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

              Thursday, March 25, 2010, Vol. 11, No. 059

                            Headlines



A R G E N T I N A

ARCOS DORADOS: Reports Record McDonald's Franchise Sales in LatAm
CONROU SA: Creditors' Proofs of Debt Due on April 8
PRES GROUP: Creditors' Proofs of Debt Due on May 11
TERADYS SA: Asks for the Opening of Preventive Contest
* ARGENTINA: Bond Exchange May Pay 54 Cents on Dollar


B R A Z I L

BANCO FIBRA: Moody's Gives Positive Outlook on 'D' Bank Ratings
BRASIL FOODS: Rated New "Neutral" at Goldman Sachs
FIBRIA CELULOSE: Moody's Affirms 'Ba1' Corporate Family Rating
GERDAU SA: To Invest US$74 Million in Spain
INDEPENDENCIA SA: Fitch Assigns 'CCC' Issuer Default Rating

MARFRIG ALIMENTOS: Goldman Recommends Selling Shares


C A Y M A N  I S L A N D S

AL-FURSA RUSSIA: Shareholders to Receive Wind-Up Report on April 1
AOIKAI 2008: Members to Receive Wind-Up Report on April 15
ARMOUR GROUP: Creditors' Proofs of Debt Due on April 1
ATMEL RESEARCH: Creditors' Proofs of Debt Due on April 1
BALSAM FINANCE: Shareholders to Hear Wind-Up Report on April 12

BG RECEIVABLES: Creditors' Proofs of Debt Due on April 1
BREVAN HOWARD: Creditors' Proofs of Debt Due on April 1
CF OFFSHORE: Sole Member to Receive Wind-Up Report on April 5
CONTAINER FINANCE: Shareholders to Hear Wind-Up Report on April 1
CREP INVESTMENT: Shareholders to Hear Wind-Up Report on April 1

CYCLADIC CATALYST: Members to Receive Wind-Up Report on April 15
CYCLADIC CATALYST: Members to Receive Wind-Up Report on April 15
FAIRFIELD DEL: Members to Receive Wind-Up Report on April 16
FAIRFIELD FORTITUDE: Creditors' Proofs of Debt Due on April 2
FAIRFIELD RENAISSANCE: Members to Hear Wind-Up Report on April 16

FRONTIER X: Shareholders to Receive Wind-Up Report on April 1
GRAPHITE INVESTMENTS: Shareholders to Receive Wind-Up Report
HPT TRADING: Creditors' Proofs of Debt Due on April 1
JOBLAY INVESTMENT: Shareholders to Hear Wind-Up Report on April 5
JOBLAY INVESTMENTS: Creditors' Proofs of Debt Due on April 2

LA MANCHA: Creditors' Proofs of Debt Due on April 1
NOMURA ASIA: Creditors' Proofs of Debt Due on April 1
PORT CAPITAL: Members to Receive Wind-Up Report on April 15
PORT CAPITAL: Members to Receive Wind-Up Report on April 15
POSEIDON SATELLITE: Creditors' Proofs of Debt Due on April 1

ROBINIA INVESTMENTS: Shareholders to Hear Wind-Up Report
RT INSURANCE: Shareholders to Receive Wind-Up Report on April 7
SLATER EQUITY: Shareholders to Receive Wind-Up Report on April 1
TORMENTIL INVESTMENTS: Shareholders to Hear Wind-Up Report
TRITONIA INVESTMENTS: Shareholders to Receive Wind-Up Report

WHITEHALL GROUP: Shareholders to Receive Wind-Up Report on April 1


C H I L E

EDELNOR: Sale of Codelco Stake May Increase Electricity Prices


C O L O M B I A

ECOPETROL SA: Clarifies Info Released on Oil Pipeline Construction
ECOPETROL SA: Eyes Share Issue in 2011 as Part of Expansion Plans


D O M I N I C A N  R E P U B L I C

* DOMINICAN REPUBLIC: US$287M Debt Payment Means Fewer Blackouts


E C U A D O R

PETROECUADOR: February Oil Exports Down 20% to US$423 Million


H A I T I

* HAITI: IDB to Forgive Country's Debt as Part of Fin'l Support


J A M A I C A

AIR JAMAICA: Caribbean Air Merger Won't Affect Airlift
CABLE & WIRELESS: LIME Partners with TGC on Fiber-Optic Link
JAMAICA PUBLIC SERVICE: Losing JM$50MM/Year Due to Motor Accidents


M E X I C O

CEMEX SAB: Plans to Issue US$500 Million in Convertible Notes
CEMEX SAB: Wins Major Battle for Texas Land Rights
FINANCIERA INDEPENDENCIA: S&P Puts BB- Counterparty Credit Rating
FINANCIERA INDEPENDENCIA: Fitch Puts 'BB-' Issuer Default Rating
GRUPO IUSACELL: May Combine With TV Azteca to Be Competitive

GRUPO KUO: Fitch Upgrades Issuer Default Rating to 'BB-'
GRUPO PAPELERO: Moody's Assigns 'Ba3' Rating on $275 Mil. Notes
TV AZTECA: Owner May Combine Firm With Grupo Iusacell


P A N A M A

* PANAMA: Will Cut Debt to 35% of GDP, Minister Says
* PANAMA: Fitch Upgrades Panama's Issuer Default Ratings to 'BBB+'


V E N E Z U E L A

* VENEZUELA: Asks Heads of 7 Public Energy Firms to Resign


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ARCOS DORADOS: Reports Record McDonald's Franchise Sales in LatAm
-----------------------------------------------------------------
Arcos Doradosd disclosed that during 2009 it reached a record of
US$3.6 thousand billions of total sales, an 8.7% increase in local
currency and a 2.9% increase in dollars.  The result has been the
highest obtained by McDonald's brand in Latin America since the
opening of the first restaurant in 1967.

"The results obtained in 2009 exceeded our expectations, and even
more so if considering the recent world economic crisis and the
high comparative base achieved in 2008," declared Woods Staton,
President and CEO of Arcos Dorados.

"Our investments increased 29% in relation to our original plans.
Between August 2007 and August 2010, we will have invested 450
million dollars in Latin America," added Woods Staton.  Regarding
comparative sales, considering the same number of restaurants from
last year, the growth was 5.5% in local currency.

According to Mr. Staton, the main reasons for the 2009 results
were an attractive product menu, convenient prices and efficiency
regarding internal controls.  "We exceeded our objectives by
intensifying McDonald's brand exposure in the region, thanks to
innovative marketing campaigns, a great number of openings and the
redesign of the image of the points of sale.  We also offered a
wider variety of items on the menu with a focus on quality and
nutritional value, always taking into account affordable prices,"
claimed Mr. Staton.

This is the second consecutive record obtained by Arcos Dorados,
in its second year in operation.  The company received from
McDonald's Corporation the license for the management of
McDonald's restaurants for Latin America in July 2007.  The
results position the company among the top 100 biggest private
companies in Latin America.

                         Expansion

In Latin America, 68 new restaurants, 41 McCafes and 145 dessert
centers were opened during the year.  The company closed the year
with 1,800 restaurants, 263 McCafes and 1,217 dessert centers.

Investments were also focused to offer customers a more agreeable
and comfortable experience, with the image redesigns of 48
restaurants that incorporated the new more contemporary brand
design.  "We worked hard not only to grow by opening new
restaurants but also to improve those we already had," stressed
Mr. Staton.

                            Jobs

Expansion brought together the creation of 5,000 new jobs in the
region, which made Arcos Dorados end the year with more than
100,000 employees, placing the company among the top five biggest
employers and one of the biggest workforce trainers in the region.

