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

              Wednesday, March 10, 2010, Vol. 11, No. 048

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: More Pressure on Antigua Over Stanford Scheme


A R G E N T I N A

AEROPUERTOS ARGENTINA: Moody's Assigns 'B1' Global Currency Rating
* ARGENTINA: Political Storm May Curb Economic Rebound


B R A Z I L

COSAN SA: Cosan Limited Rated 'Buy,' at Citigroup Inc
INTERCONEXION ELECTRICA: Cteep to Raise US$43M From Placement


C A Y M A N  I S L A N D S

CASTLEGROVE CAYMAN: Shareholders Receive Wind-Up Report
CECIL LTD: Commences Wind-Up Proceedings
DELFINA CAPITAL: Members Receive Wind-Up Report
DELFINA CAPITAL: Members Receive Wind-Up Report
DIGIWIN SYSTEMS: Commences Wind-Up Proceedings

FENICE INVESTMENTS: Members Receive Wind-Up Report
HORSE OPPORTUNITIES: Commences Wind-Up Proceedings
ISOLINA LIMITED: Commences Wind-Up Proceedings
LEHMAN BROTHERS: Proposes to Pay Fees & Expenses of Cayman SPVs
LIBERATION INVESTMENTS: Commences Liquidation Proceedings

LION/RALLY CAYMAN: Commences Wind-Up Proceedings
LISOTTA INVESTMENT: Commences Wind-Up Proceedings
MARILU INVESTMENT: Commences Wind-Up Proceedings
MONTBLANC OPPORTUNITIES: Commences Wind-Up Proceedings
PHAEDRA INVESTMENT: Commences Wind-Up Proceedings

QUEENLY INVESTMENT: Commences Wind-Up Proceedings
ROTHORN INVESTMENTS: Commences Wind-Up Proceedings
SR BOONE: Commences Liquidation Proceedings
SR EDINBURGH: Commences Liquidation Proceedings
SR LATIGO: Commences Liquidation Proceedings

SR LUCERNE: Commences Liquidation Proceedings
SUPREMO INTERNATIONAL: Commences Wind-Up Proceedings
TARBENIAN LEASING: Commences Wind-Up Proceedings
TT EUROPE: Commences Liquidation Proceedings
TT EUROPE: Commences Liquidation Proceedings

UBS AIS: Commences Liquidation Proceedings
UBS AIS: Commences Liquidation Proceedings
UBS AIS: Commences Liquidation Proceedings
UBS AIS: Commences Liquidation Proceedings
UBS GLOBAL: Commences Liquidation Proceedings

UBS GLOBAL: Commences Liquidation Proceedings


C O S T A  R I C A

CHIQUITA BRANDS: Expanded Partnership for Biodiversity Project


E C U A D O R

PETROECUADOR: Taps SK E&C to Complete Structure of Refinery
PETROLEOS DE VENEZUELA: SK E&C to Complete Structure of Refinery


J A M A I C A

AIR JAMAICA: Assures Smooth Transition to Caribbean Airlines Mng't
AIR JAMAICA: Bahamasair Questions Jamaica Route "Viability"
DIGICEL GROUP: FTC Still Reviewing Claro's Anti-Competitive Claim
JAMAICAN CREDIT: S&P Shifts Watch on 'B' Rating on 2001-A Notes


P U E R T O  R I C O

VISTEON CORP: To Settle Condemnation Suit With Puerto Rico


M E X I C O

AXTEL SAB: Moody's Downgrades Corporate Family Rating to 'Ba3'
CREDITO REAL: S&P Assigns 'BB-' Global Counterparty Credit Rating
TV AZTECA: Taps Ooyala to Test TV Everywhere Technology
* MEXICO: Moody's Assigns 'Ba2' Rating to Municipality of Benitoto


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Former Central Bank Governor Joins Lascelles Board
PETRONIN: Three Senior Managers Resign From Posts


V E N E Z U E L A

CITGO PETROLEUM: Judge Rules Against Firm on Water Act Lawsuit
PETROLEOS DE VENEZUELA: Curaco Refinery May Use Rental Compressors


X X X X X X X X

* Moody's: Global Default Rate Falls to 11.6% in February 2010




                         - - - - -


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


STANFORD INT'L: More Pressure on Antigua Over Stanford Scheme
-------------------------------------------------------------
Congressman Mike Coffman of Colorado has piloted a resolution in
the U.S. House of Representatives asking the U.S. Secretary of the
Treasury to direct the International Monetary Fund and the World
Bank to block funding to the Antigua and Barbuda government if the
country won't cooperate with Robert Allen Stanford's jilted
investors, Caribbean360.com reports.  The report relates that this
action comes on the heels of a similar Senate Resolution sponsored
by eight U.S. Senators in December 2009, which is now pending a
vote by the Senate Foreign Relations Committee.

According to the report, the latest resolution also demands
Antigua release to the court-appointed receiver, Ralph Janvey, the
49 properties it has taken actions to expropriate, and repay the
loans made by Mr. Stanford or any Stanford entity as well as
"payments made to officials of the government of Antigua and
Barbuda for the purpose of subverting regulatory oversight".  The
report relates that the latest resolution has been referred to the
US House of Representatives Financial Services Committee for a
vote.

Caribbean360.com notes that this latest action is part of the
efforts by the Stanford Victims Coalition to force the Baldwin
Spencer administration into giving back to the investors what they
lost in Stanford's alleged multi-billion dollar Ponzi Scheme.

In addition to seeking the support of US politicians in their
efforts, the group recently launched a campaign urging a boycott
of tourism and investment in the twin-island nation.

               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
=================


AEROPUERTOS ARGENTINA: Moody's Assigns 'B1' Global Currency Rating
------------------------------------------------------------------
Moody's Latin America has assigned a B1 global local currency
rating and an Aa2.ar National Scale Rating to Aeropuertos
Argentina 2000 S.A.'s (AA2000) proposed US$150 million Class "A"
and Class "B" senior unsecured notes.  Moody's also assigned a B2
global local currency rating and an Aa3.ar National Scale Rating
to AA2000's proposed Class "C" notes, which are constrained by
Argentina's country ceiling, given that they are US dollar
denominated notes.  At the same time, Moody's upgraded AA2000's
global local currency corporate family rating to B1 from B2 and
its Argentina national scale rating to Aa2.ar from Aa3.ar.  The
outlook for all ratings is stable.

Ratings are:

Issuer: Aeropuertos Argentina 2000 S.A.

  -- B1 // Aa2.ar (Global Local Currency Corporate Family Rating
     and national scale rating, respectively)

  -- US$150 million Senior Unsecured Notes:

  -- B1 // Aa2.ar (Global Local Currency Rating and national scale
     rating, respectively): Class "A"

  -- B1 // Aa2.ar (Global Local Currency Rating and national scale
     rating, respectively): Class "B"

  -- B2 // Aa3.ar (Global Local Currency Rating and national scale
     rating, respectively): Class "C":

  -- Outlook for all ratings is stable.

