TCRLA_Public/100322.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, March 22, 2010, Vol. 11, No. 056

                            Headlines



B E R M U D A

YACHTING MANAGEMENT: Creditors' Proofs of Debt Due on April 2
YACHTING MANAGEMENT: Members to Receive Wind-Up Report on April 19


B R A Z I L

CAMARGO CORREA: Cimpor Chairman Simoes Bayao Horta Resigns
EMBRAER SA: Earnings Beat Analysts' Estimates


C A Y M A N  I S L A N D S

ACADIA FUND: Commences Liquidation Proceedings
AMERICAN GUARANTY: Shareholders Receive Wind-Up Report
CAPITAL IMAGE: Commences Liquidation Proceedings
CRYSTAL FUND: Commences Liquidation Proceedings
DEVELOPMENT PARTNERS: Shareholders Receive Wind-Up Report

EMDP LIMITED: Commences Liquidation Proceedings
EMERGING EUROPE: Shareholders Receive Wind-Up Report
FOURCEE LIMITED: Commences Liquidation Proceedings
GOTHAER ALTERNATIVE: Commences Liquidation Proceedings
KIERA ASSURANCE: Commences Liquidation Proceedings

MART INVESTMENTS: Members Receive Wind-Up Report
NAUTILUS EXPLORATION: Commences Wind-Up Proceedings
OLZ PANFINANCIAL: Commences Liquidation Proceedings
POLAR CAPITAL: Commences Wind-Up Proceedings
PROMETHEAN I: Shareholders Receive Wind-Up Report

QIF OFFSHORE: Shareholders Receive Wind-Up Report
QIF OFFSHORE: Shareholders Receive Wind-Up Report
RESIDENTIAL REINSURANCE: Commences Wind-Up Proceedings
RESIDENTIAL REINSURANCE: Commences Wind-Up Proceedings
RESIDENTIAL REINSURANCE: Commences Wind-Up Proceedings

RESIDENTIAL REINSURANCE: Commences Wind-Up Proceedings
RESIDENTIAL REINSURANCE: Commences Wind-Up Proceedings
SEVEN BRIDGES: Shareholders Receive Wind-Up Report
SEVEN BRIDGES: Shareholders Receive Wind-Up Report
SFP ASIA: Commences Liquidation Proceedings

SFP ASIA: Commences Liquidation Proceedings
SSR FINANCE: Commences Liquidation Proceedings


C H I L E

DTEK HOLDING: Fitch Revises Outlook to Stable, Affirms B Ratings
MASISA SA: Credit Protection Measures Weak, Fitch Says
METINVEST BV: Fitch Revises Outlook to Stable, Keeps Low-B Ratings
MHP SA: Fitch Revises Outlook to Stable, Affirms Low-B Ratings
PJSC AZOVSTAL: Fitch Revises Outlook to Stable, Keeps Low-B Rtngs

* CHILE: Pulp, Paper, Forest Products Protection Measures Weak


D O M I N I C A N  R E P U B L I C

TORRE ATIEMAR: Reservas Bank Takes Control of Hotel


E C U A D O R

PETROECUADOR: 2009 Profit Drops 35% to US$3.28 Billion


H A I T I

* HAITI: Prime Minister Says Quake Damages Total US$15 Billion


J A M A I C A

AIR JAMAICA: Western Air to Pick Some Routes
* JAMAICA: Government May Fail First IMF Test


M E X I C O

IXE BANCO: Moody's Affirms 'BB/B' Counterparty Credit Ratings
GRUPO SENDA: Fitch Affirms Issuer Default Ratings at 'B-'
SATMEX SA: Mexican Government Considers Options For Firm


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Must Generate 200MWe to Meet 50% of Need
PETROLEOS DE VENEZUELA: JVs in FPO to Focus on Downstream Dev't


X X X X X X X X

* BOND PRICING: For the Week March 15, to March 19, 2010




                         - - - - -


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


YACHTING MANAGEMENT: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------------------
The creditors of Yachting Management Limited are required to file
their proofs of debt by April 2, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Mark W.R. Smith
         City of Hamilton
         Bermuda


YACHTING MANAGEMENT: Members to Receive Wind-Up Report on April 19
------------------------------------------------------------------
The members of Yachting Management Limited will receive on
April 19, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Mark W.R. Smith
         City of Hamilton
         Bermuda


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


CAMARGO CORREA: Cimpor Chairman Simoes Bayao Horta Resigns
----------------------------------------------------------
Christopher Bjork at Dow Jones Newswires reports that Cimentos de
Portugal SA (Cimpor)'s chairman and chief executive has resigned
after nine years at the helm.

According to the report, citing a regulatory filing, Cimpor said
Ricardo Manuel Simoes Bayao Horta has decided to step down as a
consequence of the recent "profound change in Cimpor's
shareholding structure."

As reported in the Troubled Company Reporter-Latin America on
February 18, 2010, Bloomberg News said that Camargo Correa SA
agreed to buy an additional 2.492% stake in Cimpor-Cimentos de
Portugal SGPS SA.  The report related that Camargo Correa is
buying the stake from investors indicated by Portuguese
construction company Teixeira Duarte-Engenharia e Construcoes SA
and agreed to pay EUR6.50 euros a share.

                        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';


EMBRAER SA: Earnings Beat Analysts' Estimates
---------------------------------------------
Fabiola Moura and Robin Stringer at Bloomberg News report that
Empresa Brasileira de Aeronautica SA's fourth-quarter earnings
beat analysts' estimates, boosted by a record delivery of 91
planes.

According to the report, Embraer reaffirmed its 2010 forecast of
US$5 billion in net revenue and said it had a fourth-quarter
profit of BRL167.5 million (US$93 million).  The report relates
that the 23 centavos a share profit compares with a loss of
BRL40.5 million, or 5 centavos a share, under Brazilian accounting
standards, a year earlier.  Analysts anticipated fourth-quarter
profit of BRL161.8 million, the average of five estimates compiled
by Bloomberg.

Bloomberg News notes that Embraer's deliveries rose 54% in the
fourth quarter.  The report says that company delivered 244 jets
in 2009, beating its target of 242; while sales fell 32% to BRL2.8
billion in the fourth quarter.

Embraer, the report relates, said that commercial aviation will
make up US$2.6 billion of sales this year.  Executive aviation
will provide US$1.1 billion, with the remainder of its US$5
billion forecasted net revenue coming from defense and other
businesses, the company added.

The report adds that Embraer aims to deliver 227 aircraft in 2010,
including 90 commercial jets and 137 executive planes, and said it
will invest US$300 million in its operation this year.

                         About Embraer SA

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com-- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB?Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 2, 2010, Bloomberg News said that Embraer expects its share
of the global market for regional jets seating as many as 120
passengers to fall to 40% from 54% within five years.  According
to a TCRLA report on Feb. 23, 2009, citing Bloomberg News, Embraer
would lay off around 4,200 workers, which represents 20% of its
21,362 employees, and reduced its 2009 revenue forecast by 13% due
to the global recession.