"We are the first job option for young people and one of the
companies that invests the most in education, training and skills
development.  Apart from contributing to the economic and social
development of the communities where we operate by generating jobs
and income, we are proud to have been acknowledged once again as
one of the best employers in Latin America, according to Great
Place to Work Consultant," said Woods Staton.

                        Social Performance

Arcos Dorados supports the work of the Ronald McDonald
Association.  These associations, which work throughout the entire
region for the benefit of children and teenagers' health, have
managed a budget of over US$18 million, collected and entirely
allocated to local programs.

During 2009, five new Ronald McDonald House Programs and Ronald
McDonald Family Rooms were created with a total of 22 programs in
11 countries:

   -- 13 Ronald McDonald Houses, which offer free accommodation,
      food and transportation to children, teenagers and their
      families while they undergo medical treatment;

   -- 4 Ronald McDonald Family Rooms, built in hospitals to
      provide shelter to families during the course of
      treatment;

   -- 2 Ronald McDonald Outpatient Pediatric Units, which operate
      in the poorest areas, providing basic pediatric attention
      and first diagnosis; and

   -- 3 Ronald McDonald Associations that support local pediatric
      programs, together with local foundations that offer support
      for children.

McDia Feliz (Happy McDay), the biggest collection campaign for
Latin American children, obtained, in 2009, a record collection of
US$ 10,175,383, thanks to the full donation of Big Mac sales
during the day of the event in all the restaurants in the region.

The support of Arcos Dorados to local social programs is carried
out throughout the year.  For each sale of a Cajita Feliz (Happy
Meal), the company earmarks one cent per dollar for the
Association in Latin America, which reaches an annual amount of
approximately US$ 1 million.

At the beginning of 2010, Arcos Dorados carried out a campaign in
Latin America for which it set aside more than US$ 1.6 million for
victims of the Haiti earthquake.  The network also organized a
campaign in Argentina, Chile, Uruguay and Paraguay together with
the foundation "Un Techo para Chile" ("A Roof for Chile") for the
benefit of the victims of the earthquake suffered in that country.
The money raised, US$ 202,700, is part of what the Foundation set
aside for the building of 20,000 emergency houses.

                     Environmental Performance

In the environmental area, Arcos Dorados opened its Latin American
ecological restaurant in Lindora, Costa Rica, following the trend
started in 2008 with the opening of the first one in Brazil.  The
new concept incorporates the philosophy of ecologically
responsible constructions, according to the current certification
of LEED (Leadership in Energy and Environmental Design), which
aims at the incorporation of sustainable technologies in the
construction and the operation of efficient buildings.  The
opening of a third ecological restaurant is scheduled for 2010 in
Argentina.

Throughout the year, the company invested heavily in initiatives
according to its policies to reduce the consumption of natural
resources, recycle and reuse resources.  The most relevant example
is the use of Biodiesel in the fleet of trucks by recycling the
vegetable oil used in the kitchens of McDonald's, in Brazil and
Argentina.

"Our strategy of sustainable growth obtained record results in
2009. We commit ourselves to the economic, social and
environmental development of the communities where we operate, and
we respect the different cultures from the top of Mexico to the
bottom of Patagonia," said Woods Staton.

                          About Arcos Dorado

Headquartered in Buenos Aires, Argentina, with legal domicile in
the Netherlands, Arcos Dorados is the leading quick
service restaurant operator in Latin America and the Caribbean and
McDonald's largest franchisee globally in terms of systemwide
sales and restaurant count.  As of June 30, 2009, the company
indirectly owned and operated or franchised 1,660 McDonald's-
branded restaurants.  For the 12 months ended June 30, 2009, the
company's revenues reached US$2.51 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2009, Moody's Investors Service has assigned a
provisional (P)Ba2 rating  to Arcos Dorados' proposed US$450
million in senior unsecured global notes due in 2019.  At the same
time, Moody's has assigned a provisional (P)Ba2 Corporate Family
rating to Arcos Dorados.  The ratings outlook is stable.


CONROU SA: Creditors' Proofs of Debt Due on April 8
---------------------------------------------------
Violeta Alida Silvana Tombola, the court-appointed trustee for
Conrou SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until April 8, 2010.

Ms. Tombola will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Violeta Alida Silvana Tombola
         Juan F. Aranguren 1523
         Argentina


PRES GROUP: Creditors' Proofs of Debt Due on May 11
---------------------------------------------------
Nestor Omar Urrutia, the court-appointed trustee for Pres Group
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 11, 2010.

Mr. Urrutia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 32, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Nestor Omar Urrutia
         Avenida Cordoba 1351
         Argentina


TERADYS SA: Asks for the Opening of Preventive Contest
------------------------------------------------------
Teradys SA asked for the opening of preventive contest.

The company stopped making payments last October 13, 2009.


* ARGENTINA: Bond Exchange May Pay 54 Cents on Dollar
-----------------------------------------------------
Drew Benson at Bloomberg News reports that Exotix Ltd., a
brokerage that specializes in distressed securities, said that
holders of Argentine bonds may recoup as much as 54 cents on the
dollar in the government's planned restructuring of US$20 billion
of defaulted debt.  Exotix assumes the government will offer
warrants linked to economic growth, past due payments on those
warrants and bonds worth 33.7 cents on the dollar, the brokerage's
Buenos Aires-based analyst Francisco Velasco wrote in a report
obtained by Bloomberg News.  The total value, through December,
for investors who participated in the 2005 offer was 57 cents, Mr.
Velasco wrote in another report, Bloomberg News relates.

"The 50-cent handle is a good approximation," Alberto Ramos, an
economist at Goldman Sachs Group Inc. in New York, told the news
agency in a telephone.

According to the report, Economy Minister Amado Boudou said that
President Cristina Fernandez de Kirchner's administration plans to
offer bondholders less than 35 cents on the dollar, without
specifying terms of the proposal.  The report recalls that Ms.
Fernandez's husband and predecessor, Nestor Kirchner, offered
creditors new securities worth about 30 cents on the dollar in the
debt swap five years ago and vowed at the time not to renegotiate
with those who rejected the offer.

Mr. Ramos, the report notes, said that the government can argue
the new offer is worse for investors than the 2005 deal because it
doesn't include past-due cash payments while bondholders will
absorb investment banking fees.

                          *     *     *

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.


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


BANCO FIBRA: Moody's Gives Positive Outlook on 'D' Bank Ratings
---------------------------------------------------------------
Moody's Investors Service changed to positive, from stable, the
outlook on these ratings of Banco Fibra S.A.'s: the bank financial
strength rating of D; the long-term global local- and foreign-
currency deposit rating of Ba2; as well as the senior unsecured
and subordinated debt ratings of Ba2 and Ba3, respectively.  At
the same time, Moody's upgraded Fibra's long-term national scale
deposit rating to Aa3.br from A1.br, and the agency placed a
positive outlook on these ratings.  The Not Prime short-term
local- and foreign-currency deposit ratings and BR-1 short-term
national scale rating remained unchanged.

Moody's said the positive outlook reflects Fibra's improving
financial flexibility, relative to other Ba2-rated banks in
Brazil, which positions it well to resume growth in a more
favorable credit environment.  Management's efforts to refocus the
bank's operations towards a consumer-finance platform is credit-
positive because it should result in desirable business and
earnings diversification, while potentially improving Fibra's
franchise value and recurrent earnings.  An enhanced governance
process and streamlined risk management should also support the
bank's growth, despite more competitive market conditions.

Moody's notes that management's goal of expanding the share of
consumer lending in the balance sheet will likely change the mix
and extend the duration of its loan book, while at the same time
increasing leverage.

