Set on March 12
------------------------------------------------------------------
The deadline for the submission of bids for the purchase of Air
Jamaica Limited's office facilities in downtown Kingston is set on
March 12, RadioJamaica reports.

According to the report, the Harbour Street-based property, which
comprises five floors, is being sold to raise much needed cash to
help keep the airline in the air until it is divested.  The
report relates that the search for a buyer has started with
advertisements being placed in the local press.

RadioJamaica notes that prospective buyers are required to include
in their proposals an offer price and state clearly their ability
to finance the purchase of the five floors.

As reported in the Troubled Company Reporter-Latin America on
March 2, 2010, RadioJamaica said that Air Jamaica's ticket office
in New Kingston ceased its operation on February 26, 2010.  The
report related Air Jamaica's President and CEO Bruce Nobles said
that the closure of the New Kingston office will not cause much
dislocation as most airline tickets are purchased at
AirJamaica.com or through travel agencies.

                        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.


NATIONAL COMMERCIAL: S&P Shifts Watch on 'CCC' Rating to Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its CreditWatch
listing on its 'CCC/C' ratings on National Commercial Bank Jamaica
Ltd. to positive from developing.

The CreditWatch revision follows S&P's raising Jamaica's foreign-
and local-currency sovereign credit ratings to 'B-/C' from 'SD',
after the conclusion of its debt exchange.  S&P's survivability
assessment remains three notches above NCB's long-term rating.

"S&P revised the CreditWatch on NCB's ratings to positive from
developing to signal that S&P could upgrade the company to
Jamaica's sovereign credit rating level.  This will depend on the
impact of Jamaica's sovereign debt restructure on NCB's financial
profile -- details S&P is currently analyzing," said Standard &
Poor's credit analyst Alfredo Calvo.

NCB's exposure to government securities that were part of this
restructure program represented 53% of its investment portfolio as
of Dec. 31, 2009.  The total exposure of the bank to Jamaica
sovereign-debt securities and loans to public entities is 57%.
This high level of exposure makes the ratings on the bank highly
vulnerable to the developments in its restructuring.  S&P will,
however, evaluate country and industry risks in Jamaica under the
current circumstances to assess any asset quality pressures.  S&P
expects to resolve the CreditWatch listing in the coming few
weeks.

"S&P will review NCB's financial profile to resolve the
CreditWatch listing.  If NCB is able to meet the challenges posed
by the overall economic situation in Jamaica while maintain an
adequate financial performance, S&P could raise the ratings.  S&P
could keep the ratings at their current level if S&P believes that
economic conditions significantly pressure asset quality and
liquidity," Mr. Calvo added.


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



COMERCIAL MEXICANA: Swings to MXN310-Mil. Net Profit in 4Q
----------------------------------------------------------
Controladora Comercial Mexicana SAB de CV (Comerci) recorded
MXN310 million ($24.3 million) net profit in the fourth quarter
2009, from a net loss of MXN5.5 billion in the year-ago period on
derivatives losses, Laurence Iliff at Dow Jones Newswires reports.
According to the report, sales in the fourth quarter were MXN14.44
billion, an increase of 0.2% versus a year ago.

According to the report, same-store sales were lower by 2%
compared to fourth-quarter 2008.  The report relates that Comerci
said that it wasn't exclusively awarded a Mexico City contract to
provide holiday bonus coupons for city workers, as it had been a
year earlier.

Dow Jones Newswires notes that Ebitda grew 16%, to MXN1.17
billion.

The retailer, the report discloses, said that at year's end it had
231 stores and restaurants.

The report adds that for all of 2009, sales rose 3%, to MXN54.89
billion, and the company made a net profit of MXN469 million from
a loss of MXN8.59 billion in 2008.

                         About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) -- http://www.comerci.com.mx/-- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
Issuer Credit ratings.  The company also continues to carry Fitch
Ratings' "D" LT Issuer Default ratings.