AA2000 will use net proceeds of the new US$150 million senior
secured proposed notes offering, to refinance its existing bank
loans of roughly US$22 million and to finance approximately
US$128 million of additional capital expenditures projects (per
the Concession Agreement).

"The upgrade to B1 and Aa2.ar principally reflects AA2000's recent
improvements in credit quality and overall credit metrics due to
the final agreement with the national government to increase the
aeronautical tariffs that began in March 2009.  Aeronautical
tariffs had been frozen since the last economic crisis in 2002,"
said Veronica Amendola, AVP-analyst at Moody's.

"AA2000's ratings reflect a number of credit factors including the
company's virtual domination position coupled with the structure
and length of the 1998 concession agreement under which the
company operates.  The downturns in passenger traffic in 2001 and
2002 resulting from the convergence of various economic crises and
the impact of the events of 9/11, SARs and the wars in the Middle
East have largely abated," said Amendola.

AA2000's limited geographical diversification, with 94% of
AA2000's revenues being generated from two main airports, offsets
these key strengths, as do the evolving global macroeconomic
situation which has led to a softening of the passenger growth
rate, as Moody's anticipated in January 2009.  In addition, of
AA2000's portfolio of airports, Ezeiza is the only airport that is
currently equipped to service the current level of international
flight traffic.  Moody's acknowledges that any event affecting
EZE's capacity to service international flights could adversely
affect the company's business and financial condition overall.

Key challenges facing AA2000 include the current run-up in
operating costs and some fundamental issues such as the political
risks inherent in operating in Argentina, along with the country's
shrinking and volatile economy.

AA2000's B1 global local currency rating reflects its global
default and loss expectation, while the Aa2.ar national scale
rating reflects the standing of AA2000's credit quality relative
to its domestic peers.  Moody's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Argentina are
designated by the ".ar" suffix.  Issuers or issues rated Aa3.ar
present below-average creditworthiness relative to other domestic
issuers.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country

The rating outlook reflects the bondholder protections embedded in
AA2000's debt structure and Moody's expectations for low revenue
volatility.  Additionally, Moody's assumes that the evolving
global macroeconomic situation, leading to a softening passenger
growth rate, will not be impacting the company's credit
performance dramatically.

Sustained higher than projected passenger traffic, resulting in
higher than expected revenue collections, might exert upward
pressure on the ratings.  Additional sources of upward pressure
could result from expansion of AA2000's size or geographic
diversification, as well as from an improving business environment
in Argentina that leads to an improving aeronautical and non
aeronautical business.

Factors that could have negative implications for the rating would
include passenger traffic flows that are substantially less than
projected on a sustained basis, a prolonged ability to adjust
rates and tariffs as needed going forward, and/or unfavorable
changes to the terms of the Concession Agreement.

Headquartered in Buenos Aires, Argentina, AA2000 was incorporated
in 1998 after winning the national and international bid for the
concession rights related to the "Group A" airports of the
Argentine National Airport System.  The concession agreement
expires in 2028.  AA2000's shareholders are Societa per Azioni
Esercizi Aeroportuali S.E.A (10%), Corporacion America
Sudamericana S.A (35%), Corporacion America S.A (54%) and Riva
SAICFyA (1%).


* ARGENTINA: Political Storm May Curb Economic Rebound
------------------------------------------------------
Argentine President Cristina Fernandez de Kirchner's face-off with
the nation's courts and lawmakers may slow a recovery in the
economy from its worst year since 2002, Eliana Raszewski and Drew
Benson at Bloomberg News report, citing former Finance Secretary
Daniel Marx.

According to the report, Mr. Marx said that the fight over
President Fernandez's plan to use US$6.6 billion in central bank
reserves for paying debt will deter investments even if the
government manages to restructure US$20 billion in defaulted debt,
Marx said.  The report relates Goldman Sachs Group Inc. said that
a slower recovery will also limit gains for growth-linked dollar
securities known as GDP warrants.

Argentina will now expand by less than the 6% expected before
political tensions erupted, Mr. Marx told Bloomberg News in a
telephone interview.   "It's preferable to have a country where
there are disagreements but a working relationship that can
produce a convergence of opinions about basic factors," the report
quoted Mr. Marx as saying.  "When that doesn't happen, investment
retracts," he added.

Bloomberg News notes Economy Minister Amado Boudou said that
Argentina is awaiting a response from the U.S. Securities and
Exchange Commission on its proposal to swap bonds that were held
out of a 2005 restructuring and plans to make an offer to
creditors by the end of this month.  The report relates Mr. Marz
said that a renegotiation of that debt should enable the country
to tap international credit markets for the first time since the
2001 default, spurring investment.

Argentina's economy is set to grow 3.3 percent this year after
shrinking 4.4 percent in 2009, the first contraction since an 11
percent retreat in 2002, New York-based Morgan Stanley said in a
report obtained by Bloomberg News.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires.  At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating.  The outlook on the local and foreign
currency long-term issuer credit ratings is stable.


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


COSAN SA: Cosan Limited Rated 'Buy,' at Citigroup Inc
-----------------------------------------------------
Laura Price at Bloomberg News reports that Cosan Limited the
holding company of Cosan SA Industria & Comercio, was initiated
with a "buy" recommendation at Citigroup Inc.  The report relates
that Citigroup gave the company a price estimate of US$14.

"The current discount of 21% between CZZ and the value of its
assets is too high," Tereza Mello and Felipe Jiman Koh, analysts
at Citigroup, wrote in a research report obtained by Bloomberg
News.  "Given the traditional holding company discount and a lower
likelihood that minority shareholders at CZZ will be hurt," the
analysts added.

Cosan S.A. Industria e Comercio 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.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 3, 2010, 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.


INTERCONEXION ELECTRICA: Cteep to Raise US$43M From Placement
-------------------------------------------------------------
The board of Brazilian electric power transmission company Cteep
approved the company to raise BRL76.8 million (US$43 million)
through a private placement of shares, Rogerio Jelmayer at Dow
Jones Newswires reports.

According to the report, the company said that it will issue 1.58
million shares, to be subscribed by its current shareholders.

Cteep is 37.5%-owned by Colombian energy company Interconexion
Electrica SA and 35%-owned by Brazilian government energy company
Eletrobras.

                      About Interconexion Electrica

Interconexion Electrica SA is Colombia's state-run transmission
firm.

                           *     *     *

As of January 13, 2010, the company continues to carry Standard
and Poor's BB+ LT Issuer Credit ratings.


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


CASTLEGROVE CAYMAN: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Castlegrove Cayman Inc 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


CECIL LTD: Commences Wind-Up Proceedings
----------------------------------------
Cecil Ltd. commenced wind-up proceedings on December 14, 2009.