Fibra could, as well, experience pressure on its asset quality,
and the need for additional provisioning will increase as the new
portfolio is built.  Management, therefore, will be challenged to
execute its growth plans under a disciplined risk origination that
will ensure sustainable profitability, Moody's believes.

The last rating action on Banco Fibra S.A. was on November 6,
2009, when Moody's assigned the foreign currency debt ratings of
Ba2 to Fibra's US$1 billion Global MTN Programme and Ba3 to the
US$110 million Tier II subordinated notes.

Banco Fibra is headquartered in Sao Paulo, Brazil.  As of
December 31, 2009, Fibra had total consolidated assets of
BRL11.8 billion (US$6.8 billion) and equity of BRL784 million
(US$399.8 million).

These ratings were affirmed and placed on positive outlook:

* Bank Financial Strength rating: D

* Long-term global local-currency deposit rating: Ba2

* Long-term foreign currency deposit rating: Ba2

* Long-term foreign currency debt rating of Ba2, also assigned to
  the US$1 billion Global MTN Program

* Long-term foreign currency subordinated debt rating of Ba3, also
  assigned to the US$110 million subordinated notes, due in 2019

This rating was upgraded:

* Long-term Brazilian national scale deposit rating: to Aa3.br
  from A1.br, positive outlook

These ratings remain unchanged:

* Short-term global local-currency deposit rating: Not Prime

* Short-term foreign currency deposit rating: Not Prime

* Short-term foreign currency debt rating of Not Prime, also
  assigned to the US$1 billion Global MTN Program

* Short-term Brazilian national scale deposit rating: BR-1


BRASIL FOODS: Rated New "Neutral" at Goldman Sachs
--------------------------------------------------
Laura Price at Bloomberg News reports that BRF Brasil Foods SA was
initiated with "neutral" recommendations at Goldman Sachs Group
Inc. on March 23, 2010.

"We are neutral on Brasil Foods until synergies start flowing,"
after its acquisition of Sadia SA, Goldman Sachs analysts Gustavo
Wigman and Claudio Lensing wrote in a research report obtained by
Bloomberg News.

According to the report, the analyst said that the company's
stocks "could look good in 2011, but we see risk of bad news
before then."

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

                           *     *     *

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


FIBRIA CELULOSE: Moody's Affirms 'Ba1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed Fibria Celulose S.A.'s
corporate family ratings of Ba1 on the global scale and Aa2.br on
the Brazilian national scale, and revised its outlook to stable
from negative.

Ratings affirmed are:

Issuer: Fibria Celulose S.A.

  -- Corporate Family Rating: Ba1 (global scale); Aa2.br
     (Brazilian national scale)

Issuer: Fibria Overseas Finance Ltd (Cayman Islands)

  -- US$1 billion senior unsecured guaranteed notes issued in two
     series due 2016 and 2019: Ba1 (foreign currency)

The outlook for all ratings is stable.

The rating action reflects the fast recovery of the bleached
eucalyptus kraft pulp market based on a strong demand and
continuous price increases since mid 2009, which makes us believe
that Fibria will be able to reduce leverage from free cash flow
generation faster than anticipated.

In 2009, Fibria's doubled consolidated net revenues of
BRL6 billion (US$3 billion) reflects the full consolidation of
Aracruz Celulose and the additional capacity from the Tres Lagoas
mill.  Lower pulp prices affected operating margins, which however
remained strong when compared to global peers with EBITDA margin
of 30% (37% in 2008) thanks to its structural cost advantages.  As
anticipated, leverage increased significantly during 2009 as a
result of the acquisition of Aracruz, with Total Adjusted Debt to
EBITDA of 8.2x (or 6.1x on a net debt basis).  Nevertheless,
Moody's expect the company will benefit from the sharply improved
BEKP prices since mid 2009 and consistent demand to reduce debt
from free cash flow over the near term, with leverage likely
declining below 4x by 2010 year-end.  Based on the lack of
significant new capacity coming on stream in the near term and
strong demand in China, Moody's believe that the current favorable
market conditions will remain in the foreseeable future.

Liquidity remains healthy based on Fibria's large cash position of
BRL3.9 billion as of December 31, 2009, that covers 92% of short
term adjusted debt.  Moody's expect Fibria will be free cash flow
positive in 2010 and will continue to have ample access to short
term pre-export financing.  Also, Moody's believe that the
Brazilian Development Bank - BNDES will continue to finance a
substantial portion of Fibria's capital spending, which will
decline in 2010 and focus on maintenance and reforestation
following the conclusion of the Tres Lagoas mill in 2009.

The Ba1 rating reflects Fibria's leading position as the largest
producer of market pulp in the world, its extremely competitive
production costs which are among the lowest worldwide based on a
long-term sustainable business model depicted by structural cost
advantages when compared with most international peers, including
self-sufficiency in wood fiber and electricity and efficient
logistics.  Fibria's relative low product diversity and its
relative small size when compared with global peers as measured by
net revenues are constraining factors for its rating.  Operational
diversity is good with production spread over five plants,
although 83% of capacity is concentrated in three mills.

Revenues are largely generated under long-term supply contracts
that support stable sales volume with good geographic
diversification.  Additionally, the Ba1 rating incorporates the
benefit from the ownership by and expected support from Votorantim
Participacoes S.A. (Baa3, outlook stable) due to existing cross
default provisions in part of Votorantim's outstanding debt.
Also, Moody's view of Fibria's strong ownership considers the fact
that the Brazilian Development Bank BNDES (A3, outlook stable) is
currently its largest individual shareholder through its
subsidiary BNDES Participacoes S.A. (A3, outlook stable) with
33.6% of Fibria's voting and total capital, and a major lender to
the company.

The stable outlook reflects Moody's view that BEKP market
conditions will remain favorable over the near term, supporting
improved operating margins and cash flow generation.  Moody's
expect that Fibria will prudently manage capex and focus on free
cash flow available for debt reduction, while maintaining healthy
liquidity.

The ratings or outlook could upgraded if Fibria manages to reduce
leverage as measured by Total Adjusted Net Debt (net of cash
available for debt reduction) to EBITDA approaching 3x together
with Retained Cash Flow (defined as Funds From Operations less
Dividends) less Capex to Total Adjusted Net Debt above 12% on a
consistent basis.

Conversely, the ratings or outlook could be negatively affected in
case free cash flow remains negative preventing a significant debt
reduction as anticipated, or in case of a deterioration in
liquidity.  Also, a deterioration of VPAR's credit quality could
negatively impact Fibria's ratings.  A substantial increase in
secured debt could negatively affect the senior unsecured notes
rating.

Our last rating action on Fibria was on October 16, 2009 when
Moody's assigned a Ba1 foreign currency rating with negative
outlook to the US$1 billion senior unsecured guaranteed notes
issued by Fibria Overseas Finance Ltd. (Cayman Islands).

Fibria Celulose S.A. is the largest producer of market pulp in the
world, and also produces specialty paper, such as coated, thermal,
and carbonless paper.  In 2009 Fibria reported consolidated net
revenues of BRL6 billion (US$3 billion converted by the average
foreign exchange rate for the period).


GERDAU SA: To Invest US$74 Million in Spain
-------------------------------------------
Gerdau SA plans to invest a total of EUR55 million (US$74
million)in 2010 at Spanish firm Sidenor's plants in the Iberian
nation, Latin America Herald Times reports, citing Chief Executive
Officer Jorge Gerdau.  The report relates Mr. Gerdau met with the
president of northern Spain's Basque region, Patxi Lopez, to know
what plans Sidenor's largest shareholder had in store for the
company.

According to the report, one of Mr. Lopez's concerns was to know
Gerdau SA's plans for the Legazpi plant, where production has been
halted since the beginning of the year due to falling demand.  The
report relates Mr. Gerdau said that Sidenor's sales had fallen by
half but are now recovering.