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


ACADIA FUND: Commences Liquidation Proceedings
----------------------------------------------
Acadia Fund II, Ltd commenced liquidation proceedings on
December 24, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


AMERICAN GUARANTY: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of American Guaranty & Health Care Insurance
Company received on February 22, 2010, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         James W. Ayers
         Telephone: 1-345-949-7966
         c/o Global Captive Management Ltd.
         Governor's Square, 2nd Floor, Building 3
         23 Lime Tree Bay Avenue
         P.O. Box 1363, Grand Cayman KY1-1108
         Cayman Islands


CAPITAL IMAGE: Commences Liquidation Proceedings
------------------------------------------------
Capital Image Fund commenced liquidation proceedings on January 5,
2010.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CRYSTAL FUND: Commences Liquidation Proceedings
-----------------------------------------------
Crystal Fund commenced liquidation proceedings on December 29,
2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

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 KY1-1102


DEVELOPMENT PARTNERS: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Development Partners Fund received on
February 9, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Kevin Butler
         c/o Richard Barton
         Telephone: (345) 814 7765
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


EMDP LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
EMDP Limited commenced liquidation proceedings on January 7, 2010.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         David Dyer
         PO Box 1984, Grand Cayman KY1-1104
         Cayman Islands


EMERGING EUROPE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Emerging Europe Alpha Fund received on
February 19, 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


FOURCEE LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
Fourcee Limited commenced liquidation proceedings on December 24,
2009.

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

The company's liquidator is:

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


GOTHAER ALTERNATIVE: Commences Liquidation Proceedings
------------------------------------------------------
Gothaer Alternative Investment Strategies Ltd. commenced
liquidation proceedings on January 6, 2010.

Only creditors who were able to file their proofs of debt by
February 18, 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


KIERA ASSURANCE: Commences Liquidation Proceedings
--------------------------------------------------
Kiera Assurance Company, SPC commenced liquidation proceedings on
December 18, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Stuart Jessop
         5th Floor, Windward 3
         Regatta Office Park
         West Bay Road, Grand Cayman


MART INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------
The members of Mart Investments Holdings Ltd. received on
January 29, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Philip Mosely
        PO Box 1569, George Town
        Grand Cayman KY1-1110, Cayman Islands
        Telephone: 949 4018
         Facsimile: 949 7891
         e-mail: general@caymanmanagement.ky


NAUTILUS EXPLORATION: Commences Wind-Up Proceedings
---------------------------------------------------
Nautilus Exploration Limited commenced wind-up proceedings on
January 7, 2010.

Only creditors who were able to file their proofs of debt by
February 18, 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 Sylvia Lewis
         Telephone: 949-7755
         Facsimile: 949-7634
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands


OLZ PANFINANCIAL: Commences Liquidation Proceedings
---------------------------------------------------
OLZ Panfinancial commenced liquidation proceedings on December 31,
2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Keith Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         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


POLAR CAPITAL: Commences Wind-Up Proceedings
--------------------------------------------
Polar Capital Latin American Fund Limited commenced wind-up
proceedings on December 4, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Avalon Management Limited
         Telephone: (+1) 345 769 4422
         Facsimile: (+1) 345 769 9351
         Landmark Square
         64 Earth Close, 1st Floor
         West Bay Beach, PO Box 715, George Town
         Grand Cayman KY1-1107, Cayman Islands


PROMETHEAN I: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Promethean I Master Ltd. received on
February 16, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Maricorp Services Ltd.
         c/o J. Andrew Murray
         Telephone: 345 949 9710
         Facsimile: 345 945 2188
         31 The Strand, P O Box 2075
         Grand Cayman KY1-1105


QIF OFFSHORE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of QIF Offshore Fund Ltd. received on
February 19, 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


QIF OFFSHORE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of QIF Offshore Fund II Ltd. received on
February 19, 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


RESIDENTIAL REINSURANCE: Commences Wind-Up Proceedings
------------------------------------------------------
Residential Reinsurance 2005 Limited commenced wind-up proceedings
on December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Katherine Chiazza
         Barbara Fawcitt
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         c/o Katherine Chiazza
         Telephone: 949-7553
         Facsimile: 949-6021
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


RESIDENTIAL REINSURANCE: Commences Wind-Up Proceedings
------------------------------------------------------
Residential Reinsurance 2004 Limited commenced wind-up proceedings
on December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Katherine Chiazza
         Barbara Fawcitt
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         c/o Katherine Chiazza
         Telephone: 949-7553
         Facsimile: 949-6021
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


RESIDENTIAL REINSURANCE: Commences Wind-Up Proceedings
------------------------------------------------------
Residential Reinsurance 2002 Limited commenced wind-up proceedings
on December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Katherine Chiazza
         Barbara Fawcitt
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         c/o Katherine Chiazza
         Telephone: 949-7553
         Facsimile: 949-6021
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


RESIDENTIAL REINSURANCE: Commences Wind-Up Proceedings
------------------------------------------------------
Residential Reinsurance 2001 Limited commenced wind-up proceedings
on December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Katherine Chiazza
         Barbara Fawcitt
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         c/o Katherine Chiazza
         Telephone: 949-7553
         Facsimile: 949-6021
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


RESIDENTIAL REINSURANCE: Commences Wind-Up Proceedings
------------------------------------------------------
Residential Reinsurance 2003 Limited commenced wind-up proceedings
on December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidators are:

         Katherine Chiazza
         Barbara Fawcitt
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         c/o Katherine Chiazza
         Telephone: 949-7553
         Facsimile: 949-6021
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


SEVEN BRIDGES: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Seven Bridges Offshore Fund Ltd. received on
February 19, 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


SEVEN BRIDGES: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Seven Bridges Master Fund Ltd. received on
February 19, 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


SFP ASIA: Commences Liquidation Proceedings
-------------------------------------------
The SFP Asia Master Fund Ltd. commenced liquidation proceedings on
January 6, 2010.

Only creditors who were able to file their proofs of debt by
February 8, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mark Cook
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


SFP ASIA: Commences Liquidation Proceedings
-------------------------------------------
The SFP Asia Fund Ltd. commenced liquidation proceedings on
January 6, 2010.

Only creditors who were able to file their proofs of debt by
February 8, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

         Mark Cook
         c/o Maples Finance Limited
         PO Box 1093, Boundary Hall
         Grand Cayman KY1-1102, Cayman Islands


SSR FINANCE: Commences Liquidation Proceedings
----------------------------------------------
SSR Finance Fund, Ltd commenced liquidation proceedings on
December 30, 2009.

Only creditors who were able to file their proofs of debt by
February 18, 2010, will be included in the company's dividend
distribution.

The company's liquidator is:

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


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


DTEK HOLDING: Fitch Revises Outlook to Stable, Affirms B Ratings
--------------------------------------------------------------
Fitch Ratings has revised the Outlooks on five Ukrainian companies
to Stable from Negative, following the agency's rating action on
Ukraine's sovereign ratings.  Ukraine's Long-term foreign and
local currency Issuer Default Ratings was affirmed at 'B-' and
Short-term foreign currency IDR at 'B'.  Ukraine's Country Ceiling
is affirmed at 'B-'.
The affected Ukrainian corporates and rating actions area:

DTEK Holding Limited

  -- Long-term foreign currency Issuer Default Rating (IDR):
     affirmed at 'B-'; Outlook revised to Stable from Negative.

The rating remains constrained by Ukraine's Country Ceiling of
'B-'.

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'AA+(ukr)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AA+(ukr)'

Metinvest B.V.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  The rating remains
     constrained by Ukraine's Country Ceiling of 'B-'

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'AA+(ukr)' ; Outlook
     Stable.

  -- National Short-term rating: affirmed at 'F1+(ukr)'.

PJSC Azovstal Iron and Steel Works

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.

  -- Short-term foreign currency IDR: affirmed at 'B'.

  -- Long-term local currency IDR: affirmed at 'B-; Outlook
     revised to Stable from Negative.

  -- Short-term local currency IDR: affirmed at 'B'.

  -- Senior unsecured foreign currency rating: affirmed at 'B-;
     Recovery Rating 'RR4'.

  -- National Long-term rating: affirmed at 'AA-(ukr); Outlook
     Stable.

MHP S.A.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- Senior unsecured foreign currency rating: affirmed at 'B-';
     Recovery Rating of 'RR4'.