Only creditors who were able to file their proofs of debt by
January 15, 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


DELFINA CAPITAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Delfina Capital Master Fund received, on
January 11, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

Russell Smith is the company's liquidator.


DELFINA CAPITAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Delfina Capital Fund received, on January 11, 2010,
the liquidator's report on the company's wind-up proceedings and
property disposal.

Russell Smith is the company's liquidator.


DIGIWIN SYSTEMS: Commences Wind-Up Proceedings
----------------------------------------------
Digiwin Systems Group Holding Corp. commenced wind-up proceedings
on December 14, 2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Richard Finlay
         c/o Richard Barton
         Telephone: (345) 814 7366
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


FENICE INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Fenice Investments 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:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands


HORSE OPPORTUNITIES: Commences Wind-Up Proceedings
--------------------------------------------------
Horse Opportunities Ltd. commenced wind-up proceedings on
December 14, 2009.

Only creditors who were able to file their proofs of debt by
January 15, 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


ISOLINA LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Isolina Limited commenced wind-up proceedings on December 15,
2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Eagle Holdings Ltd.
         c/o Barclays Private Bank & Trust (Cayman) Limited
         FirstCaribbean House, 4th Floor
         P.O. Box 487, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-7128


LEHMAN BROTHERS: Proposes to Pay Fees & Expenses of Cayman SPVs
---------------------------------------------------------------
Lehman Brothers Special Financing Inc. seeks court approval to
pay the fees and expenses of Cayman-based special purpose
vehicles to avoid their possible dissolution.

The SPVs are at risk of being dissolved by the Registrar of
Companies in the Cayman Islands because of their failure to pay
off their annual fees as well as other charges, according to
LBSF's attorney, Jacqueline Marcus, Esq., at Weil Gotshal &
Manges LLP, in New York.  About US$690,162 in fees is due to the
Registrar, Ms. Marcus says.

Lehman Brothers Inc., the broker-dealer unit of Lehman Brothers
Holdings Inc., is actually the one obligated to pay the fees and
expenses pursuant to its agreements with each of the SPVs.  LBI,
however, has not paid those fees since 2008.

"If the Cayman SPVs are dissolved, LBSF's ability to realize a
return on the transactions will be put in serious jeopardy," says
Ms. Marcus, referring to the numerous swap transactions LBSF
reached with the SPVs in which about US$900 million is at stake.

"The outstanding fees of the Cayman SPVs must be paid to ensure
that the Cayman SPVs are returned to good standing," Ms. Marcus
says in court papers.

The Court will hold a hearing on March 17, 2010, to consider
approval of the proposed payment.  Deadline for filing objections
is March 10, 2010.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LIBERATION INVESTMENTS: Commences Liquidation Proceedings
---------------------------------------------------------
Liberation Investments, Ltd. commenced liquidation proceedings on
December 11, 2009.

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

The company's liquidator is:

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


LION/RALLY CAYMAN: Commences Wind-Up Proceedings
------------------------------------------------
Lion/Rally Cayman 11 commenced wind-up proceedings on December 9,
2009.

Only creditors who were able to file their proofs of debt by
February 3, 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 KY1-9002, Cayman Islands


LISOTTA INVESTMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Lisotta Investment Ltd. 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


MARILU INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Marilu Investment Ltd. commenced wind-up proceedings on
December 14, 2009.

Only creditors who were able to file their proofs of debt by
January 15, 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


MONTBLANC OPPORTUNITIES: Commences Wind-Up Proceedings
------------------------------------------------------
Montblanc Opportunities Ltd. commenced wind-up proceedings on
December 14, 2009.

Only creditors who were able to file their proofs of debt by
January 15, 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


PHAEDRA INVESTMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Phaedra Investment Ltd. 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


QUEENLY INVESTMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Queenly Investment Ltd. commenced wind-up proceedings on
December 14, 2009.

Only creditors who were able to file their proofs of debt by
January 15, 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


ROTHORN INVESTMENTS: Commences Wind-Up Proceedings
--------------------------------------------------
Rothorn Investments Ltd. commenced wind-up proceedings on
December 14, 2009.

Only creditors who were able to file their proofs of debt by
January 15, 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


SR BOONE: Commences Liquidation Proceedings
-------------------------------------------
SR Boone Capital Offshore Feeder MA Ltd. commenced liquidation
proceedings on December 10, 2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe, London


SR EDINBURGH: Commences Liquidation Proceedings
-----------------------------------------------
SR Edinburgh Limited commenced liquidation proceedings on
December 11, 2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe, London


SR LATIGO: Commences Liquidation Proceedings
--------------------------------------------
SR Latigo Master MA Ltd. commenced liquidation proceedings on
December 11, 2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe, London


SR LUCERNE: Commences Liquidation Proceedings
---------------------------------------------
SR Lucerne Mid Cap MA Ltd. commenced liquidation proceedings on
December 10, 2009.

Only creditors who were able to file their proofs of debt by
January 25, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Swiss Re Services Limited
         30 St Mary's Axe, London


SUPREMO INTERNATIONAL: Commences Wind-Up Proceedings
----------------------------------------------------
Supremo International Ltd. commenced wind-up proceedings on
December 14, 2009.

Only creditors who were able to file their proofs of debt by
January 15, 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


TARBENIAN LEASING: Commences Wind-Up Proceedings
------------------------------------------------
Tarbenian Leasing Limited commenced wind-up proceedings on
December 9, 2009.

Only creditors who were able to file their proofs of debt by
January 14, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Scott Aitken
         Connan Hill
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         c/o Isabel Mason
         Telephone: 345 949-7755
         Facsimile: 345 949-7634


TT EUROPE: Commences Liquidation Proceedings
--------------------------------------------
TT Europe Liquidfunds Limited commenced liquidation proceedings on
December 11, 2009.

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

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
         e-mail: jchailler@deloitte.com


TT EUROPE: Commences Liquidation Proceedings
--------------------------------------------
TT Europe Liquidfund Inc. commenced liquidation proceedings on
December 11, 2009.

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

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
         e-mail: jchailler@deloitte.com


UBS AIS: Commences Liquidation Proceedings
------------------------------------------
UBS AIS Strategy Fund - Relative Value Limited commenced
liquidation proceedings on December 14, 2009.

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

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
         e-mail: jchailler@deloitte.com


UBS AIS: Commences Liquidation Proceedings
------------------------------------------
UBS AIS Strategy Fund - Relative Value (Feeder) Limited commenced
liquidation proceedings on December 14, 2009.

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

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
         e-mail: jchailler@deloitte.com


UBS AIS: Commences Liquidation Proceedings
------------------------------------------
UBS AIS Strategy Fund - Trading Limited commenced liquidation
proceedings on December 14, 2009.

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

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
         e-mail: jchailler@deloitte.com


UBS AIS: Commences Liquidation Proceedings
------------------------------------------
UBS AIS Strategy Fund - Trading (Feeder) Limited commenced
liquidation proceedings on December 14, 2009.