The Times notes that Sidenor Chief Jose Antonio Jainaga projected
that the Spanish firm's sales will climb by 20% in 2010.

Mr. Gerdau, the report adds, said that the EUR55 million will be
spent on modernizing and increasing the competitiveness of
Sidenor's plants and stressed that none of them will be left
without funding.

                        About Gerdau S.A.

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

                           *     *     *

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


INDEPENDENCIA SA: Fitch Assigns 'CCC' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has assigned these ratings to Independencia S.A. and
Independencia International Ltd., a special-purpose vehicle
wholly-owned by Independencia and incorporated in the Cayman
Islands:

Independencia S.A.

  -- Local and foreign currency Issuer Default Rating 'CCC';
  -- National scale rating 'CCC(bra);
  -- Second lien secured exchange notes 'CC/RR6'.

Independencia International Ltd.

  -- Proposed US$150 million senior secured notes due 2015
     'CCC/RR4'.

The ratings are based on the expectation that Independencia will
be successful in executing its restructuring plan with more than
80% of the ACC creditors agreeing to the proposed restructuring
and that the company will be able to successfully exchange
currently defaulted notes as well as issue new first priority
(senior secured) notes for US$150 million.  The senior secured
notes will be fully and unconditionally guaranteed by
Independencia S.A. and will be secured by a first priority
security interest on a debt service reserve account and
substantially all the real assets of the company.  Proceeds of the
proposed secured notes will be used to pay cattle raisers,
suppliers, working capital needs, pending acquisitions and
creditors out of the recuperacao judicial (Brazilian Bankruptcy)
process.

Independencia's ratings reflect the substantial challenges it will
face to regain market share after filing for recuperacao judicial
on Feb. 27, 2009, and ramp up production from the current 1,200
heads per day to 6,500 hpd during 2012 while reducing high
leverage in line with covenant restrictions.  In addition, the
ratings are constrained by Independencia's current client and
geographic concentration, protein price volatility, disease
outbreaks and BRL appreciation.  The ratings are supported by
Independencia's significant improvements in corporate governance,
internal controls and focus on a sales driven culture.  Brazil's
competitive advantage in the production of beef and leather in the
international markets relieve some pressure on the ratings.
Despite the above average recovery expected in case of default for
the senior secured notes, the Recovery Ratings for these notes is
capped at 'CCC/RR4' in order to reflect the uncertainties of the
Brazilian legal system.  The exchange notes' 'CC/RR6' rating
reflects the below average expected recovery.

The resulting demand shock, BRL depreciation and credit crunch
from the global recession together with derivative losses and weak
internal controls drove the company to default on its credits and
file for Brazilian bankruptcy protection on Feb. 27, 2009.  The
reorganization plan was approved by the creditors of the company
on Nov. 5, 2009 and subsequently confirmed by the court in
December 2009.  Now the company faces the challenge to regain its
position as the fourth largest beef producer in Brazil, a
difficult task given the tough competition in the domestic market
and over-capacity in the industry.  In addition, Independencia's
leverage remains high and EBITDA margins are slightly negative to
breakeven.  Working capital needs will be significant as the
company plans to increase production from 1,200 hpd to 6,500 hpd
by 2012 while it has to pay cash for cattle until farmers are
willing to extend credit terms to the company.

Total debt pro forma including the senior secured notes issuance
will be BRL2 billion, 66% (BRL1.254 million) of which is
denominated in US$.  Debt declined from BRL3.1 billion in 2008 due
to the 50% haircut assumed by certain unsecured creditors in the
reorganization plan.  Pro forma debt of BRL2 billion will be
constituted of the proposed BRL261 million DIP notes, BRL600,000
of labor liabilities, BRL52.5 million of secured liabilities,
BRL1.2 billion of unsecured debt and BRL513 million of out of
bankruptcy liabilities including BRL364 million of Adiantamentos
de Contrato de Cambio.  EBITDA in 2009 was negative BRL350 million
compared to BRL310 million in 2008 while the company expects
EBITDA to be approximately BRL70 million in 2010.  This implies an
expected leverage ratio of about 30 times in 2010 which has little
room for error given the maximum leverage ratio permitted by the
senior secured notes of 30x in the first quarter of 2011.  The
maximum leverage covenant decreases over time to 6.5x by March
2014.  Other financial covenants in the notes include minimum cash
interest coverage, minimum interest coverage, minimum fixed charge
and maximum capex.

In 2009, Independencia's revenues were BRL616 million compared to
BRL1.9 billion in 2008 as a result of closing several plants and
dismissal of most of its working force.  As a result, sales are
concentrated in a couple of customers and in the Sao Paulo and Rio
de Janeiro states.  Good relationships with Brasil Foods for its
fresh beef productions and leather exports to Italian shoe and
furniture manufacturers could help the company achieve its
production goals.  However, Fitch believes that lack of credit for
working capital needs may constrain the company's revenue growth.
The company plans to focus on the domestic market and on the
retail distribution channel as well as on producing private label
products for its customers.  Exports expansion will depend on the
recovery of international demand and the relative valuation of the
domestic currency.

The improvements in corporate governance include a new board of
directors that integrates the two controlling shareholders
(previously the CEO and the Chairman) with two independent
directors and one appointed by the minority shareholder BNDES.
The creation of several committees (finance, variable
remuneration, reorganization plan and operating) must be headed by
an independent director as well as the audit committee.  The new
CEO is the prior CFO and the CFO for the next two years will be a
representative of the restructuring consulting company, Alvarez
and Marsal.  A new organizational structure decentralizes the
decision process, aligns production with sales and makes managers
accountable for the profitability of their units.  Also,
information technology and internal controls are expected to
improve significantly with software upgrades and several projects
headed by INDG consulting group.

Long-term industry fundamentals are generally strong.  Beef
consumption is expected to continue to grow robustly driven by
population growth and higher income per capita in East and
Southeast Asia, Latin America, and the Middle East.  Brazil should
continue to lead the world's expansion of beef production and beef
exports.  The country possesses the world's largest commercial
herd and one of the lowest production costs due to ample
availability of land, positive weather conditions, and low labor
and energy costs.  Risks inherent to the industry include
commodity volatility, disease outbreaks and trade restrictions.
A negative rating action could be triggered by the company's
inability to raise at least US$150 million, lack of 80% of ACC
creditors adhering to the restructuring plan, changes in the
capital structure and/or underperformance in production as well as
profitability targets set in the restructuring plan.  Positive
rating actions are not likely in the short term but in the medium
term could be triggered by outperforming production and
profitability targets set in the restructuring plan and/or
leverage improvement consistently below 6.5x.

Independencia is a Brazilian producer of beef, dried beef and
leather with 14 plants (five of which are operational) located in
seven Brazilian states with slaughter production capacity of 9,500
hpd and leather processing capacity of 7,000 hides per day, down
from 11,800 hpd and 12,600 hides per day, respectively, in 2008
before the bankruptcy protection filing in February 2009.  The
Russo family owns 78.2% of the company while the Brazilian
development bank, BNDES, holds the remaining 21.8%.


MARFRIG ALIMENTOS: Goldman Recommends Selling Shares
----------------------------------------------------
Paulo Winterstein at Bloomberg News reports that Marfrig Alimentos
SA's shares was given a "sell" recommendation by Goldman Sachs
Group Inc. on concern an oversupply will squeeze margins.

"After a surge in investments, the beef industry in Brazil is
operating far below capacity," the report quoted Sao Paulo-based
analyst Gustavo Wigman.  "Marfrig is the most affected, operating
at close to 40% of capacity.  Ambitious plans to reach 65 percent
by year-end are unlikely to be achieved," the report quoted Mr.
Wigman as saying.