OJSC Myronivsky Hliboproduct

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Negative.


MASISA SA: Credit Protection Measures Weak, Fitch Says
------------------------------------------------------
The Chilean pulp, paper and forest products sector was among the
sectors most negatively impacted by the Feb. 27, 2010 earthquake
and tsunami due to the high concentration of production facilities
in Regions VII and VIII of Chile, according to Fitch Ratings.  All
of the Chilean companies rated by Fitch within this sector entered
2010 with credit protection measures that were weak for the
respective rating categories.  Cash flows and debt reduction
during 2010 will likely be lower than previously forecast by Fitch
due to the temporary closing of most production facilities.  The
damages to the infrastructure in the central and southern regions
of Chile will lead to higher transportation costs for the
companies.

Challenges faced by the companies in the near-term as they seek to
restart production facilities are evaluating damage, ensuring safe
operating conditions and locating repair parts for older
equipment.  Some restarts could also be contingent upon the
availability of electricity.  The startup of pulp mills to full
capacity is a gradual process that could also lead to the
discovery of additional damage.  Many of the companies' employees
have suffered enormous losses as well, as they live in the regions
closest to the epicenter of the earthquake.  Assisting their
employees in a manner that will allow them to return to work will
also be a key component of restoring each company's operations.

The pulp, paper and forest products companies rated by Fitch carry
insurance for business disruption and damage.  Recovering proceeds
from the insurance companies, less deductibles, is expected to
take time.

Market pulp prices have risen sharply since the end of 2009 due to
low inventory levels, strong demand from China, the strike of
transport workers in Finland and the Chilean earthquake.  This
should offset some of the losses suffered by Arauco and CMPC.  As
the recovery process begins in Chile, the demand and price for
wood products should climb, benefiting both Masisa and Arauco.

Among the companies rated by Fitch, the credit ratings of Masisa
S.A. were under the most pressure at the time of the earthquake
and tsunami.  During January, the Venezuelan government sharply
devalued the Bolivar.  This was expected to negatively affect
Masisa's 2010 cash flow, as nearly 60% of its EBITDA was generated
in Venezuela during the LTM ended Sept. 30, 2009.  At the time of
the natural disaster, Masisa was in the midst of receiving bids to
purchase wood from 4,500 hectares of land it owns in Chile's
Region VII.  The uncertainty surrounding the sector at this time
has resulted in a decision by Masisa to extend the deadline for
the bids until May 28, 2010.  The sale of this wood was intended
to fund the construction of a new MDP line in Chile.

Celulosa Arauco y Constitucion S.A. (rated 'BBB+/AA(CL)'):

During the LTM ended Sept. 30, 2009, Arauco generated
US$647 million of EBITDA, a sharp decline from 2008, when the
company's EBITDA totaled US$1.138 billion.  The fall in cash
generation was primarily due to weaker prices for pulp and soft
demand for the company's sawn wood and board products.  As of
Sept. 30, 2009, Arauco had US$3.159 billion of debt and
US$657 million of cash and marketable securities.  The company has
US$454 million of scheduled debt maturities during 2010.  Arauco's
LTM leverage versus its rating category was high due to low cash
flow plus the US$165 million purchase of Brazilian board producer
Tafisa during August.  Arauco's 2009 year-end net debt was
expected to climb higher, as the company paid US$168 million
during October 2009 to enter a joint venture with Stora Enso for
the purchase of the forestry assets owned by Grupo Ence in
Uruguay.  With high pulp prices forecasted for 2010, Fitch had
projected material deleveraging by Arauco.

Arauco's operations are diversified both by product and geography.
The company has five pulp mills in Chile, with a combined annual
production capacity of 2.8 million tons, and one in Argentina that
has an annual production capacity of 350,000 tons per year.  All
of the Chilean pulp mills have been stopped since the earthquake.
The rise in pulp prices by more than US$100 per ton from the
beginning of the year, along with proceeds from insurance, should
help the company offset some of the losses associated with lost
sales volumes and damage.  The company's wood panels business
consists of 11 mills with an annual production capacity of
3.2 million cubic meters located throughout Chile, Brazil and
Argentina.  Four of these board mills are located in Chile; two of
them are now operational.

Arauco's sawmills are primarily located in Chile.  Of the seven
sawmills in Chile, four are now operational, as are four of six
remanufactured wood plants.  Both the sawn wood and board
businesses should benefit in the second half of the year from high
demand for these products as the rebuilding process begins.

Empresas CMPC S.A. (rated 'BBB+/AA(CL)'):

CMPC ended 2009 with US$2.891 billion of total debt and
US$761 million of cash and marketable securities.  Short-term
debt is manageable with at only US$139 million.  Net debt of
US$2.13 billion was substantially higher than at the end of 2008
when it totaled US$1.349 billion due to the acquisition of
Aracruz's Guaiba pulp, paper and forest assets in Brazil during
December, as well as the purchase of the Melhoramentos tissue
plant in Brazil.  CMPC's EBITDA fell to US$643 million during 2009
from US$816 million during 2008 due to weak demand and prices.
Cash flow was expected to recover sharply during 2010 due to a
more favorable price environment for pulp prices, strong local
demand for tissue, and a full year's consolidation of the
Melhoramentos tissue plant in Brazil and the Guaiba pulp and paper
mills.

The company's business divisions consist of market pulp, tissue,
paper, converted paper products and forest products.  Market pulp,
tissue and paper are the most important divisions.  During the
fourth quarter of 2009, they accounted for 51%, 21% and 17%,
respectively, of EBITDA.  The company has tissue plants located
throughout Latin America and a pulp and paper mill in Brazil.
Sales generated by the CMPC's foreign subsidiaries accounted for
27 percent of revenues during the last quarter of 2009.  CMPC has
three pulp mills in Chile with a combined capacity of 2 million
tons of pulp, and a mill in Brazil with 450,000 tons of annual
production capacity.  In general, CMPC's pulp mills were not
located as close to the epicenter of the quake as those of Arauco.
While these mills are not currently operating, Fitch expects them
to start producing pulp in the near future.  CMPC's Chilean tissue
plants are all operating.  Most of the company's paper and paper
products operations are now operating as well.  While it is
difficult to predict when the remaining plants will begin
operations, they are not as material as the company's pulp, tissue
and paper machines in terms of cash flow and reportedly have not
sustained irreparable damage.

Masisa S.A. (rated 'BB+/A-(CL)'):

Masisa is the leading producer of wood boards in Latin America
with 3.1 million cubic meters of MDF, MDP and PB capacity.  Its
plants are located in Chile, Argentina, Brazil, Venezuela and
Mexico.  During the LTM ended Sept. 30, 2009, the company
generated US$142 million of EBITDA.  The Venezuelan operation
accounted for about 60% of EBITDA while those in Chile, Argentina
and Brazil accounted for the balance.  As of Sept. 30, 2009,
Masisa had US$705 million of total debt and US$149 million of cash
and marketable securities.  Short-term debt at the end of
September was US$81 million.

Masisa's Chilean operations consist of four board manufacturing
mills with a total operational capacity of 1.1 million cubic
meters of boards.  Three of the board plants are located in Region
VIII (Mapal, Chiguayante and Cabrero), while the fourth - Valdivia
- is located in Region XIV.  Masisa also has one saw mill in
Cabrero and one door manufacturing mill in Chillan.  Overall the
damage to the company's production facilities seems to be very
minor and the cost of restoring them appears to be minimal.  Both
PB plants are operating at Valdivia, as is the company's doors
plant in Chillan and the MDF molding line in Cabrero.  The other
Chilean board mills have stopped production, but are expected to
be operating shortly.  To meet 2010 production goals, the company
intends to restart lines that were not in operation at the time of
the earthquake and add additional shifts.