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

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
         e-mail: jchailler@deloitte.com


UBS GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
UBS Global Alpha Strategies (Danish Krone) Limited commenced
liquidation proceedings on December 14, 2009.

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

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
         e-mail: jchailler@deloitte.com


UBS GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
UBS Global Alpha Strategies (Swiss Franc) Limited commenced
liquidation proceedings on December 14, 2009.

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

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
         e-mail: jchailler@deloitte.com


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


CHIQUITA BRANDS: Expanded Partnership for Biodiversity Project
--------------------------------------------------------------
Chiquita Brands International, Inc., has expanded partnership for
its San San Pond Sak biodiversity project located in the border
region of Panama and Costa Rica.  The German government
development corporation GTZ and the Costa Rican banana industry
body CORBANA have joined with Chiquita, local authorities and
German retailer REWE to support this existing and thriving
sustainability project.

"Chiquita is committed to supporting important environmental
sustainability projects wherever we operate," said Fernando
Aguirre, chairman and chief executive officer.  "The addition of
GTZ and CORBANA to our San San Pond Sak biodiversity project will
further strengthen our sustainability efforts. We are especially
pleased to expand our alliance in 2010 as the United Nations has
designated it the International Year of Biodiversity.
Environmental sustainability is a wise investment in the future
and is a duty we have as global citizens."

In 2008, Chiquita and REWE signed a partnership agreement to
jointly protect endangered habitats and species in the protected
wetlands of the San San Pond Sak reserve, situated close to
Chiquita's banana farms in Panama and Costa Rica.  Subsequently,
in June of 2009, Chiquita and REWE planted the first tree on a 130
hectare property donated by the two companies.

REWE, GTZ and CORBANA formalized their agreement to protect
biodiversity and work with communities and local public agencies
in the coastal regions of Bocas (Panama) and Sixaola (Costa Rica),
on both sides of the Panama-Costa Rica border.  This public-
private partnership is based on the conviction that the
exceptional biodiversity of the region can only be preserved for
future generations if communities, companies and farmers, civil
society organizations and governmental institutions work together.

The expanded alliance is formalized in a 3-year public-private
partnership committed to biodiversity, environmental education,
community development, new income sources for inhabitants
(including a special focus on women and indigenous communities),
and becoming a model of international cooperation.  GTZ provides
an important source of funding and expertise, whereas CORBANA
represents one of Costa Rica's most important agricultural
activities, and has farms and forest properties close to the
Panamanian border in the Sixaola region.  In making this
commitment, the partners are contributing to a conservation
initiative supported by the governments of the region, the
Mesoamerican Biological Corridor.

The partners declared, "We, the signatories of this public private
agreement, are delighted to have this opportunity to contribute
with our skills and resources to an initiative which we hope will
be of lasting benefit to the people and the environment of this
beautiful region.  We cordially invite all interested parties to
join us in this endeavor.  We consider it our privilege and duty
to work closely with local communities, private and public
institutions, governmental authorities, and all those who share
our objectives."

                     About Chiquita Brands

Chiquita Brands International, Inc. -- http://www.chiquita.com/--
is markets and distributes fresh and value-added food products --
from bananas and other fruits to nutritious blends of green
salads.  The company markets its products under the Chiquita(R)
and Fresh Express(R) premium brands and other related trademarks.
The company has annual revenues of nearly US$4 billion, and
employs roughly 23,000 people.

The company's pricipal subsidiaries are: Chiquita Brands, Inc.;
Chiquita Brands Company, North America; Chiquita Citrus Packers,
Inc. (80%); Chiquita Frupac Inc.; Solar Aquafarms, Inc.; Compania
Mundimar, S.A. (Costa Rica); Dunand et Compagnie des Bananas, S.A.
(France; 94%); United Brands Japan, Ltd. (95%); Chiquita Banana
Company B.V. (Netherlands).

                          *     *     *

As reported in September 7, 2009, Standard & Poor's Ratings
Services said it raised its ratings on Cincinnati, Ohio-based
Chiquita Brands International Inc. by one notch, including the
corporate credit rating to 'B' from 'B-'.  The outlook is stable.
About US$695 million of debt was outstanding as of June 30, 2009.


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


PETROECUADOR: Taps SK E&C to Complete Structure of Refinery
-----------------------------------------------------------
SK Engineering & Construction signed a US$12.5 billion contract to
complete the basic engineering of oil refinery Refineria del
Pacifico in Ecuador, By Kim Hyun-cheol at The Korean Time reports.
The refinery is a joint venture between Ecuador's state-run
Petroecuador, who will have a 51% stake, and Petroleos de
Venezuela, who will have the rest.

According to the report, Refineria del Pacifico, which will be
built in the coastal Manabi province, is projected to begin
operation in December 2013 with an oil refining capacity of
300,000 barrels per day.  The report relates Carlos Proano, the
head project manager, said that Ecuador expects the new facility
to help meet its domestic demand for petroleum and create more
exports.  "We will be able to diversify our production, and have
comparative and competitive advantages," the report quoted Mr.
Proano as saying.

                         About Petroecuador

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

                           *     *     *

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

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

                           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 of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


PETROLEOS DE VENEZUELA: SK E&C to Complete Structure of Refinery
----------------------------------------------------------------
SK Engineering & Construction signed a US$12.5 billion contract to
complete the basic engineering of oil refinery Refineria del
Pacifico in Ecuador, By Kim Hyun-cheol at The Korean Time reports.
The refinery is a joint venture between Ecuador's state-run
Petroecuador, who will have a 51% stake, and Petroleos de
Venezuela, who will have the rest.

According to the report, Refineria del Pacifico, which will be
built in the coastal Manabi province, is projected to begin
operation in December 2013 with an oil refining capacity of
300,000 barrels per day.  The report relates Carlos Proano, the
head project manager, said that Ecuador expects the new facility
to help meet its domestic demand for petroleum and create more
exports.  "We will be able to diversify our production, and have
comparative and competitive advantages," the report quoted Mr.
Proano as saying.

                         About Petroecuador

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

                           *     *     *

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

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

                           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 of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


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


AIR JAMAICA: Assures Smooth Transition to Caribbean Airlines Mng't
------------------------------------------------------------------
Air Jamaica Limited is seeking to assure there will be a smooth
transition when its operations are taken over by Caribbean
Airlines on April 12, Go-Jamaica News reports.

As reported in the Troubled Company Reporter-Latin America on
March 9, 2010, South Florida Caribbean News said that Air Jamaica
has revealed important points to note as the airline will begin
the transition to Caribbean Airlines:

  -- The transition to Caribbean Airlines will be phased over
     a period of up to one year, in order to ensure that
     customers will continue to be provided with the best
     possible travel experience.

  -- Air Jamaica aircraft will continue to be utilized during the
     transition period.

  -- Current Air Jamaica pilots, flight crews and ground staff
     will operate the aircraft for the schedule already
     published.