GRUPO CEMENTOS: Gets Temporary Waiver & Extension from Creditors
----------------------------------------------------------------
Grupo Cementos de Chihuahu signed a temporary waiver and extension
with its creditors during which time they shall refrain from any
rights they may have under their debt contracts.  The Company is
continuing to negotiate in order to reach a satisfactory final
agreement with its creditors.

A full text copy of the company's fourth quarter financial results
is available free at http://ResearchArchives.com/t/s?55b5

                   About Grupo Cementos de Chihuahua

Headquartered in Mexico, Grupo Cementos de Chihuahua SAB de
CV -- http://www.gcc.com -- is primarily engaged in the
production and distribution of cement and concrete.  The company's
product range includes cement, ready-mixed concrete, limestone
aggregate, concrete block and gypsum.  Additionally, its product
portfolio includes prefabricated products, such as paving stones,
thermal houses, concrete blocks and commercial work systems, among
others.  GCC mainly distributes its products under the brand names
Expan 500, Expancern K and Microsilex.  As of January 14, 2008, it
acquired a 100% stake of American enterprise Alliance Concrete
Inc.  The Major Company's subsidiaries are: GCC Cemento SA de CV,
Cementos de Chihuahua SA de CV, GCC Ingenieria y Proyectos SA de
CV and Mexcement Inc, among others.  Grupo Cementos de Chihuahua
SAB de CV is present in Mexico, Bolivia and the United States. It
is owned in 74.09% by Control Administrativo Mexicano SA de CV.



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


* NICARAGUA: Economic Output Fell 2.2% in December From Year Ago
----------------------------------------------------------------
Blake Schmidt at Bloomberg News reports that Nicaragua's economic
output fell 2.2% in December from a year earlier on declines in
construction, mining, finance and transportation.  The report
relates that the central bank said that economic output in
December fell 0.4% from the previous month.

According to the report, December's drop was tempered by increases
in agriculture, fishing and energy production.


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


DOE RUN PERU: Signs LOI with Glencore to Resume Operations
----------------------------------------------------------
Isabel Guerra at LivinginPeru.com reports that Doe Run Peru signed
a Letter of Intent with Glencore, in order to support the
resumption of its metallurgic operations in La Oroya.

The report relates that the Letter of Intent stated that Glencore
will give Doe Run Peru a credit that has also the possibility of
being used as working capital, to contribute with the operations
restart.  The report relates that it will also be part of the
necessary financing of Doe Run's environmental adjustment and
management.

As reported in the Troubled Company Reporter-Latin America on
January 26, 2010, Bloomberg News said that Doe Run Peru is "close"
to reaching an agreement on US$156 million of debt to reopen its
zinc and lead smelter.  According to the TCRLA on October 1, 2009,
AMM News said that a Doe Run Peru spokesman said that the company
will delay the reopening of its smelter following reports that
Peru's congress voted to give the company a 30-month extension on
its environmental cleanup deadline, which expired on October.  The
report recalled that Doe Run Peru filed for a government-monitored
financial restructuring because it was worried creditors might try
to freeze its assets or operations.  Reuters related that Doe Run
Peru owes some US$100 million to its suppliers and needs to spend
another US$150 million to clean up La Oroya.

                        About Doe Run Peru

Doe Run Peru operates an integrated primary lead operation and a
recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings individual rating at D.


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


CA ELECTRICIDAD: Fitch Affirms Issuer Default Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has affirmed these ratings of C.A. La Electricidad
de Caracas:

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

  -- Local currency IDR at 'B+';

  -- US$13.2 million outstanding senior notes due 2014 at
     'B+/RR4';

  -- US$650 million outstanding senior notes due 2018 at 'B+/RR4';

  -- Long-term national scale rating at 'AAA(ven)';

  -- Short-term national scale rating at 'F1+(ven)'.

The Rating Outlook is Stable.