METINVEST BV: Fitch Revises Outlook to Stable, Keeps Low-B Ratings
--------------------------------------------------------------
Fitch Ratings has revised the Outlooks on five Ukrainian companies
to Stable from Negative, following the agency's rating action on
Ukraine's sovereign ratings.  Ukraine's Long-term foreign and
local currency Issuer Default Ratings was affirmed at 'B-' and
Short-term foreign currency IDR at 'B'.  Ukraine's Country Ceiling
is affirmed at 'B-'.
The affected Ukrainian corporates and rating actions area:

DTEK Holding Limited

  -- Long-term foreign currency Issuer Default Rating (IDR):
     affirmed at 'B-'; Outlook revised to Stable from Negative.

The rating remains constrained by Ukraine's Country Ceiling of
'B-'.

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'AA+(ukr)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AA+(ukr)'

Metinvest B.V.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  The rating remains
     constrained by Ukraine's Country Ceiling of 'B-'

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'AA+(ukr)' ; Outlook
     Stable.

  -- National Short-term rating: affirmed at 'F1+(ukr)'.

PJSC Azovstal Iron and Steel Works

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.

  -- Short-term foreign currency IDR: affirmed at 'B'.

  -- Long-term local currency IDR: affirmed at 'B-; Outlook
     revised to Stable from Negative.

  -- Short-term local currency IDR: affirmed at 'B'.

  -- Senior unsecured foreign currency rating: affirmed at 'B-;
     Recovery Rating 'RR4'.

  -- National Long-term rating: affirmed at 'AA-(ukr); Outlook
     Stable.

MHP S.A.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- Senior unsecured foreign currency rating: affirmed at 'B-';
     Recovery Rating of 'RR4'.

OJSC Myronivsky Hliboproduct

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Negative.


MHP SA: Fitch Revises Outlook to Stable, Affirms Low-B Ratings
--------------------------------------------------------------
Fitch Ratings has revised the Outlooks on five Ukrainian companies
to Stable from Negative, following the agency's rating action on
Ukraine's sovereign ratings.  Ukraine's Long-term foreign and
local currency Issuer Default Ratings was affirmed at 'B-' and
Short-term foreign currency IDR at 'B'.  Ukraine's Country Ceiling
is affirmed at 'B-'.
The affected Ukrainian corporates and rating actions area:

DTEK Holding Limited

  -- Long-term foreign currency Issuer Default Rating (IDR):
     affirmed at 'B-'; Outlook revised to Stable from Negative.

The rating remains constrained by Ukraine's Country Ceiling of
'B-'.

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'AA+(ukr)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AA+(ukr)'

Metinvest B.V.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  The rating remains
     constrained by Ukraine's Country Ceiling of 'B-'

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'AA+(ukr)' ; Outlook
     Stable.

  -- National Short-term rating: affirmed at 'F1+(ukr)'.

PJSC Azovstal Iron and Steel Works

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.

  -- Short-term foreign currency IDR: affirmed at 'B'.

  -- Long-term local currency IDR: affirmed at 'B-; Outlook
     revised to Stable from Negative.

  -- Short-term local currency IDR: affirmed at 'B'.

  -- Senior unsecured foreign currency rating: affirmed at 'B-;
     Recovery Rating 'RR4'.

  -- National Long-term rating: affirmed at 'AA-(ukr); Outlook
     Stable.

MHP S.A.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- Senior unsecured foreign currency rating: affirmed at 'B-';
     Recovery Rating of 'RR4'.

OJSC Myronivsky Hliboproduct

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Negative.


PJSC AZOVSTAL: Fitch Revises Outlook to Stable, Keeps Low-B Rtngs
-----------------------------------------------------------------
Fitch Ratings has revised the Outlooks on five Ukrainian companies
to Stable from Negative, following the agency's rating action on
Ukraine's sovereign ratings.  Ukraine's Long-term foreign and
local currency Issuer Default Ratings was affirmed at 'B-' and
Short-term foreign currency IDR at 'B'.  Ukraine's Country Ceiling
is affirmed at 'B-'.
The affected Ukrainian corporates and rating actions area:

DTEK Holding Limited

  -- Long-term foreign currency Issuer Default Rating (IDR):
     affirmed at 'B-'; Outlook revised to Stable from Negative.

The rating remains constrained by Ukraine's Country Ceiling of
'B-'.

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'AA+(ukr)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AA+(ukr)'

Metinvest B.V.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  The rating remains
     constrained by Ukraine's Country Ceiling of 'B-'

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     revised to Stable from Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'AA+(ukr)' ; Outlook
     Stable.

  -- National Short-term rating: affirmed at 'F1+(ukr)'.

PJSC Azovstal Iron and Steel Works

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.

  -- Short-term foreign currency IDR: affirmed at 'B'.

  -- Long-term local currency IDR: affirmed at 'B-; Outlook
     revised to Stable from Negative.

  -- Short-term local currency IDR: affirmed at 'B'.

  -- Senior unsecured foreign currency rating: affirmed at 'B-;
     Recovery Rating 'RR4'.

  -- National Long-term rating: affirmed at 'AA-(ukr); Outlook
     Stable.

MHP S.A.

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- Senior unsecured foreign currency rating: affirmed at 'B-';
     Recovery Rating of 'RR4'.

OJSC Myronivsky Hliboproduct

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative.  This rating remains
     constrained by Ukraine's Country Ceiling of 'B-'.

  -- Long-term local currency IDR: affirmed at 'B'; Outlook
     Negative.

  -- National Long-term rating: affirmed at 'AA(ukr)'; Outlook
     Negative.


* CHILE: Pulp, Paper, Forest Products Protection Measures Weak
---------------------------------------------------------------
The Chilean pulp, paper and forest products sector was among the
sectors most negatively impacted by the Feb. 27, 2010 earthquake
and tsunami due to the high concentration of production facilities
in Regions VII and VIII of Chile, according to Fitch Ratings.  All
of the Chilean companies rated by Fitch within this sector entered
2010 with credit protection measures that were weak for the
respective rating categories.  Cash flows and debt reduction
during 2010 will likely be lower than previously forecast by Fitch
due to the temporary closing of most production facilities.  The
damages to the infrastructure in the central and southern regions
of Chile will lead to higher transportation costs for the
companies.

Challenges faced by the companies in the near-term as they seek to
restart production facilities are evaluating damage, ensuring safe
operating conditions and locating repair parts for older
equipment.  Some restarts could also be contingent upon the
availability of electricity.  The startup of pulp mills to full
capacity is a gradual process that could also lead to the
discovery of additional damage.  Many of the companies' employees
have suffered enormous losses as well, as they live in the regions
closest to the epicenter of the earthquake.  Assisting their
employees in a manner that will allow them to return to work will
also be a key component of restoring each company's operations.

The pulp, paper and forest products companies rated by Fitch carry
insurance for business disruption and damage.  Recovering proceeds
from the insurance companies, less deductibles, is expected to
take time.

Market pulp prices have risen sharply since the end of 2009 due to
low inventory levels, strong demand from China, the strike of
transport workers in Finland and the Chilean earthquake.  This
should offset some of the losses suffered by Arauco and CMPC.  As
the recovery process begins in Chile, the demand and price for
wood products should climb, benefiting both Masisa and Arauco.

Among the companies rated by Fitch, the credit ratings of Masisa
S.A. were under the most pressure at the time of the earthquake
and tsunami.  During January, the Venezuelan government sharply
devalued the Bolivar.  This was expected to negatively affect
Masisa's 2010 cash flow, as nearly 60% of its EBITDA was generated
in Venezuela during the LTM ended Sept. 30, 2009.  At the time of
the natural disaster, Masisa was in the midst of receiving bids to
purchase wood from 4,500 hectares of land it owns in Chile's
Region VII.  The uncertainty surrounding the sector at this time
has resulted in a decision by Masisa to extend the deadline for
the bids until May 28, 2010.  The sale of this wood was intended
to fund the construction of a new MDP line in Chile.