  -- All customer services, including reservations, Web site and
     sales, will continue to operate for a period of time.

                       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: Bahamasair Questions Jamaica Route "Viability"
-----------------------------------------------------------
Neil Hartnell at Tribune Business News reports that Bahamasair
airline is backing away from taking over the Nassau-Kingston route
dropped by Air Jamaica Limited as it has "questions over
viability" concerning that service.  The report relates Bahamasair
Chairman J. Barrie Farrington said that while the airline had
already assessed the route's viability in an initial discussion
paper, Bahamasair had to be careful about how it deployed its
existing fleet given its ongoing financial challenges, and did not
want to start service only to have to schedule its planes to other
destinations.

"We've done an initial paper on [the Nassau-Kingston route]," the
report quoted Mr. Farrington as saying.  "We're not sure the
numbers work for us, and have got to be careful that we don't
deploy our resources in a way that adversely affects our
operations.  We've not come down on it one way or another, but
there are questions over the viability of any route to Jamaica.
. . . With a limited fleet, it increases the risk of providing
service in an area that is untried," he added.

As reported in the Troubled Company Reporter-Latin America on
January 22, 2010, The Nassau Guardian said that Air Jamaica
Limited is considering dropping its Nassau route.  Airline CEO
Bruce Nobles told The Guardian that the move is part of a possible
acquisition of the national airline by Caribbean Airlines,
although no decisions have been made as yet.

                        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
March 4, 2010, Moody's Investors Service raised its ratings of Air
Jamaica Limited; corporate family and senior unsecured notes each
to B3 from Caa1.  The outlook is stable.  The upgrades follow the
March 2, 2010 upgrade of the foreign currency bond rating of The
Government of Jamaica to B3 from Caa1.

According to 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.


DIGICEL GROUP: FTC Still Reviewing Claro's Anti-Competitive Claim
-----------------------------------------------------------------
Fair Trading Commission has not yet arrived at a position
regarding the complaint lodged by Claro Jamaica against Digicel
Limited.  The report relates David Miller, Executive Director of
the Commission, confirmed that the complaint was lodged three
weeks ago.

However, the report notes, Mr. Miller said that the matter is
still under review.  "The staff is looking at it keenly with a
view to deciding what further information we will need from both
Claro and Digicel in order to come up with a position," the report
quoted Mr. Miller as saying.

As reported in the Troubled Company Reporter-Latin America on
February 16, 2010, RadioJamaica said that Claro Jamaica has filed
a complaint with the Fair Trading Commission regarding what it
claims are anti-competitive practices by Digicel Limited.
According to the report, Claro wrote to the FTC asking it to
investigate the actions of Digicel, in choosing to offer one
telecoms carrier a lower cross network rate than it offers Claro.
The report related that Claro said Digicel's action is in clear
violation of the Fair Competition Act which states that an entity
shall not apply dissimilar conditions to equivalent transactions
with other trading parties, which would place them at a
competitive disadvantage.  Claro, the report noted, said it
negotiated agreements with two other telecoms providers to lower
the cross network charges and this has resulted in it being able
to pass on lower rates to consumers.

                       About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets.  By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1


JAMAICAN CREDIT: S&P Shifts Watch on 'B' Rating on 2001-A Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch status
of its 'B' rating on Jamaican Credit Card Merchant Voucher
Receivables Master Trust's (the trust's) US$225 million floating-
rate certificates series 2001-A due 2013 to CreditWatch with
positive implications from CreditWatch developing, where it was
placed Jan. 15, 2010.

S&P's rating on the series 2001-A certificates reflects its long-
term sovereign credit rating on Jamaica ('B-'); S&P's foreign and
local currency ratings on National Commercial Bank Jamaica Ltd.
(NCB; CCC/Watch Pos/C); and S&P's 'B' survivability assessment on
NCB, which addresses the bank's ability to acquire the necessary
Visa and MasterCard merchant voucher assets to service the
transaction even under a state of selective default or other
financial impairment.  The rating also reflects S&P's view of the
transaction's strong credit enhancement level through
overcollateralization and other structural features that mitigate
sovereign interference risk and other credit risks.

The rating action follows the March 1, 2010, revision of the
CreditWatch status on S&P's long-term foreign and local currency
credit ratings on NCB to CreditWatch positive from CreditWatch
developing, and the Feb. 24, 2010, raising of its long- and short-
term sovereign credit ratings on Jamaica to 'B-/C' from 'SD'
(selective default).

S&P revised the CreditWatch status of its ratings on NBC to
reflect the raising of its long-term rating on Jamaica to 'B-'
from 'SD' following the completion of the government's debt
restructuring.  NCB's high exposure to the Jamaican government's
sovereign-debt securities and loans to public entities makes it
vulnerable to the Jamaican government's debt restructuring.  S&P
is currently analyzing the impact of this restructuring on NCB's
financial profile.

S&P's 'B' survivability assessment on NCB remains three notches
above its counterparty credit rating on NCB based on its
expectation that the Jamaican government could give certain
assistance to the bank, if needed, due to NCB's significant market
share in the country, its adequate financial performance, its
large branch network, and its large deposit base.

The trust's performance has been strong since 2001.  As of January
2010, the series 2001-A transaction's quarterly debt service
coverage ratio was 6.24x, a decrease from historical levels.  In
S&P's view, this lower DSCR reflects a decline in collections due
to the global economic downturn and the fact that the transaction
has finished its interest-only payment period and has begun paying
principal.  The 6.24x DSCR meets S&P's criteria requirement for a
'B' rating.

NCB, one of Jamaica's leading banks, sold all of its existing and
future rights to receive U.S. dollar-denominated payments from
Visa International Service Association and MasterCard
International Inc. to the issuer.  The payment rights include the
amounts owed in regard to cash advances made through Plus System
Inc. or Cirrus System Inc., the cash advance systems operated by
Visa and MasterCard, respectively.  These receivables arise from
NCB's acquisition of the electronic or paper transaction vouchers
that foreign cardholder charges generate when cardholders use
NCB's voucher processing services.

                       Creditwatch Revised

Jamaican Credit Card Merchant Voucher Receivables Master Trust -
                          Series 2001-A

                    Rating
                    ------
  Series         To               From           Amount (mil. US$)
  ------         --               ----           -----------------
2001-A         B/Watch Pos      B/Watch Neg                225.0


====================
P U E R T O  R I C O
====================


VISTEON CORP: To Settle Condemnation Suit With Puerto Rico
----------------------------------------------------------
Visteon Corp. and its units ask the Court to authorize them to
enter into a settlement agreement with the Commonwealth of Puerto
Rico with respect to a condemnation of a certain property located
in Puerto Rico.

Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, relates that Debtor Visteon Caribbean, Inc.
and Plaza Noreste, S.E., executed an Offer and Purchase Agreement
dated June 1, 1998, pursuant to which Visteon Caribbean granted
to Plaza Noreste an option to purchase 26.78 acres of land
located at the Canovanas Industrial Zone, in Canovanas, Puerto
Rico.  The Commonwealth of Puerto Rico, however, (i) filed a
lawsuit in October 2000 in the Court of First Instance of Puerto
Rico, San Juan Part, for condemnation of the Canovanas Property,
and (ii) named Visteon Caribbean, Plaza Noreste, and Eduardo
Ferrer Bolivar, managing partner of Plaza Noreste, as parties-in-
interest in the action.  Puerto Rico deposited US$1,113,000 with
the Puerto Rico Court as the estimated just value of the
Canovanas Property.  At the time of the lawsuit filing, Plaza
Noreste had not exercised its option to purchase the Property.

By May 2004, the Puerto Rico Circuit Court of Appeals issued a
judgment finding that the named condemnation parties could remain
as parties-in-interest in the Condemnation Litigation, but that
Visteon Caribbean would be the only party permitted to litigate
the just value of the Property.

Thereafter, Visteon Caribbean and Plaza Noreste presented their
own appraisal of the Property based on different zoning
classifications.  They subsequently entered into a release and
settlement agreement in October 2004, whereby (i) Visteon
Caribbean agreed to consent to any settlement offer that would
cause it to receive at least US$4,200,000 net, (ii) Visteon
Caribbean would be entitled to a minimum of US$4,200,000 for any
settlement offer less the US$1,113,000 amount already received by
Visteon Caribbean's counsel; (iii) any award in excess of
US$4,200,000 would be paid first to reimburse Plaza Noreste's
counsel fees and expenses, and then to Visteon Caribbean's fees
and expenses associated with the Condemnation Litigation -- with
any remaining amount to be divided between Visteon Caribbean and
Plaza Noreste in the proportions of 20% and 80% respectively; and
(iv) in exchange for the consideration, Plaza Noreste and Mr.
Ferrer would release Visteon Caribbean from any and all claims,
debts and liabilities arising from the Condemnation Litigation.

By September 4, 2007, Visteon Caribbean appraised the just value
of the Property at US$17,300,000 based on a "commercial" zoning
classification.

By February 1, 2008, Puerto Rico appraised the just value of the
Property at US$14,600,000 based on a "commercial" zoning
classification at the time of the Condemnation Litigation's
filing and prior to netting amounts in connection with certain
environmental issues on the Property.  The appraisal then
deducted an aggregate amount of US$8,600,000 in connection with
those environmental issues, resulting in a valuation of
US$6,000,000, about US$1,113,000 of which Puerto Rico had paid at
the commencement of the Condemnation Litigation.

Pursuant to its 2008 appraisal, Puerto Rico made two payments,
aggregating US$4,887,000, in 2008 to Visteon Caribbean plus
US$1,154,470 in interest, as consideration for the Property's
condemnation.  Visteon Caribbean subsequently distributed the
payments pursuant to the terms of the 2004 Release and
Settlement, but continued to pursue the interest of the
Condemnation Parties in the Condemnation Litigation.

After engaging in extensive, arm's-length negotiations, the
Parties seek to enter into a settlement agreement to resolve the
disputed valuation of the Property, which provides that:

  (a) Puerto Rico Industrial Development Corporation will pay
      Visteon Caribbean a settlement amount of US$7,250,000 in
      eight quarterly installments:

       * An initial payment of US$2,000,000 will be made on or
         before June 30, 2010.

       * Four quarterly payments of US$812,500 each will be made
         on or about the 30th day of September 2010, December
         2010, March 2011, and June 2011.

       * Two payments of US$666,666 each will be made on or about
         the 30th day of September and December 2011.

       * A final payment of US$666,666 will be made on or about
         March 30, 2012.

  (b) The settlement amount will be deposited at the Puerto Rico
      Court and is in addition to the amounts Puerto Rico paid
      in 2000 and 2008, for a total payment to Visteon Caribbean
      on behalf of the Condemnation Parties of US$13,250,000,
      excluding interest; and

  (c) In exchange, the Condemnation Parties will release Puerto
      Rico from any further claims regarding the just value of
      the Property.

A full-text copy of the Settlement Agreement is available for
free at http://bankrupt.com/misc/Visteon_PuertoAgreement.pdf

                        About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


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


AXTEL SAB: Moody's Downgrades Corporate Family Rating to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family and
senior unsecured debt ratings of Axtel, S.A.B. de C.V. to Ba3 from
Ba2.  The downgrade reflects Moody's expectations that Axtel's
operating performance is likely to remain pressured given the
competitive environment and that it will be difficult for the
company to reverse the negative free cash flow generation in the
near term due to the need to maintain high capital expenditures.
The outlook is stable.

Axtel's Ba3 ratings reflect the company's small revenue size and
lack of free cash flow generation, which Moody's expects will
continue mainly due to large growth capital expenditures.  In
addition, Axtel's ratings reflect the operating challenges arising
from strong competition from incumbent Telmex and Cable TV
operators as well as wireless substitution.  Balancing these
credit negatives is Axtel's solid EBITDA margin and management's
largely prudent financial policies.  Also, the competitive risk is
somewhat mitigated by Axtel's stronger customer mix: as of
December 2009, business customers represented 35% of lines in
service but a high 79% of total revenues, which reduces the threat
from triple-play cable voice offerings.

While Moody's recognize that Axtel's management has followed
prudent financial practices and that the company's current
liquidity position and debt maturity profile are adequate, the
intense competitive environment is expected to continue to place
pressure on the company's operating margins and cash generation,
making it a challenge to sustain its leverage tolerance level of 3
times debt to EBITDA, if capital expenditure requirements remain
elevated.

The stable ratings outlook is based on Moody's expectations that
Axtel will be able to improve operating results as the initial
WiMax problems have been resolved and that the company will
maintain its conservative financial policies and strong liquidity.

The WiMax technology should provide the basis for Axtel's revenue
growth as it offers mobility and higher bandwidth for data
services, thus improving its competitiveness against both fixed
line and mobile operators.  However, strong competitive pressures
to offer new services and bundles, including wireless and video
services, has forced the company to carry on higher than expected
operating and capital expenditures, placing continued negative
pressure on FCF generation.

Going forward, to the extent that Axtel is successful at lowering
subscriber disconnections as well as increasing revenues and
margins to the point that FCF generation improves and becomes
sustainable, its ratings could be upgraded.  Conversely, should
Axtel take longer to achieve adequate and sustainable levels of
free cash flow, its ratings could undergo further negative rating
actions.  Specific factors that could trigger a ratings downgrade
include weak operating results and continuous negative free cash
flow generation with limited prospects of a recovery.  Moody's
will closely monitor the company's interest coverage ratio, as
measured by EBITDA minus capex to interest expenses, and
debt/EBITDA ratio.  An underperformance of the company's business
or a major acquisition/capital investment that drive adjusted
debt/EBITDA above 3 times would put negative pressure on Axtel's
ratings.