According to the report, Mr. Wigman said that the company may see
narrower profit margins if it begins buying cattle to meet higher
capacity targets.  Marfrig also needs to integrate Seara Alimentos
SA, which lacks a distribution system that will allow it to
compete with BRF Brasil Foods SA.  "Marfrig has a huge integration
challenge in our view," Mr. Wigman said in a report obtained by
Bloombeg News.  "Under the previous ownership of Cargill and
Bunge, despite these companies' advantages as the largest grain
companies in the world, Seara struggled," he added.

                       About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As of August 13, 2009, the company continues to carry these low
ratings from the major rating agencies:

   -- Moody's "B1" LT Corp Family Rating;
   -- Standard and Poor's "B+" LT Foreign Issuer Credit
      rating; and
   -- Fitch ratings' "B+" LT Issuer Credit ratings


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


AL-FURSA RUSSIA: Shareholders to Receive Wind-Up Report on April 1
------------------------------------------------------------------
The shareholders of Al-Fursa Russia & Cis Islamic Fund SPC will
receive on April 1, 2010, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Mourant Cayman Liquidators, Ltd.
         Mourant Cayman Liquidators, Ltd.
         Harbour Centre, Third Floor
         42 North Church Street, George Town
         P.O. Box 1348, Grand Cayman KY1-1108
         Cayman Islands


AOIKAI 2008: Members to Receive Wind-Up Report on April 15
----------------------------------------------------------
The members of Aoikai 2008 Cayman Co. Ltd. will receive on
April 15, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ARMOUR GROUP: Creditors' Proofs of Debt Due on April 1
------------------------------------------------------
The creditors of Armour Group Holdings Limited are required to
file their proofs of debt by April 1, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on February 19,
2010.

The company's liquidator is:

         K.D. Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Gerhard Albertyn
         Telephone: 345 914-4395
         Facsimile: 345 949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-4800
         Facsimile: 345 949-7164


ATMEL RESEARCH: Creditors' Proofs of Debt Due on April 1
--------------------------------------------------------
The creditors of Atmel Research are required to file their proofs
of debt by April 1, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 18, 2010.

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


BALSAM FINANCE: Shareholders to Hear Wind-Up Report on April 12
---------------------------------------------------------------
The shareholders of Balsam Finance B Limited will hear on
April 12, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Westport Services Ltd.
         Evania Ebanks
         Telephone: (345) 949-5122
         Facsimile: (345) 949-7920
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands

BG RECEIVABLES: Creditors' Proofs of Debt Due on April 1
--------------------------------------------------------
The creditors of BG Receivables LLC are required to file their
proofs of debt by April 1, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 19,
2010.

The company's liquidator is:

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


BREVAN HOWARD: Creditors' Proofs of Debt Due on April 1
-------------------------------------------------------
The creditors of Brevan Howard P&C Master Fund Limited are
required to file their proofs of debt by April 1, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 16,
2010.

The company's liquidator is:

         K.D. Blake
         PO Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Gerhard Albertyn
         Telephone: 345 914-4395
         Facsimile: 345 949-7164
         P.O. Box 493, Grand Cayman KY1-1106
         Cayman Islands
         Telephone: 345 949-4800
         Facsimile: 345 949-7164


CF OFFSHORE: Sole Member to Receive Wind-Up Report on April 5
-------------------------------------------------------------
The sole member of CF Offshore Ltd. will receive, on April 5,
2010, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Bernard Mcgrath
         c/o Caledonian House, 69 Dr. Roy's Drive
         P.O. Box 1043, Grand Cayman KY1-1102
         Cayman Islands


CONTAINER FINANCE: Shareholders to Hear Wind-Up Report on April 1
-----------------------------------------------------------------
The shareholders of Container Finance 2006-1 Limited will hear on
April 1, 2010, at 8:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town


CREP INVESTMENT: Shareholders to Hear Wind-Up Report on April 1
---------------------------------------------------------------
The shareholders of Crep Investment C Cayman will hear on April 1,
2010, at 8:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


CYCLADIC CATALYST: Members to Receive Wind-Up Report on April 15
----------------------------------------------------------------
The members of Cycladic Catalyst Fund will receive on April 15,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CYCLADIC CATALYST: Members to Receive Wind-Up Report on April 15
----------------------------------------------------------------
The members of Cycladic Catalyst Master Fund will receive on
April 15, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


FAIRFIELD DEL: Members to Receive Wind-Up Report on April 16
------------------------------------------------------------
The members of Fairfield Del Mar Fund Ltd will receive, on
April 16, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Walker
         c/o Sarah Moxam
         Telephone: (345) 914-8634
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FAIRFIELD FORTITUDE: Creditors' Proofs of Debt Due on April 2
-------------------------------------------------------------
The creditors of Fairfield Fortitude Australian Absolute Return
Fund Ltd are required to file their proofs of debt by April 2,
2010, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on February 16,
2010.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914-8634
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FAIRFIELD RENAISSANCE: Members to Hear Wind-Up Report on April 16
-----------------------------------------------------------------
The members of Fairfield Renaissance Institutional Equities Fund
Ltd will receive, on April 16, 2010, at 10:30 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David Walker
         c/o Sarah Moxam
         Telephone: (345) 914-8634
         Facsimile: (345) 945-4237
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands


FRONTIER X: Shareholders to Receive Wind-Up Report on April 1
-------------------------------------------------------------
The shareholders of Frontier X Limited will hear on April 1, 2010,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


GRAPHITE INVESTMENTS: Shareholders to Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Graphite Investments Limited will hear on
April 1, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         FCM LTD.
         Telephone: 345 946-5125
         Facsimile: 345 946-5126
         PO Box 1982, Grand Cayman KY-1104
         Cayman Islands


HPT TRADING: Creditors' Proofs of Debt Due on April 1
-----------------------------------------------------
The creditors of HPT Trading Limited are required to file their
proofs of debt by April 1, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 16, 2010.

The company's liquidators are:

         David S. Sargison
         Vijayabalan Murugesu
         Ogier Fiduciary Services (Cayman) Limited
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


JOBLAY INVESTMENT: Shareholders to Hear Wind-Up Report on April 5
-----------------------------------------------------------------
The shareholders of Joblay Investments Corporation will hear on
April 5, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on February 18, 2010.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 949-7212
         Facsimile: (345) 949-0993
         P.O. Box 1110, Grand Cayman KY1-1102
         Cayman Islands


JOBLAY INVESTMENTS: Creditors' Proofs of Debt Due on April 2
------------------------------------------------------------
The creditors of Joblay Investments Corporation 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 February 18, 2010.

The company's liquidator is:

         C.I. Directors Ltd.
         Telephone: (345) 949-7212
         Facsimile: (345) 949-0993
         P.O. Box 1110, Grand Cayman KY1-1102
         Cayman Islands


LA MANCHA: Creditors' Proofs of Debt Due on April 1
---------------------------------------------------
The creditors of La Mancha Third Corp. are required to file their
proofs of debt by April 1, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on February 19,
2010.

The company's liquidator is:

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


NOMURA ASIA: Creditors' Proofs of Debt Due on April 1
-----------------------------------------------------
The creditors of Nomura Asia Multi Strategy Master Fund Ltd. are
required to file their proofs of debt by April 1, 2010, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on February 15,
2010.