Strong Linkage to the Sovereign:

EDC's ratings reflect the company's strong credit linkage with its
majority shareholders, Petroleos de Venezuela S.A., as well as
with the Bolivarian Republic of Venezuela, its ultimate
shareholder.  The company receives explicit support from both
PDVSA and the government in the form of subsidized fuel costs,
access to foreign currency and government assistance with capital
expenditure programs.  In FY 2009 transfers from the government
are expected to be approximately US$500 million and to more than
double in the future.  By May 2, 2010, the Venezuelan government
plans to spin off EDC from PDVSA to Corpoelec, a new state-owned
entity that will consolidate all of the country's power assets.
The Venezuelan government controls directly 75% of Corpoelec while
PDVSA controls the remaining 25%.  Fitch expects the government to
continue supporting EDC and the sector due to its strategic
importance to the country.

Further, Dramatic Credit Metrics Deterioration Expected:

Fitch expects EDC's credit metrics to continue to deteriorate
sharply due to the lack of tariff increases since 2006, the recent
devaluation of the local currency and high inflation levels.
Tariff increases remain dismal due to the government's efforts to
curb inflation, particularly in 2010 which is an election year.
Since EDC was nationalized by the government in 2007, the company
has begun several investment projects aimed at increasing its
generation capacity and improving its distribution and
transmission assets.  In the last 12 months ended Sept. 30, 2009
capital expenditures were US$900 million up from US$536 million
and US$203 million in 2008 and 2007, respectively.  These
investments together with EBITDA declines have resulted in net
leverage of 3.2 times compared to 1.5x in 2008 and 0.5x in 2007.

Declining Margins May Turn Negative:

Significant deterioration in cash flow generation is also
explained by a tariff freeze since 2006 while costs increases
reflect inflation levels of more than 20% per year.  During the
LTM ended Sept. 30, 2009, EDC's EBITDA declined to approximately
US$129 million from US$203 million and US$334 million in 2008 and
2007, respectively.  The company's EBITDA margin has also declined
to 15% as of the LTM ended Sep. 30, 2009 from 24% and 33% for 2008
and 2007, respectively.  Absent a tariff increase, EBITDA margins
are likely to turn negative within the next 2 years.  By the
second quarter of 2009 LTM funds from operations turned negative,
and as a result the LTM free cash flow burn run rate of
US$928 million at September 2009, has been higher than capital
expenditures.  This situation is sustainable only with the support
of the Venezuelan government which is expected to transfer to the
company more than US$500 million per year to fund its operations
and investments.

Solid Liquidity Dependent on Government Transfers:

As of Sept. 30, 2009, EDC had US$240 million in cash on hand and
US$2 million in short-term debt.  EDC was able to maintain a solid
cash position due to asset sales despite negative free cash flow
generation.  A tariff increase would possibly turn FFO positive
and allow the sector as well as EDC to be profitable and self-
sufficient.  EDC's solid cash position depends on the government's
support due its aggressive capex plans and lack of access to other
sources of financing.  Total debt of US$654 million is comprised
primarily of the US$650 million notes due in 2018 that were issued
during 2008 so debt maturities are quite manageable until this
notes are due.

Factors That Could Trigger a Downgrade:

  -- A downgrade of the Bolivarian Republic of Venezuela;

  -- A sustained leverage increase, liquidity deterioration and/or
     absence of a tariff increase within the next 18 months.

Factors That Could Trigger an Upgrade:

  -- An upgrade of the Bolivarian Republic of Venezuela;

  -- Lower leverage levels and/or the implementation of a tariff
     structure that reflects inflation increases and fuel costs.

EDC is a vertically integrated electricity company in Venezuela
with operations in generation, transmission and distribution of
electricity services to the metropolitan Caracas area.  As the
sole provider of electricity in Caracas, the company is viewed to
be a strategic asset of the Venezuelan government.  PDVSA, the
state owned oil company, currently owns 93.62% of EDC.