Celulosa Arauco y Constitucion S.A. (rated 'BBB+/AA(CL)'):

During the LTM ended Sept. 30, 2009, Arauco generated
US$647 million of EBITDA, a sharp decline from 2008, when the
company's EBITDA totaled US$1.138 billion.  The fall in cash
generation was primarily due to weaker prices for pulp and soft
demand for the company's sawn wood and board products.  As of
Sept. 30, 2009, Arauco had US$3.159 billion of debt and
US$657 million of cash and marketable securities.  The company has
US$454 million of scheduled debt maturities during 2010.  Arauco's
LTM leverage versus its rating category was high due to low cash
flow plus the US$165 million purchase of Brazilian board producer
Tafisa during August.  Arauco's 2009 year-end net debt was
expected to climb higher, as the company paid US$168 million
during October 2009 to enter a joint venture with Stora Enso for
the purchase of the forestry assets owned by Grupo Ence in
Uruguay.  With high pulp prices forecasted for 2010, Fitch had
projected material deleveraging by Arauco.

Arauco's operations are diversified both by product and geography.
The company has five pulp mills in Chile, with a combined annual
production capacity of 2.8 million tons, and one in Argentina that
has an annual production capacity of 350,000 tons per year.  All
of the Chilean pulp mills have been stopped since the earthquake.
The rise in pulp prices by more than US$100 per ton from the
beginning of the year, along with proceeds from insurance, should
help the company offset some of the losses associated with lost
sales volumes and damage.  The company's wood panels business
consists of 11 mills with an annual production capacity of
3.2 million cubic meters located throughout Chile, Brazil and
Argentina.  Four of these board mills are located in Chile; two of
them are now operational.

Arauco's sawmills are primarily located in Chile.  Of the seven
sawmills in Chile, four are now operational, as are four of six
remanufactured wood plants.  Both the sawn wood and board
businesses should benefit in the second half of the year from high
demand for these products as the rebuilding process begins.

Empresas CMPC S.A. (rated 'BBB+/AA(CL)'):

CMPC ended 2009 with US$2.891 billion of total debt and
US$761 million of cash and marketable securities.  Short-term
debt is manageable with at only US$139 million.  Net debt of
US$2.13 billion was substantially higher than at the end of 2008
when it totaled US$1.349 billion due to the acquisition of
Aracruz's Guaiba pulp, paper and forest assets in Brazil during
December, as well as the purchase of the Melhoramentos tissue
plant in Brazil.  CMPC's EBITDA fell to US$643 million during 2009
from US$816 million during 2008 due to weak demand and prices.
Cash flow was expected to recover sharply during 2010 due to a
more favorable price environment for pulp prices, strong local
demand for tissue, and a full year's consolidation of the
Melhoramentos tissue plant in Brazil and the Guaiba pulp and paper
mills.

The company's business divisions consist of market pulp, tissue,
paper, converted paper products and forest products.  Market pulp,
tissue and paper are the most important divisions.  During the
fourth quarter of 2009, they accounted for 51%, 21% and 17%,
respectively, of EBITDA.  The company has tissue plants located
throughout Latin America and a pulp and paper mill in Brazil.
Sales generated by the CMPC's foreign subsidiaries accounted for
27 percent of revenues during the last quarter of 2009.  CMPC has
three pulp mills in Chile with a combined capacity of 2 million
tons of pulp, and a mill in Brazil with 450,000 tons of annual
production capacity.  In general, CMPC's pulp mills were not
located as close to the epicenter of the quake as those of Arauco.
While these mills are not currently operating, Fitch expects them
to start producing pulp in the near future.  CMPC's Chilean tissue
plants are all operating.  Most of the company's paper and paper
products operations are now operating as well.  While it is
difficult to predict when the remaining plants will begin
operations, they are not as material as the company's pulp, tissue
and paper machines in terms of cash flow and reportedly have not
sustained irreparable damage.

Masisa S.A. (rated 'BB+/A-(CL)'):

Masisa is the leading producer of wood boards in Latin America
with 3.1 million cubic meters of MDF, MDP and PB capacity.  Its
plants are located in Chile, Argentina, Brazil, Venezuela and
Mexico.  During the LTM ended Sept. 30, 2009, the company
generated US$142 million of EBITDA.  The Venezuelan operation
accounted for about 60% of EBITDA while those in Chile, Argentina
and Brazil accounted for the balance.  As of Sept. 30, 2009,
Masisa had US$705 million of total debt and US$149 million of cash
and marketable securities.  Short-term debt at the end of
September was US$81 million.

Masisa's Chilean operations consist of four board manufacturing
mills with a total operational capacity of 1.1 million cubic
meters of boards.  Three of the board plants are located in Region
VIII (Mapal, Chiguayante and Cabrero), while the fourth - Valdivia
- is located in Region XIV.  Masisa also has one saw mill in
Cabrero and one door manufacturing mill in Chillan.  Overall the
damage to the company's production facilities seems to be very
minor and the cost of restoring them appears to be minimal.  Both
PB plants are operating at Valdivia, as is the company's doors
plant in Chillan and the MDF molding line in Cabrero.  The other
Chilean board mills have stopped production, but are expected to
be operating shortly.  To meet 2010 production goals, the company
intends to restart lines that were not in operation at the time of
the earthquake and add additional shifts.


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


TORRE ATIEMAR: Reservas Bank Takes Control of Hotel
---------------------------------------------------
National District prosecutor Alejandro Moscoso signed over the
control and administration of the luxury building Torre Atiemar to
the State-owned Reservas Bank, after it was seized from the
Spaniard Arturo del Tiempo, The Dominican Today reports.  The
report relates that Mr. del Tiempo was held in his country on
charges of drug trafficking.

According to the report, Mr. Moscoso said that the Reservas was
designated the trustee to prevent the depreciation of building,
which was built partially with a loan from that bank.  The report
relates that Mr. Moscoso said that the confiscation of the Torre
Atiemar was authorized until a ruling is handed down in the case.

Torre Atiemar is a hotel located in the upscale sector La
Esperilla.


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


PETROECUADOR: 2009 Profit Drops 35% to US$3.28 Billion
------------------------------------------------------
Petroecuador's 2009 profit dropped 35% to US$3.28 billion from
US$5.07 billion profit posted in 2008, Mercedes Alvaro at Dow
Jones Newswires reports.  A high-level Petroecuador official told
Dow Jones Newswires that the decline in profits was due to a fall
in the price of oil.

According to the report, the company's revenue totaled US$8.19
billion last year, while its costs totaled US$4.91 billion.  The
report relates that revenue from crude-oil exports reached US$4.46
billion in 2009, while oil- derivatives exports totaled US$697
million last year.

The revenue, Dow Jones Newswires notes, included money earned from
exporting Napo crude from former Occidental Petroleum Corp. fields
that the government seized in May 2006.

The report says that Petroecuador's 2009 total revenue represented
16% of Ecuador's gross domestic product.  Dow Jones Newswires,
citing an official data, relates that assets in Petroecuador last
year totaled US$7.4 billion.

The Petroecuador official said that about US$2.8 billion of the
revenues reached last year were transferred to Ecuador's fiscal
budget, the report adds.

                        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.