The company's liquidator is:

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


PORT CAPITAL: Members to Receive Wind-Up Report on April 15
-----------------------------------------------------------
The members of Port Capital Nordic Master Fund Limited will
receive on April 15, 2010, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PORT CAPITAL: Members to Receive Wind-Up Report on April 15
-----------------------------------------------------------
The members of Port Capital Nordic Hedge Fund Limited will receive
on April 15, 2010, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


POSEIDON SATELLITE: Creditors' Proofs of Debt Due on April 1
------------------------------------------------------------
The creditors of Poseidon Satellite Asset Holdings Inc. are
required to file their proofs of debt by April 1, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

         Bernard Mcgrath
         69 Dr. Roy's Drive
         PO Box 1043, George Town
         Grand Cayman KY1-1102


ROBINIA INVESTMENTS: Shareholders to Hear Wind-Up Report
--------------------------------------------------------
The shareholders of Robinia Investments Limited will hear on
April 1, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         FCM LTD.
         Telephone: 345 946-5125
         Facsimile: 345 946-5126
         PO Box 1982, Grand Cayman KY-1104
         Cayman Islands


RT INSURANCE: Shareholders to Receive Wind-Up Report on April 7
---------------------------------------------------------------
The shareholders of RT Insurance Company, Ltd. will receive on
April 7, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Kieran Mehigan
         Marsh Management Services Cayman Ltd.
         P.O. Box 1051 G.T, 23 Lime Tree Bay Avenue
         Governors Square, Building 4, Floor 2
         Grand Cayman KYl-1102, Cayman Islands


SLATER EQUITY: Shareholders to Receive Wind-Up Report on April 1
----------------------------------------------------------------
The shareholders of Slater Equity Partners Offshore Fund Ltd. will
receive on April 1, 2010, at 9:15 a.m., 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


TORMENTIL INVESTMENTS: Shareholders to Hear Wind-Up Report
----------------------------------------------------------
The shareholders of Tormentil Investments Limited will hear on
April 1, 2010, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         FCM LTD.
         Telephone: 345 946-5125
         Facsimile: 345 946-5126
         PO Box 1982, Grand Cayman KY-1104
         Cayman Islands


TRITONIA INVESTMENTS: Shareholders to Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Tritonia Investments Limited will hear on
April 1, 2010, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Raymond E. Whittaker
         FCM LTD.
         Telephone: 345 946-5125
         Facsimile: 345 946-5126
         PO Box 1982, Grand Cayman KY-1104
         Cayman Islands


WHITEHALL GROUP: Shareholders to Receive Wind-Up Report on April 1
------------------------------------------------------------------
The shareholders of Whitehall Group Limited will receive on
April 1, 2010, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


EDELNOR: Sale of Codelco Stake May Increase Electricity Prices
--------------------------------------------------------------
The sale of Codelco's 40% stake Empresa Electrica Del Norte Grande
S.A. could increase power prices and the company's operational
costs in the medium term, Bloombergutv reports, citing Codelco's
supervisor's union federation president Fernando Ahumada.  The
report relates that finance minister Felipe Larran said that the
government is evaluating the potential sale.

According to the report, the deal would be one of the government's
measures to fund reconstruction following the massive earthquake
and subsequent tsunami that hit central and southern Chile on
February 27.

The report notes that European energy group GDF Suez controls a
52% stake in Edelnor, while minority shareholders hold the
remainder.  One of the group's subsidiaries, Electroandina,
supplies power to the Codelco Norte Division through a 15-year
contract, the report says.

                          About Edelnor

Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally
engaged in the generation, transportation, distribution and
supply of electricity.  Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous.  The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 17, 2009, Standard & Poor's Ratings Services revised its
CreditWatch implications on Edelnor's 'BB-' ratings to developing
from positive.  The CreditWatch listing follows the company's
recent announcements that the main shareholders, Suez-Tractebel
and Codelco (A/Stable/--), agreed to merge their stakes in several
assets in Chilean electricity generation and gas transportation
sectors.


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


ECOPETROL SA: Clarifies Info Released on Oil Pipeline Construction
------------------------------------------------------------------
In relation to the information that appeared in certain media
outlets on March 18, 2010, regarding the search for a strategic
partner to build a pipeline, with an estimated investment of
US$3.5 billion, Ecopetrol SA made these clarifications:

1. Ecopetrol's Business Plan, which aims to reach a production of
   one million barrels of oil equivalent per day in 2015, also
   includes investments to modernize and expand the capacity of
   refineries and transportation systems in accordance with the
   expected production increases.

2. In recent years Ecopetrol has increased the capacity of its
   transportation systems and is evaluating additional options.
   Currently the company is carrying out negotiations with other
   oil production companies with a view towards establishing
   future capacity requirements.

3. Once transportation needs are defined, the size of an eventual
   oil pipeline project, the required investment and business
   model for its development will be established.

                        About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Outstanding senior unsecured debt at 'BB+';


ECOPETROL SA: Eyes Share Issue in 2011 as Part of Expansion Plans
-----------------------------------------------------------------
Ecopetrol SA will probably issue a placement of 9.9% of its shares
at the start of next year as part of its expansion plans, Javier
Mozzo at Reuters reports, citing company President Javier
Gutierrez.  The report relates Mr. Gutierrez said that the company
is advancing in the technical studies to place the new shares.

"It is very probable that at the start of the new year we will be
making the announcement," the report quoted Mr. Gutierrez as
saying.

According to the report, Ecopetrol SA has shares listed on the
Bogota and New York stock markets.  The report notes that the
company also plans to list its shares on the Lima stock market.

                         About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Outstanding senior unsecured debt at 'BB+';


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


* DOMINICAN REPUBLIC: US$287M Debt Payment Means Fewer Blackouts
----------------------------------------------------------------
State-owned Power Companies Chief Executive Officer Celso
Marranzini expects that the US$287 million payment in cash that
covers the current debt with the energy suppliers means the
support of the power companies with a considerable reduction in
electricity prices from now on, The Dominican Today reports.

According to the report, Mr. Marranzini said that seven months ago
the debt with the power companies was up to six months in arrears
on average, and nearly US$500 million in January.  "Since
[March 22, 2010], the transfers have begun and this month US$287
million will be paid, and so it's totally up-to-date, so there
won't be any more financial blackouts."


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


PETROECUADOR: February Oil Exports Down 20% to US$423 Million
-------------------------------------------------------------
Petroecuador's February oil export revenues dropped 20% to US$423
million from US$527 million registered in the previous month,
Mercedes Alvaro at Dow Jones Newswires reports.  The report
relates that in February 2009, Petroecuador reported oil export
revenues of US$157 million.

According to the report, citing company data, by volume,
Petroecuador exported 6.03 million barrels of crude oil in
February, down 19% from 7.44 million barrels registered in
January.  The report notes that Petroecuador's exports total
includes Napo crude from former Occidental Petroleum Company
fields that where seized in May 2006.

The report says that Petroecuador's exports of Oriente crude in
February were 5.0 million barrels, while exports of Napo crude
were 1.03 million barrels.

                       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: IDB to Forgive Country's Debt as Part of Fin'l Support
---------------------------------------------------------------
The Inter-American Development Bank has agreed to forgive all of
Haiti's outstanding debt as part of an unprecedented package of
financial support following the February earthquake incident in
the country, Carribbean360.com reports.  The report relates that
the package also involves the provision of US$2 billion in grants
to the country over the next 10 years.

According to the report, member countries have committed
themselves to providing US$479 million to cancel Haiti's debt,
convert Haiti's undisbursed loans to grants and ensure a full
replenishment of the IDB's Fund for Special Operations -- allowing
it to meet the needs of eligible member countries and ensure its
sustainability for the next decade.


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


AIR JAMAICA: Caribbean Air Merger Won't Affect Airlift
------------------------------------------------------
The planned merger between Air Jamaica Limited and Caribbean
Airlines will not affect airlift into Jamaica, Darren Shannon at
AviationWeek.com reports, citing Air Jamaica CEO Bruce Nobles.
"The plan will ensure a seamless transition. In no way will this
mean Jamaicans will be left without service," the report quoted
Mr. Nobles as saying.