Axtel's liquidity is adequate as cash on hand plus short term
investments cover debt maturing in the next 12 months.  Axtel's
ratings assume that the final legal decision about interconnection
rates, whenever reached, as well a possible acquisition of
wireless spectrum, will not jeopardize Axtel's liquidity position
or debt repayment capacity given management's prudent financial
policies.

Before the rating actions, last action on Axtel's ratings was on
September 8, 2009, when Moody's assigned a Ba2, negative rating to
Axtel's proposed global notes due 2019.

Based in Monterrey, Mexico, Axtel is a competitive local telephone
company providing bundled products including voice, data and
Internet services to business and residential users within Mexico.
Axtel provides telecommunications services using a suite of
technologies including FWA, WiMAX, copper, fiber-optic, point to
multipoint radios and traditional point to point microwave access,
among others.  Axtel is the second-largest fixed line telecom in
Mexico with an 8% revenues market share as of December 2009.  At
present, Axtel serves 39 cities.  In 2009, revenues reached
US$810 million with a 39.8% adjusted EBITDA margin.


CREDITO REAL: S&P Assigns 'BB-' Global Counterparty Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
global scale counterparty credit rating to Mexico-based payroll
discount lender Credito Real S.A. de C.V. SOFOM E.N.R.

At the same time, S&P affirmed its national scale ratings,
including the 'mxA-' counterparty credit rating, on the company.
The outlooks are stable.

"The ratings on Credito Real reflect its high dependence in
volatile funding sources, primarily market debt, somewhat
increasing its refinancing risk," said Standard & Poor's credit
analyst Alfonso J. Novelo.  "Also, S&P considered the firm's
balance sheet mismatch in duration, which S&P anticipate will
improve, and strong competition in payroll discount lending in
Mexico."

Somewhat offsetting these risks are the company's adequate asset
quality, improved and more stable profitability, and improvements
in adjusted capitalization.

The stable outlooks incorporate S&P's expectation that the company
will maintain profits and asset quality, and that bank lines will
become a bigger part of its funding structure.


TV AZTECA: Taps Ooyala to Test TV Everywhere Technology
-------------------------------------------------------
TV Azteca SA de CV has signed with US online video specialist
Ooyala to test the company's TV Everywhere technology, C21 Media
reports.  The report relates that the trials between the pair will
get underway later this month.

According to the report, the company's technology for the time
being is unrelated to the TV Everywhere initiative being
championed by US cable operators Time Warner and Comcast in a bid
to reduce internet piracy, but it aims to achieve similar results.

TV Azteca SA de CV is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico -- Azteca 13 and Azteca 7
-- through more than 300 owned and operated stations across the
country.  TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing US
Hispanic market, and Todito, an Internet portal for North American
Spanish speakers.

                           *     *     *

As of December 17, 2009, the company continues to carry Moody's B1
senior unsecured debt rating


* MEXICO: Moody's Assigns 'Ba2' Rating to Municipality of Benitoto
------------------------------------------------------------------
Moody's de Mexico assigned a debt rating of A1.mx (Mexican
National Scale) and Moody's Investors Service assigned a debt
rating of Ba2 (Global Scale, local currency) to the
MXN229.7 million enhanced bank loan to be obtained by the
Municipality of Benito Juarez from Banorte.

The loan has a maturity of 10 years and the interest coupon is
composed of the 28-day Mexican interbank rate plus 390 basis
points.  The loan is direct obligation of the municipality and
will be paid through a payment trust agreement with Banco
Santander as trustee.  The municipality has pledged the remaining
flows of the 50% of its participation transfers that are currently
pledged to pay a MXN 280.4 million loan (Ba1/A1.mx) with Banorte,
which was contracted in 2005 and restructured in 2008 (this loan
is also backed by other federal funds).

Rating Rationale

The A1.mx (Mexican National Scale) and Ba2 (Global Scale, local
currency) debt ratings assigned to the loan reflect the underlying
creditworthiness of the Municipality of Benito Juarez (B1/Baa2.mx)
supported by these legal and credit enhancements:

1.  The validity of the legal authorization of the transaction,
    which authorizes the trust to be used as a mechanism for debt
    service payment.

2.  Strong trust structure, based on an irrevocable notification
    from the municipality to the State of Quintana Roo
     (Ba1/A1.mx), to transfer the rights and flows of
    participation transfers to the trust.

3.  Strong debt service coverage ratios: under a base case
    scenario, cash flows provide 2.8x debt service coverage at the
    lowest point during the life of the loan.  Under a stress
    scenario, cash flows provide 2.3x debt service coverage at the
    lowest point during the life of the loan.  These coverage
    ratios are supported by an interest rate swap to cap interest
    rates at 9% for the first three years of the loan.  This swap
    is scheduled to be renewed over the life of the loan.

4.  Very high reserve levels: reserve funds provide 6.0x debt
    service coverage for the loan.

The Ba2 Global Scale rating assigned to the MXN229.7 million
enhanced loan, which is one notch below the Ba1 Global Scale
rating assigned to the MXN280.4 million loan contracted in 2005,
reflects risks related to the cash waterfall subordination of the
current loan to the 2005 loan.

Nevertheless, the assignment of a A1.mx National Scale rating to
the MXN229.7 million loan, which is in line with the A1.mx
National Scale rating assigned to the 2005 loan, also recognizes
1) the strong historic performance of the 2005 loan, indicating
the adequacy of remaining cash flows to cover debt service
obligations of the current loan; 2) the indirect benefits derived
from the guarantee the State of Quintana Roo provides to the 2005
loan in the form of 3% state participation transfers that flow to
the trust (given the overlapping cash flows) and 3) the very high
reserve fund of the current loan (6.0x debt service coverage),
which is well above the median of enhanced loans rated by Moody's
in Mexico and provides additional security for the loan holder.

The last rating action with respect to Benito Juarez was taken on
May 20, 2008, when Ba1/A1.mx ratings were assigned to the
restructured MXN280.4 million loan from Banobras and the
restructured MXN280.4 million from Banorte.


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


CL FINANCIAL: Former Central Bank Governor Joins Lascelles Board
----------------------------------------------------------------
A former governor of the Central Bank of Trinidad and Tobago has
joined Lascelles deMercado's board, RadioJamaica reports.  The
report relates Dr. Euric Bobb was appointed a Director with
immediate effect at a Board Meeting held following March 4's
Annual General Meeting.

According to the report, Dr. Bobb served as Trinidad's Central
Bank Governor between 1984 and 1988.  The report relates that
Dr. Bobb also worked for the World Bank in Washington as well as
the Inter American Development Bank.  He attained the post of
Chief in the Office of the President at the IDB.