PETROLEOS DE VENEZUELA: May Withdraw From Isla Refinery
--------------------------------------------------------
Petroleos de Venezuela may withdraw from the 320,000 barrel-per-
day Isla refinery it operates in Curacao to protest U.S. military
operations on the Caribbean island, Eyanir Chinea and Joshua
Schneyer at Reuters report, citing Ultimas Noticias newspaper.
The report relates Oil Minister Rafael said that Venezuela may
order PDVSA to abandon its lease of the Isla refinery because the
U.S. military has been staging "provocations" on Venezuela from
Curacao.

According to the report, PDVSA has operated the Isla refinery
since 1985 under a long-term lease with the government of Curacao,
a Dutch island 40 miles (65 km) north of the Venezuelan coast.
The report recalls that Venezuelan President Hugo Chavez in
December accused Curacao of allowing the Unites States to launch
spy flights over Venezuelan territory from the island.  The report
relates that Dutch officials rejected the accusations, and the
U.S. government has denied any plans for military incursion into
Venezuela.

Reuters discloses that a Curacao judge ruled last May that PDVSA
would have to carry out investments worth US$100 million at the
plant to reduce sulfur and other particulate pollution, or
eventually face multimillion dollar fines.  PDVSA, the report
relates, has complained that tougher emissions standards in
Curacao would cost up to US$1.5 billion to comply with.

                           About PDVSA

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

                           *     *     *

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

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


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


* LATAM: Fitch Lists Rating Changes for Region on February
----------------------------------------------------------
Fitch Ratings has released a comprehensive list of 30 Latin
America National scale rating changes for the month of February
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:

Asociacion Popular de Ahorros y Prestamos (Republica Dominicana)

  -- National long-term rating to 'A- (dom)' from 'BB (dom)';
  * (Rating action took place on Feb. 1, 2009.)

METROCB 03-2 (Mexico)

  -- National long-term rating bonds to 'CC (mex)' from 'D (mex)';
  * (Rating action took place on Feb. 4, 2010.)

METROCB 03-3 (Mexico)

  -- National long-term rating bonds to 'CC (mex)'from 'D (mex)';
  * (Rating action took place on Feb. 4, 2010.)

Banco Provincial (Venezuela)

  -- National long-term rating to 'AA+ (ven)' from 'AA (ven)';
  -- National short-term rating to 'F1+ (ven)' from 'F1 (ven)';
  * (Rating action took place on Feb. 4, 2010.)

Construtora Tenda S.A. (Brasil)

  -- National long-term rating to 'A- (bra)' from 'BBB (bra)';
  -- First issuance notes to 'A (bra)' from 'BBB+ (bra)';
  * (Rating action took place on Feb. 10, 2010.)

Fitch has also downgraded these ratings:

Grupo Collado S.A. (Mexico)

  -- National long-term rating to 'D (mex)' from 'C (mex)';
  * (Rating action took place on Feb. 4, 2010.)

Baesa - Energetica Barra Grande S.A. (Brasil)

  -- National long-term rating to 'A+ (bra)' from 'AA- (bra)';
  * (Rating action took place on Feb. 12, 2010.)

Brazilian Conglomerate Camargo Correa S.A.'s (Brasil)

  -- National scale rating to 'A+ (bra)' from 'AA-(bra)';

  -- BR 400 million debentures series 1 to 'A+ (bra)' from 'AA-';

  -- BR 700 million debentures series 2 to 'A+ (bra)' from 'AA-';

  -- CSA Finance Limited US$ 250 million senior unsecured bonds to
     'BB- (bra)' from 'BB' (bra);

  * (Rating action took place on Feb. 11, 2010.)

Su Casita Trust (Mexico)

  -- National long-term rating class A notes to 'AA- mex)'from 'AA
     (mex)';

  -- National long-term rating class B notes to 'A-(mex)'from 'A+
     (mex)'; Rating Outlook is Negative;

  * (Rating action took place on Feb. 16, 2010.)

Estado de Michoacan (Mexico)

  -- National long-term rating to 'BBB+ (mex)' from 'A- (mex)';
  * (Rating action took place on Feb. 15, 2010.)