According to the report, Mr. Nobles said that confidentiality
clauses restrict him from discussing details of the transition
plan.  "The name Caribbean Airlines was chosen for a reason - to
create a strong regional airline," the report quoted Mr. Nobles as
saying.  "The economic reality today under the current climate is
that you cannot operate a small airline from a small country," he
added.

Mr. Nobles, the report notes, said that reality also includes a
restrictive regulatory environment that can stifle the airline
industry's ability to adapt, particularly with access to new
markets and fresh capital.  "If we were a widget company, we
wouldn't have these problems," he added.

As reported in the Troubled Company Reporter-Latin America on
March 5, 2010, Gleaner Power 106 said that Air Jamaica Limited'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.


CABLE & WIRELESS: LIME Partners with TGC on Fiber-Optic Link
------------------------------------------------------------
Lime (formerly Cable & Wireless Jamaica) has confirmed that it
struck a deal with Telecomunicaciones Gran Caribe, the Venezuelan/
Cuban conglomerate granted a license last year to build a fiber-
optic link from Jamaica to Cuba, Jamaica Gleaner reports.

According to the report, LIME executives, Geoff Houston, country
manager for Jamaica and Cayman Islands, and Caribbean head David
Shaw will join TGC executives -- president Wilfredo Morales, and
vice president Waldo Reboredo Arroyo -- to announce their
partnership.

The report notes that the license granted to TGC in December
allows the company to complete a submarine fibre optic cable link
for telecommunications traffic between Caracas, Havana, and
Kingston.  TGC, the report says, was the sole bidder for the
Jamaica-Cuba submarine cable, which includes a spur to Haiti,
which lies just west of the two countries.

The Gleaner discloses that TGC also plans to run nearly 1,000
miles of cable from Maiquetia, in northern Venezuela, to Siboney,
in Cuba's eastern province of Santiago de Cuba.  The
Cuba/Venezuela leg is expected to link to Trinidad and Tobago and
the Dutch territory of Cura‡ao, the report adds.

                              About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- provides national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                      About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                         *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


JAMAICA PUBLIC SERVICE: Losing JM$50MM/Year Due to Motor Accidents
------------------------------------------------------------------
The Jamaica Public Service Company is losing about JM$50 million a
year because of motor vehicle crashes resulting in damage to its
power lines and light poles, Jamaica Gleaner reports.  The report
relates that JPSCO President Da'mian Obiglio said that the company
is losing even more in potential earnings due to power outages
caused by the car crashes.

According to the report, Mr. Obiglio said that the company has
been trying to recover the losses by suing the motorists involved
in the crashes but its approaches have not been successful.  A
separate Jamaica Gleaner article relates the company has no
intention to request that the losses being incurred as a result of
motor vehicle crashes be passed on to customers.

Meanwhile, the report notes Mr. Obiglio said that there should be
no reason for concern because of frequent scheduled power outages
in recent weeks.  The report relates that the outages are to
facilitate systems maintenance before the start of the hurricane
season on June 1 and the World Cup Football on June 11.

                             About JPSCO

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2010, RadioJamaica said that the multi-billion dollar
show down between the Jamaica Public Service and the three unions
-- BITU, NWU, and UCASE -- representing workers at the company has
entered the penultimate stage before the Industrial Disputes
Tribunal.  The report related that the IDT heard testimony from
the Chairman of JPSCO, Tommy Fukuda who was called as the last
witness.  According to the report, Mr. Fukuda maintained that
JPSCO has paid the US$2.3 billion it owed the workers following
the 2001 job reclassification exercise.  However, the report
related, the three unions argued that the company still owed the
workers an additional JM$500 to 600 million dollars in
retroactive, overtime and redundancy payments.


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


CEMEX SAB: Plans to Issue US$500 Million in Convertible Notes
-------------------------------------------------------------
CEMEX, S.A.B. de C.V. said that it plans to offer US$500 million
in convertible subordinated notes due 2015, The Associated Press
reports.  The report relates that the notes will be convertible
into American Depositary Shares of Cemex, although a conversion
rate has not been determined yet.  Other terms, such as the
interest rate, are also to be set later, the report says.

According to the report, the company said that the offering to be
made to qualified institutional buyers will be exempt from
registration under the U.S. Securities Act.  Cemex, the report
discloses, said it expects to grant initial purchasers of the
notes an overallotment option to purchase up to US$75 million more
of the notes.

The AP notes that proceeds from the sale are planned to be used to
repay indebtedness, for general corporate purposes and to pay for
a so-called "capped call" transaction that will reduce the cost of
the future conversion of the notes into shares.

                          About Cemex SAB

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

                           *     *     *

As of March 8, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.
Cemex is seeking $1.3 billion in compensation for the seizure of
its assets. The government of President Hugo Chavez has offered
about a third of that.

The flare-up in relations between Venezuela and Cemex does not
bode well for the Monterrey-based cement maker's efforts to win
back money it badly needs to pay off debt, analysts say.

Cemex hopes to use compensation from Venezuela to reduce its $15
billion debt load as it struggles with slumping U.S. and European
cement volumes due to the global recession and a collapse in
construction activity worldwide. Cemex took on big debts to
finance its acquisition of Australia's Rinker in 2007, just before
the U.S. housing crisis broke.


CEMEX SAB: Wins Major Battle for Texas Land Rights
--------------------------------------------------
Businesses and corporations opting to abide by the laws and
regulations of both state and federal forces are typically able to
function without unnecessary intercessions with political forces.
Recently, however, CEMEX, S.A.B. de C.V. was forced to defend its
property rights in a case filed by the State of Texas.

According to reports, Jerry Patterson, the Commissioner of the
Texas General Land Office brought charges against CEMEX, asserting
that the company had trespassed.  Almost unbelievably, the charges
asserted the trespassing had occurred on CEMEX's very own
operations site.

                    Battle for Property Rights

CEMEX was confronted with a major setback in December 2009.
Challenged with a lawsuit that sought to cease CEMEX's operations,
the company was forced to head into court to fight for their land-
removal rights.

According to details of the lawsuit, prosecutors attempted to fine
CEMEX for a payment of US$558 million.  Justifying the suit,
officials declared that the company had failed to pay the state of
Texas for the eradication and subsequent sale of various natural
resources and materials found on CEMEX's property.

With this suit, prosecutors were basically aiming to argue that
the state of Texas has rights to the natural materials and
resources on any business' private property.  Justifiably, many
citizens and companies were alarmed at this charge, as supporters
of CEMEX assert that the company never violated any legal
directives.

For this specific case, the State of Texas asserted that CEMEX
owed the state payments for royalties earned from the resources on
the Canyon quarry property.  Many opponents of the State's actions
claim that their lawsuit was unwarranted, especially considering
the state had never filed charges against any other company
operating on the McKelligon Canyon quarry property prior to
CEMEX's acquisition.

                              Victory

Judge Villa, charged with handling the CEMEX and State of Texas
case, ultimately ruled in favor of the company, declaring that the
prosecution lacked sufficient warrant and cause for their suit.
Specifically, CEMEX was able to prove that the lawsuit was in
direct violation of the established opinions of the Texas Attorney
General, as well as the Texas Supreme Court.

With this verdict, CEMEX California has maintained its legal
rights to remove and sell natural land materials from their
property sites.  The company can continue with its operations,
while CEMEX's air quality dedication can continue to thrive.

                            About Cemex SAB

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

                           *     *     *

As of March 8, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.  Cemex is seeking $1.3 billion in
compensation for the seizure of its assets. The government of
President Hugo Chavez has offered about a third of that.