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

                         About CL Financial

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

                           *     *     *

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

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


PETRONIN: Three Senior Managers Resign From Posts
-------------------------------------------------
Three senior managers of Trinidad and Tobago oil company,
Petrotrin, have tendered their resignations over the past four
months, Newsday reports.

According to the report, the three managers who held key positions
with the company are:

   -- refinery manager George Burns, who tendered his
      resignation four months ago;

   -- business development manager Marlene Lord-Lewis, who
      was in charge of developing a strategic business plan with
      US firm Accenture, and

   -- corporate communications manager Arnold Corneal, who
      resigned on march 4.

The report notes that Gillian Friday, who presently works in the
communications department, was appointed to Mr. Corneal's
position.

Newsday relates that Mr. Corneal said that he tendered his
resignation on personal grounds and had an amicable parting from
the company.

An unnamed energy industry source told Newsday that the departure
of the three high-level managers was a significant loss to the
company which had undergone major changes to its physical
infrastructure in order to survive in the international
marketplace.  Two more managers are expected to tender their
resignation over the next few weeks, the source added.


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


CITGO PETROLEUM: Judge Rules Against Firm on Water Act Lawsuit
--------------------------------------------------------------
U.S. District Judge Richard Haik has shot down efforts by Citgo
Petroleum Corp. to limit the fines and special conditions it could
face in a federal Clean Water Act lawsuit over a June 2006 oil
spill, Richard Burgewss at Advocate Acadiana Bureau reports.  The
report relates Judge Haik's ruling comes in a lawsuit filed
against CITGO by the U.S. Environmental Protection Agency and the
state Department of Environmental Quality seeking damages for a
spill.

According to the report, Judge Haik also found that CITGO violated
the Clean Water Act in the 2006 incident, but left open until
trial the question of how much the company should pay in civil
fines.  The report relates that federal and state authorities are
seeking penalties that could range from US$1,100 to US$4,300 per
barrel of spilled oil, plus reimbursement for cleanup costs and
additional US$1 million if the judge finds the spill was
intentional or caused severe damage to the environment.

CITGO, the report says, has already paid US$13 million in fines
after pleading guilty in 2008 to a criminal charge in the spill.

Meanwhile, the report relates, in the civil case, CITGO has not
disputed it violated the federal Clean Water Act with the spill.
However, the report notes, the company have argued that any civil
penalty should be offset by the US$13 million the company already
paid in the criminal case.  The trial in the civil case is set for
September 1.

As reported in the Troubled Company Reporter-Latin America on
June 30, 2008, Katc.com said that Citgo Petroleum may face
millions of dollars in penalties due to an oil spill at its Lake
Charles plant in June 2006.  A federal Clean Water Act lawsuit has
been filed for the oil spill, which closed down parts of the
Calcasieu Ship Channel for over two weeks as crews worked to
contain the oil and other waste substances from the refinery
process, 2theadvocate.com related.

                        About Citgo Petroleum

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

                           *     *     *

As reported in the Troubled Company Reporter on June 5, 2009,
Fitch Ratings affirmed the current ratings of CITGO Petroleum
Corporation but revised the company's Outlook to Negative from
Stable.

Fitch affirmed these ratings for CITGO:

  -- Issuer Default Rating at 'BB-';
  -- Senior Secured Credit Facility at 'BBB-';
  -- Secured Term Loan at 'BBB-';
  -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'.


PETROLEOS DE VENEZUELA: Curaco Refinery May Use Rental Compressors
------------------------------------------------------------------
Dan Molinski at Dow Jones Newswires reports that the Venezuela-
operated Isla refinery in Curacao, which has been completely shut
down since March 1 amid power problems and damage to an air
compressor, may have a temporary fix -- using rented compressors
hauled in from Texas.

According to the report, officials at the Curacao Utility
Operating Company, which supplies most of the electricity, steam,
water and compressed air to the refinery, said that they are
considering renting up to six moveable air compressors, which
would take about a week or so to arrive.  The report relates that
the compressors could help to allow processing to resume at the
Isla refinery, which is operated by Petroleos de Venezuela.

The CUOC officials, the report notes, added that apart from
possibly renting air compressors, they are working to repair
problems to the plant that could allow a partial restart at the
refinery by the end of this week.

                           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 of March 8, 2010, the company continues to carry Moody's "Ba1"
LC Curr Issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


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


* Moody's: Global Default Rate Falls to 11.6% in February 2010
--------------------------------------------------------------
The trailing 12-month global speculative-grade default rate fell
to 11.6% in February, down from January's level of 12.5%, said
Moody's Investors Service in its latest default report.  A year
ago, the global default rate stood at only 5.8%.  The ratings
agency's default rate forecasting model now predicts that the
global speculative-grade default rate will decline sharply to 2.9%
by the end of this year and then edge lower to 2.7% by February
2011.

"The trailing 12-month default rate will likely decline rapidly
over the next several months as the bulge of defaults that
occurred in the first half of 2009 move out of the trailing
twelve-month window," said Moody's Director of Default Research
Kenneth Emery.

In the U.S., the speculative-grade default rate edged lower from
January's 13.6% to 12.7% in February, while in Europe, the default
rate among speculative-grade issuers fell from a revised 10.9% in
January to 9.7% in February.  At this time last year, the U.S.
default rate stood at 6.5% and the European default rate was even
lower at 2.8%. Among U.S. speculative-grade issuers, Moody's
forecasting model foresees the default falling to 3.3% by December
2010 and 3.0% a year from now.  In Europe, the forecasting model
projects the speculative-grade default rate will arrive at 1.7% in
December 2010 followed by a small up-tick to 2.0% by February
2011.

Overall, only two of Moody's-rated corporate debt issuers
defaulted in February, which sends the year-to-date default count
to 10.  Both of the February defaulters were based in the U.S. In
comparison, there were 45 defaults in the first two months of last
year.  Across industries over the coming year, default rates are
expected to be highest in the Consumer Transportation sector in
the U.S. and the Business Service sector in Europe.

Measured on a dollar volume basis, the global speculative-grade
bond default rate fell from a revised level of 16.0% in January to
14.8% in February. Last year, the global dollar-weighted default
rate stood at 7.0% in February.

In the U.S., the dollar-weighted speculative-grade bond default
rate ended at 15.4% in February, down from 16.3% in January.  The
comparable rate was 8.0% in February 2009.

Moody's speculative-grade corporate distress index -- which
measures the percentage of rated issuers that have debt trading at
distressed levels -- came in at 16.5% in February, unchanged from
the revised level in January.  A year ago, the index was much
higher at 49.0%.  In the leveraged loan market, only one Moody's-
rated loan issuer -- Penton Media, Inc. -- defaulted in February.
The trailing 12 month U.S. leveraged loan default rate fell from
11.4% in January to 10.9% in February.  A year ago, the loan
default rate stood at 4.5%.

Moody's "February Default Report" is now available -- as are
Moody's other default research reports -- in the Ratings Analytics
section of Moodys.com.


                            ***********

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 * * *