=========
H A I T I
=========


* HAITI: Prime Minister Says Quake Damages Total US$15 Billion
--------------------------------------------------------------
Haiti Prime Minister Jean-Max Bellerive said that damages caused
to Haiti by the January 12 quake totaled US$15 billion dollars,
The Dominican Today reports.  "It's not certain that nothing is
being done," the report quoted Mr. Bellerive as saying.

According to the report, the earthquake practically destroyed Port
au Prince, killing more than 230,000, serious injuries to more
than half a million and direct and indirect damages in the
billions of dollars, mainly on homes and businesses.


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


AIR JAMAICA: Western Air to Pick Some Routes
--------------------------------------------
Bahamas' Western Air is moving to fill the gap which will be
created when Air Jamaica Limited stops flying to that country in
just under a month, RadioJamaica reports.  The report relates that
the airline will begin direct flights to Kingston and Montego Bay,
St. James from Nassau, Bahamas next month.

According to the report, the Nassau to Kingston flights are
scheduled to start on Monday, April 12, while the Montego Bay
route will start on April 30.  The report notes that Western Air
originally applied for the routes in 2008, but only received word
from the Jamaican Civil Aviation Authority in January after Air
Jamaica announced that it was discontinuing service to the
Bahamas.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2010, Gleaner Power 106 said that Air Jamaica's
management has indicated a proposed date for the redundancy of all
employee positions at the airline.  The report related that in a
memorandum to the staff, Airline President Bruce Nobles told the
employees that the Air Jamaica management is working with
Caribbean Airlines towards a major schedule change on April 12.

                        About Air Jamaica

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

                           *     *     *

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

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


* JAMAICA: Government May Fail First IMF Test
---------------------------------------------
Camlo Thame at Jamaica Observer reports that the Jamaican
government will have to outperform by nearly US$4 billion the
original revenue target for the last two months of the current
fiscal year if it hopes to pass the International Monetary Fund's
grading this May.

According to the report, at stake is a US$100-million disbursement
from the IMF, which it will not give to the Government should
Jamaica not meet performance targets for March 31, but even then
the implications for market confidence, among other things, might
be more far-reaching should Jamaica fail the IMF's first test.
The report relates that critical to stakeholders is the primary
balance which must be met under the list of quantitative
performance criteria on which the IMF will grade the government.

The Observer notes that for the 10 months to January 2010, the
primary balance -- the difference between government revenue and
its non-debt expenditure -- was a positive US$42.7 billion
compared to a surplus of $66.9 billion that is targeted for the
full fiscal year.  The report says that the government will have
had to make US$24.2 billion more than it now estimates it will
have spent on programs, wages and capital projects over February
and March.

The Observer adds that there is another criteria that the
government may not be able to pass -- the direct debt ceiling,
which was set at US$1.26 trillion as at March 31, 2010.

                          *     *     *

According to the TCRLA on January 18, 2010, Fitch Ratings
downgraded Jamaica's long-term local currency rating
to 'C' from 'CCC'.  In addition, Fitch has affirmed Jamaica's
long-term and short-term foreign currency ratings at 'CCC' and 'C'
respectively, and affirmed the Country Ceiling at 'B-'.  Jamaica's
sovereign ratings Outlook remains Negative


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


IXE BANCO: Moody's Affirms 'BB/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its global scale
'BB/B' and 'mxA/mxA-2' CaVal counterparty credit ratings on IXE
Banco S.A.  The outlook is stable.  At the same time, S&P affirmed
its 'B' long-term rating on IXE's $120 million perpetual,
noncumulative, nonpreferred, subordinated, non-step-up notes.

"The ratings on IXE reflect the bank's poor profitability and weak
capitalization given its expansion plans and capital requirements.
Mitigating factors include the bank's improving overall commercial
position, its good funding and liquidity profile, and its
improving market share," said Standard & Poor's credit analyst
Laurence Wattraint.

S&P sees IXE's expansion strategy as expensive and presenting
growing credit risk.  In the past three years, the bank has grown
73% in deposits and has doubled its loans portfolio, becoming the
ninth-largest bank in Mexico (up from the thirteenth).  This quick
growth has come, however, at the expense of profitability and
capitalization.  IXE wants to further build up its small and
medium-sized enterprise portfolio, S&P thinks this will present a
higher level of credit risk.

The stable outlook reflects S&P's expectation that IXE's expansion
strategy will continue to benefit the bank by diversifying its
commercial portfolio and deposit base.  The outlook incorporates
S&P's belief that its operating revenues will continue to grow
positively and that capitalization will not fall below present
levels.  Furthermore, S&P does not expect NPAs to grow sharply.
"If the bank reports stagnant operating income in 2010, NPAs grow
dramatically, and its capital ratio provides insufficient support,
S&P could lower the rating.  A rating upgrade is not expected
until the bank's expansion plan leads to higher profits," Ms.
Wattraint added.


GRUPO SENDA: Fitch Affirms Issuer Default Ratings at 'B-'
---------------------------------------------------------
Fitch Ratings has affirmed Grupo Senda Autotransporte, S.A., de
C.V.'s local and foreign currency Issuer Default Ratings and its
US$150 million senior secured guaranteed notes due in 2015 at 'B-'
and 'B-/RR4', respectively.  Fitch also has removed Grupo Senda's
ratings from Rating Watch Negative and assigned a Stable Outlook
to all ratings.

The rating action results from the turnaround in the company's
operating and financial performance beginning in the second half
of 2009 (2H'09) as well as the improving business and economic
environment in Mexico.  Grupo Senda is expected to continue to
benefit from the improvement in the Mexican economy, which is
expected to grow 4% during 2010 after a contraction of 6.5% during
2009, which should further improve its operational performance and
cash flow generation.  Higher operating profits over the next
several quarters should further reduce the company's still high
financial leverage.  Recent positive operating trends coupled with
improving market conditions have help lower the high refinancing
risks faced by the company during late 2008 and the 1H'09.

Grupo Senda's ratings reflect the company's leading market
position in the highly competitive and fragmented intercity bus
passenger transportation in Mexico, and limited financial
flexibility resulting from its high financial leverage and weak
liquidity.  The ratings also incorporate industry-related risks
such as seasonal fluctuations in passengers, cyclicality risk
affecting the personnel segment, and volatile fuel costs.
Positively, the company benefits from the importance of bus
transportation within Mexico that results from income constraints
that limit the ability of many people to use more expensive
alternative means of transportation such as automobiles or
airlines.  Grupo Senda is exposed to foreign exchange risks as 90%
of its revenues are in Mexican pesos and most of its debt is
denominated in U.S. dollars.

Turnaround Beginning To Take Hold:

Grupo Senda's cash flow generation, measured by EBITDA, began
trending positive during the 2H'09.  EBITDA for the first,
second, third, and fourth quarters of 2009 reached levels of
MXN81 million, MXN94 million, MXN167 million, and MXN187 million,
respectively.  EBITDA improvement was driven by tariff increases
of approximately 20% in the 2H'09 and resulted in margins of over
20% during the 2H'09.  For the year ending December 2009, EBITDA
total MXN528 million, which positively compares with the company's
latest 12 months EBITDA of MXN435 million ending June 2009; EBITDA
in fiscal 2009 was still 14% and 28% below EBITDA levels reached
during fiscal 2008 and 2007, respectively.

In addition to stronger fares, Grupo Senda rationalized several of
its routes, which helped boost financial results; operating
margins per bus decreased from MXN9,000 in the fourth quarter 2008
(4Q'08) to MXN -2,700, and MXN2,000 in the 1Q'09 and 2Q'09,
respectively, then increasing to MXN31,700 and MXN32,900 during
the 3Q'09 and 4Q'09, respectively.  The company's operating margin
per kilometer was MXN1.0 and MXN1.2 during the 3Q'09 and 4Q'09,
respectively.  These levels compare favorably with those reached
during the 1Q'09 and 2Q'09, MXN -0.1/km and MXN0.1/km,
respectively.