Industrias Unicon (Venezuela)

  -- National long-term rating to 'BBB- (ven)' from 'A+ (ven)'
  -- National short-term rating to 'F3 (ven)' from 'F1 (ven)'
  * (Rating action took place on Feb. 17, 2010.)

Fitch has made these Outlook and Rating Watch revisions:

Banco Exterior (Venezuela)

  -- Rating Outlook revised to Stable from Negative;
  * (Rating action took place on Feb. 4, 2010.)

Banco Pine S.A. (Brasil)

  -- National long-term rating at 'A-(bra)';
  -- National short-term rating at 'F2 (bra)';
  -- Rating Outlook revised to Positive from Stable;
  * (Rating action took place on Feb. 12, 2010.)

OOMAPAS Nogales (Mexico)

  -- National long-term rating at 'BBB- (mex)';
  -- Rating Outlook revised to Stable from Negative;
  * (Rating action took place on Feb. 26, 2010.)

Fitch has affirmed and withdrawn these ratings:

Rizzibono V (Argentina)

  -- ARP0.43 million class B notes at 'A (arg)';
  * (Rating action took place on Feb. 1, 2010.)

Rizzibono IV (Argentina)

  -- ARP0.53 million class C notes at 'CC (arg)';
  * (Rating action took place on Feb. 1, 2010.)

Super Letras Hipotecarias I (Argentina)

  -- ARP70.83 million class A notes at 'AAA (arg)';
  * (Rating action took place on Feb. 1, 2010.)

ABN Amro Arrendamento Mercantil S.A. (Brasil)

  -- National long-term rating at 'AAA (bra)';
  -- National short-term rating at 'F1+ (bra)';
  * (Rating action took place on Feb. 4, 2010.)

Banco ABN Amro Real S.A. (Brasil)

  -- National long-term rating at 'AAA (bra)'; Outlook Stable;
  -- National short-term rating at 'F1+ (bra)';
  * (Rating action took place on Feb. 4, 2010.)

Asociacion Dominicana de Ahorros y Prestamos (ADAP) (Republica
Dominicana)

  -- National long-term rating at 'BB (dom)';
  -- National short-term rating at 'B (dom)';
  * (Rating action took place on Feb. 1, 2010.)

Credi-al Serie II (Argentina)

  -- ARP7.370 million class B notes at 'BB- (arg)';
  -- ARP1.47 million certificates of participation at 'CCC (arg)';
  * (Rating action took place on Feb. 9, 2010.)

Saenz Titulos I (Argentina)

  -- ARP32.73 million notes at 'AAA (arg)';
  * (Rating action took place on Feb. 17, 2010.)

Sucredito II (Argentina)

  -- ARP8.34 million class A notes at 'AA (arg)';
  * (Rating action took place on Feb 17, 2010.)

Secubono XXXVIII (Argentina)

  -- ARP2.71 million class B notes at 'AA- (arg)';
  * (Rating action took place on Feb. 17, 2010.)

SMSV XXII (Argentina)

  -- ARP25.00 million certificates of participation at 'AAA
    (arg)';

  * (Rating action took place on Feb. 17, 2010.)

CMR Falabella XVIII (Argentina)

  -- ARP52.50 million notes at 'AAA (arg)';
  * (Rating action took place on Feb. 17, 2010.)

Tarjetas Cuyanas Trust V (Argentina)

  -- ARP50.90 million notes at 'AAA (arg)';
  * (Rating action took place on Feb. 18, 2010.)

Best Consumer Finance VIII (Argentina)

  -- ARP17.77 million class B notes at 'BBB- (arg)';
  * (Rating action took place on Feb. 25, 2010.)

CGM Leasing VI (Argentina)

  -- US$0.89 million class A dollar notes at 'AA (arg)';
  * (Rating action took place on Feb. 25, 2010.)

Megabono XXXIX (Argentina)

  -- ARP2.84 million class B notes at 'AA- (arg)';
  * (Rating action took place on Feb. 25, 2010.)

                            ***********

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 * * *