Liquidity Remains Weak:

Grupo Senda's cash position remains weak and it would continue to
have a high dependency on third parties to cover its liquidity
position as well as roll over short-term debt.  As of Dec. 31,
2009, Grupo Senda had MXN146 million of consolidated cash and
marketable securities and MXN375 million of short-term debt,
including MXN60 million in used credit lines.  The company's
financial strategy is to continue rolling over its short-term
debt, while trying to achieve a major refinancing, which would
allow the company to reduce the debt payments due in 2010 and 2011
of MXN375 million and MXN365 million, respectively.

Historically, the company's cash position has been low relative to
short-term debt.  The company's liquidity position, measured by
the ratio of cash to short-term debt was 0.39 times (x) by the end
of December 2009, which negatively compares to the levels the
company reached by the end of December 2007 and December 2008,
0.76x and 0.44x, respectively.  By the end of December 2009, the
company had unused uncommitted credit lines for a total amount of
MXN160 million, as an alternative source of liquidity.

Leverage Remains High:

Grupo Senda's leverage is high.  Recent trends in leverage mirror
the sharp deterioration in the company's cash flow generation,
measured by EBITDA, during the first two quarters of 2009 and its
partial recovery towards the end of 2009.  Grupo Senda's leverage,
measured by total net debt/EBITDAR, increased to 5.5x as of
Dec. 31, 2009, from 4.7x as of Dec. 31, 2008.  Fitch expects the
company to manage its balance sheet in the net-debt-to-EBITDAR
ratio around 4.0x-5.0x range over the next two years.

By the end of December 2009, on balance sheet debt totaled
MXN2,968 million (US$227 million), which primarily consists of
corporate bonds (MXN1,976 million or US$150 million), financial
leases (MXN680 million or US$52 million), long-term facilities
with local banks (MXN180 million or US$13.7 million); and used
credit lines with local banks (MXN60 million or US$4.6 million).
In addition, the company's rental expenses related to operating
leases during 2009 totaled approximately MXN40 million.  The
company expects to reach similar levels of rental expenses during
2010.

Business Strategy Adjusted:

In mid-2009, Grupo Senda abandoned its business strategy of
entering in new geographic areas with discounted prices to attract
passenger volume and began to re-focusing on geographic areas that
the company has a leading market share.  This strategy allowed the
company to help restore its fare structure to historical levels,
and rationalize its route network, which finally resulted in the
improvement of the company's operational results during the third
and fourth quarters of 2009.

In the short term, the company expects to continue to focus on
increasing its fares and improving its operating margins.  The
company expects to increase fares in the 5%-10% range during 2010.
In addition, the company is expanding its international service to
the United States.  Grupo Senda's international segment
represented approximately 12.5% of its revenues during 2009, and
the company expects this segment to grow to 15% to 20% of its
revenues within the next few years.

Grupo Senda is a holding company and a leading provider of
interstate passenger bus transportation and package delivery
services.  The company provides service on over 250 main routes
serving more than 1,000 destinations, in 15 Mexican states and
Texas.  Grupo Senda has a fleet of 2,511 buses, with an average
fleet age of 6.5 years, and approximately 7,600 employees.  The
company's total number of passenger per year is approximately of
57 millions.  Grupo Senda has two main business units: the
Passenger and the Personnel business units, which represent
approximately 80% and 20% of the company's total revenues,
respectively; and, 70% and 30% of the company's EBITDA,
respectively.


SATMEX SA: Mexican Government Considers Options For Firm
--------------------------------------------------------
The Mexican government said that it's analyzing the situation of
financially troubled satellite operator Satelites Mexicanos, S.A.
de C.V., after a planned sale fell through because of creditor
opposition, Anthony Harrup at Dow Jones Newswires reports.

According to the report, the Communications and Transport Ministry
said that the government, which has a minority stake in Satmex,
won't bail out the company financially or put up public funds to
solve its liquidity problems.  "As the regulatory authority, the
ministry can guarantee the protection of the Mexican orbital
positions, and the continuation of national security satellite
communications," the report quoted SCT as saying.  For that
purpose, options include requisition or the early termination of
the concessions, the ministry added.

As reported in the Troubled Company Reporter-Latin America on
March 18, 2010, Bloomberg News said that EchoStar Corp. and
MVS Comunicaciones SA ended their agreement to buy Satelites
Mexicanos SA for US$267 million after the Mexican satellite
operator's bondholders objected to the deal.  The report related
that the termination leaves Satmex SA empty-handed after searching
for more than a year for a buyer or way to restructure debt.
According to the report, Chief Financial Officer Luis Stein said
in an August interview that Satmex SA needs to restructure its
debt to make the business sustainable.  The Mexico City-based
company needs funding to replace a satellite launched in 1994 with
a newer one that could expand the services it offers, he added.

                            About Satmex

Satelites Mexicanos, S.A. de C.V., is the leading satellite
service provider in Latin America.  Satmex's fleet offers
hemispheric and regional coverage throughout the Americas.

                           *     *     *

As of September 1, 2009, the company continues to carry these
ratings placed by Moody's:

   -- Issuer Rating of C,
   -- Senior Secured Rating of Caa1,
   -- Long-term Corporate Family Rating of Ca, and
   -- Senior Unsecured Debt Rating of C.


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


PETROLEOS DE VENEZUELA: Must Generate 200MWe to Meet 50% of Need
----------------------------------------------------------------
Petroleos de Venezuela SA auto-generates a thousand 200 megawatts
of electricity to meet 50% of its energy needs to ensure business
continuity, reported Friday the People's Minister for Energy and
Petroleum and PDVSA President Rafael Ramirez.  Before the end of
2010, a thousand 200 megawatts will be installed in the oil
industry that will free up that amount from the National
Interconnected System.

The Company maintains the search for self power-generation
equipment and for now, internally the operating and non-operative
facilities have been place in a hierarchical order to give
priority to the first stage of power contingency: "We will not
collapse; we are working for that not to happen".  In this regard,
stated that" in no case we will shut down the oil production, is a
matter for the state, and the closing is not s threat."

             Coke & Gas for Electricity Generation

One of the projects that are being evaluated is the use of coke
for power generation.  "We are planning what we are going to do.
Coke is a source of energy that we can not miss, "said the
Minister after stating that the current production of coke is 12
tons per day.

All thermoelectric projects are being built under a dual-mode, in
which the operation is performed on diesel and gas.  Later on
these ones will be working based on gas upon completion of the
construction of the pipelines in each project.   For now, eighteen
wheelers have been acquired from China and another 100 are on the
way for the inland transport of gas to the pants La Fria I, La
Fria II, substations, San Lorenzo, Barinas I and Barinas II, among
others.

Likewise, it is anticipated that the first 600 million cubic feet
of gas drawn from the Mariscal Sucre project will be aimed at
generating electricity in 2012.

The Minister urged the people to combat energy waste which is
reflected in the culture of consumption "of eight-cylinders, which
is excessive use of energy and recommended the use of energy
saving light bulbs, which installation of these ones in the
country exceeded the 50 million units.  In this way, PDVSA
contributes to the resolution of the contingency on electricity
until they recover from the drought of the country's reservoirs,
in the wake of El Nino.

                             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: JVs in FPO to Focus on Downstream Dev't
---------------------------------------------------------------
The joint ventures operating in the Orinoco Oil Belt (FPO) will
concentrate their efforts towards increasing the recovery factor
of oil extracted from the underground, in order to ensure 20%
recovery and the development of projects in refining and
upgrading, to increase the value of oil in intermediate and
finished products.

This was said by the People's Minister for Energy and Petroleum
and President of Petroleos de Venezuela SA, Rafael Ramirez, to a
group of national journalists and foreign correspondents, meeting
in which he emphasized that his office has insisted that the
companies need to develop their operation to the downstream sector
of the oil business, "when we look for companies with high
technological capability is because we're looking for them to go
underground, not going sideways."

He recalled how in the old PDVSA the recovery factor ranged
between 7% and 9%, and allowed for the companies to once exhaust
this amount, leave the assigned area and devote to other areas, in
a predatory form of oil production.

The minister stressed out that now PDVSA's partner companies have
adjusted to the Venezuelan legal framework that regulates the oil
industry, and are in line with plans developed by the Bolivarian
Republic of Venezuela, as the Oil Sowing Plan requires and for
this, each company has introduced its model of development and the
production profile where it is observed when reached, gradually,
the recovery factor of 20% in their assigned fields.  "In the
state of today's technology we can recover 20%.  Companies are not
going to grow in other areas, but will deepen their area to
increase the recovery factor, "said the holder of the oil firm.

For Ramirez, the coalition of efforts among the partner companies
and PDVSA will allow the pursuit of technology and best practices
to increase the recovery factor and not ruling out the acquisition
of this knowledge from other companies, while respecting and
paying the respective licenses.

             Development Towards the South of the Country

Another aspect on which the minister made emphasis was the
development of the downstream sector.  In this context he
explained that he remembered the location of the oil upgraders in
the south, like in the villages of Mapire and Soledad, in order to
stimulate the activity in that region, where new exploration and
production projects will begin.

He said that it was agreed with the Italian company ENI to take
another step forward so that instead of building an upgrader, will
build a refinery with a 34% tax regime for being a downstream
development, to produce more products and have greater export
capacity.

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


* BOND PRICING: For the Week March 15, to March 19, 2010
--------------------------------------------------------

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


ANTIGUA

NOBEL BIOCARE IN              1  11/8/2011   CHF         99.41055
SCHLUMBERGER              2.125  6/1/2023    USD              155
TEVA PHARM FIN             1.75  2/1/2026    USD              123


ARGENTINA

ARGENT-$DIS                8.28  12/31/2033  USD         74.41359
ARGENT-$DIS                8.28  12/31/2033  USD          66.9375
ARGENT-PAR                 1.18  12/31/2038  ARS           35.806
ARGENT-=DIS                7.82  12/31/2033  EUR        62.574286
ARGNT-BOCON PR13              2  3/15/2024   ARS         70.40625
BANCO MACRO SA             9.75  12/18/2036  USD             86.5
BUENOS AIRE PROV          9.625  4/18/2028   USD        69.074845
BUENOS AIRE PROV          9.375  9/14/2018   USD        71.286565
MENDOZA PROVINCE            5.5  9/4/2018    USD        75.630609
XSTRATA CAPITAL               4  8/14/2017   USD         127.4974


BRAZIL

CESP                       9.75  1/15/2015   BRL         71.19165

CAYMAN ISLAND

BANIF FIN LTD                 3  12/31/2019  EUR           72.616
BARION FUNDING             1.44  12/20/2056  GBP        30.066632
BARION FUNDING             0.63  12/20/2056  GBP        16.868481
BCP FINANCE CO            4.239  #N/A N Ap   EUR        73.386409
BCP FINANCE CO            5.543  #N/A N Ap   EUR        73.638889
BES FINANCE LTD           6.984  2/7/2035    EUR         72.97402
BES FINANCE LTD            1.25  2/26/2011   USD           98.997
BISHOPSGATE ASSE          4.808  8/14/2044   GBP         71.31546
CHINA MED TECH              3.5  11/15/2011  USD               79
CHINA MED TECH              3.5  11/15/2011  USD           78.705
CHINA MED TECH                4  8/15/2013   USD            62.75
CHINA PROPERTIES          9.125  5/4/2014    USD        84.334156
CHINA SUNERGY              4.75  6/15/2013   USD           66.509
COUNTRY GARDEN              2.5  2/22/2013   CNY         107.5242
DUBAI HLDNG COMM           4.75  1/30/2014   EUR        72.515625
DUBAI HLDNG COMM              6  2/1/2017    GBP         69.81333
EFG ORA FUNDING             1.7  10/29/2014  EUR         85.52579
FAIR VANTAGE LTD              1  6/3/2013    HKD         116.0187
FAR EAST CONSORT          3.625  3/5/2015    HKD         94.16666
FERTINITRO FIN             8.29  4/1/2020    USD            68.75
GOL FINANCE                8.75  #N/A N Ap   USD            93.25
HIDILI INDUSTRY             1.5  1/19/2015   CNY         100.9238
JA SOLAR HOLD CO            4.5  5/15/2013   USD           86.625
KEYSTONE CAPITAL            0.1  4/4/2013    JPY            98.68
KEYSTONE CAPITAL            0.1  4/4/2011    JPY         98.75417
LDK SOLAR CO LTD           4.75  4/15/2013   USD             79.1
M-SYSTEMS FINANC              1  3/15/2035   USD           99.938
MAZARIN FDG LTD            1.44  9/20/2068   GBP        27.601812
MELCO PBL SPV               2.4  9/10/2012   USD          99.0625
PANAMA CANAL RAI              7  11/1/2026   USD            80.75
PUBMASTER FIN             6.962  6/30/2028   GBP         70.55403
SHANDA INTERACT               2  9/15/2011   USD            118.5
SHINSEI FIN CAYM          6.418  #N/A N Ap   USD        66.959571
SHINSEI FIN CAYM          6.418  #N/A N Ap   USD        54.625052
SHINSEI FINANCE            7.16  #N/A N Ap   USD           54.875
SHINSEI FINANCE            7.16  #N/A N Ap   USD             58.5
SOHO CHINA LTD             3.75  7/2/2014    HKD          100.575
SOLARFUN POWER H            3.5  1/15/2018   USD           56.204
SUBSEA 7 INC                3.5  10/13/2014  USD         132.7949
SUNTECH POWER              0.25  2/15/2012   USD            99.95
SUNTECH POWER                 3  3/15/2013   USD            83.25
TRANSOCEAN INC              1.5  12/15/2037  USD            92.25
TRANSOCEAN INC            1.625  12/15/2037  USD           90.025
TRANSOCEAN INC              1.5  12/15/2037  USD            97.75
TRINA SOLAR LTD               4  7/15/2013   USD          140.126


   PANAMA


CARNIVAL CORP              2    4/15/2021    USD          106.375


PUERTO RICO

PUERTO RICO CONS            6.5  4/1/2016    USD           63.375


VENEZUELA

PETROLEOS DE VEN          5.125  10/28/2016  USD        61.478302
PETROLEOS DE VEN              5  10/28/2015  USD        64.451502
PETROLEOS DE VEN            5.5  4/12/2037   USD        50.821529
PETROLEOS DE VEN          5.375  4/12/2027   USD         52.42303
PETROLEOS DE VEN           5.25  4/12/2017   USD        64.372276
PETROLEOS DE VEN            4.9  10/28/2014  USD        69.323464
SIDETUR FINANCE              10  4/20/2016   USD             71.5
VENEZUELA                     7  12/1/2018   USD         74.13938
VENEZUELA                  7.75  10/13/2019  USD          74.2476
VENEZUELA                  8.25  10/13/2024  USD         71.45717
VENEZUELA                     6  12/9/2020   USD         64.49039
VENEZUELA                     7  3/31/2038   USD         61.42273
VENEZUELA                  5.75  2/26/2016   USD         75.06065
VENEZUELA                  7.65  4/21/2025   USD           67.775



                            ***********

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 * * *