The flare-up in relations between Venezuela and Cemex does not
bode well for the Monterrey-based cement maker's efforts to win
back money it badly needs to pay off debt, analysts say.

Cemex hopes to use compensation from Venezuela to reduce its $15
billion debt load as it struggles with slumping U.S. and European
cement volumes due to the global recession and a collapse in
construction activity worldwide.  Cemex took on big debts to
finance its acquisition of Australia's Rinker in 2007, just before
the U.S. housing crisis broke.


FINANCIERA INDEPENDENCIA: S&P Puts BB- Counterparty Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
global scale counterparty credit rating to Mexico-based consumer
lender Financiera Independencia S.A.B. de C.V. SOFOM E.N.R.

At the same time, S&P assigned a 'BB-' rating to the company's
proposed $200 million, five-year senior unsecured notes.

S&P also affirmed the national scale counterparty credit ratings
at 'mxA-/mxA-2'.  The outlooks are negative.

"The ratings on Financiera Independencia reflect its deteriorating
asset quality, which has resulted in lower profitability than in
previous years, and its concentrated funding structure," said
Standard & Poor's credit analyst Arturo Sanchez.  "However, the
ratings gain support from the company's adequate adjusted
capitalization and good geographic and loan portfolio
diversification."

The ratings on the notes also take into consideration a full
foreign-exchange hedge, of principal and interest, during the
whole term of the notes.  Consequently, S&P considers a rolling
swap hedge to be riskier, and S&P could review the ratings if such
a swap is used.

The recent acquisition of Finsol S.A. de C.V. SOFOM E.N.R., a
Mexican microfinance company, has no impact on the company's
ratings.

The negative outlooks reflect pressures on the company's asset
quality and profitability, which could cause deterioration in its
financial profile.


FINANCIERA INDEPENDENCIA: Fitch Puts 'BB-' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned 'BB-' and 'B' long- and short-term
Issuer Default Ratings, respectively, to Financiera Independencia.
Fitch has also assigned a 'BB-' rating to a pretended issue of
global senior unsecured debt for up to US$200 million.  The full
rating actions are:

  -- Long-term foreign currency IDR, assigned at 'BB-';

  -- Short-term foreign currency IDR, assigned at 'B';

  -- Long-term local currency IDR, assigned at 'BB-';

  -- Short-term local currency IDR, assigned at 'B';

  -- Senior unsecured debt for up to US$200 million, assigned at
     'BB-';

  -- Long-term national-scale rating, affirmed at 'A(mex)';

  -- Short-term national-scale rating, affirmed at 'F1(mex)';

  -- Long-term national-scale rating for local debt issues,
     affirmed at 'A(mex)'.

The Rating Outlook is Stable.

The ratings of FINDEP are based on its extensive experience in the
consumer finance sector, its good capital structure and financial
performance, diversification on its portfolio and wide range of
products, as well as good franchise value and business model, that
compensates high delinquencies with ample margins and strong
profitability.  However, the ratings are constrained by greater
than expected deterioration in its asset quality (high levels of
overdue loans and write-offs, and declining loan loss reserves),
in addition to somewhat weakening profitability and efficiency
levels, combined with a difficult economic environment.

FINDEP has a solid capital structure, with ample shareholders'
equity, strong internal capital generation (earnings) and a recent
capital infusion to finance non-organic growth, recording a
leverage ratio of 2.2 times (liabilities/equity) and its
capitalization ratio was 31.3% at December 2009, levels that
compare favorably to its rating peers.  At the same date, the
company also showed continued deterioration in its portfolio
quality, as overdue loans stood at 12.0% of the total portfolio,
although this indicator showed an improvement over the previous
year, but according to Fitch it remains high.  The allowances for
loan losses were 73.4%.  Accumulated write-offs during the year
were MXN1,001.9 million, higher than the historical record,
placing the overdue loans plus write-offs ratio at a very high
32.8% of the total portfolio.  The portfolio is distributed in
approximately 1.2 million customers, so there are no material
borrower concentrations, although there is a significant
correlation in the risk profile of the typical borrowers.  It is
important to note that more than 90.0% of the observed growth in
the portfolio consists of the informal sector.

Net income during 2009 was MXN515.2 million, 17.3% lower than that
reported in 2008, driven by significantly higher loan loss
provisions; ROAA and ROAE were 9.1% and 31.6% respectively (2008:
13.7% and 35.0%).  In Fitch's view, the decline in profitability
was underestimated by the change in loan loss provisions, which
drove a decline in FINDEP loan loss reserve coverage below 100% of
non-performing loans.  The efficiency ratio remained stable at
47.2%, comparing favorably to companies that perform similar
activities.

Eton Park Capital Management, LP, recently became FINDEP's
shareholder to facilitate the financing of the acquisition of
Financiera Finsol, SA CV, SOFOM, ENR, a microfinance company that
was recently acquired by FINDEP.

The acquisition of Finsol and a group of related entities,
enhances FINDEP's business model and provides some product,
competitive and geographic diversification, while also adds up
roughly 200 thousand customers.  The potential benefits of the
acquisition are based on future synergies between both companies
and FINDEP ability to significantly improve the efficiency and
quality of Finsol portfolio, although it also carries some
execution and mission drift risks.

FINDEP is a non-bank finance company with over 16 years experience
in the consumer finance sector in Mexico; it started operations in
1993 as the first SOFOL in the market, beginning to offer micro
loans to the formal sector of the population who had limited
access to traditional financial institutions.  In 2004, FINDEP
began to provide services to the informal economy; three years
after that, FINDEP received the authorization to operate as SOFOM.
The company provides loans on an unsecured basis and loans for
home improvement, and also provides additional financial services
such as life insurances, payment remittances and some payment
services.


GRUPO IUSACELL: May Combine With TV Azteca to Be Competitive
------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that Ricardo Salinas
may unite his money-losing wireless business, Grupo Iusacell SA,
with his television operations, TV Azteca SA, to compete with
Grupo Televisa SA.  The report relates Mr. Salinas said that TV
Azteca may help Grupo Iusacell lure customers.

According to the report, Grupo Iusacell has posted three straight
annual losses as clients defect to America Movil SAB and
Telefonica SA, which serve more than 90% of Mexican subscribers.
"We've done a bad job of managing" Iusacell, the report quoted Mr.
Salinas as saying.  "We've managed to let go of our opportunities,
and I think the situation there is definitely self-inflicted," he
added.

Bloomberg News notes that Grupo Iusacell had MXN11.7 billion
(US$930 million) of debt at the end of last year.  The report
relates that Mr. Salinas said the company is still negotiating
with creditors after suspending payments a year ago on U.S.-
denominated debt.

"He has to solve their debt problems and later focus on the
competition," the report quoted Manuel Jimenez, an analyst at Ixe
Grupo Financiero in Mexico City, as saying.  "To compete in this
market, they have to do a lot of promotions, a lot of marketing, a
lot of subsidies in the handsets, because the rest of the
competitors are doing this," Mr. Jimenez added.

                          About TV Azteca

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.

                          About Grupo Iusacell

Grupo Iusacell SAB de CV (Grupo Iusacell) is a Mexico-based
company primarily engaged in the provision of wireless
telecommunications services. The Company's service portfolio
includes pre-paid and post-paid local and long distance mobile
telephony, broadband Internet access, data transmission and
electronic voice messaging, among others. In addition, the
Company's products are marketed nationwide under the Iusacell,
Unefon and VIVA brands. The Company is a parent of a number of
controlled entities which are also active in the
telecommunications sector. Through Iusatel USA Inc and Mexican
Cellular Holding Inc, the Company has operations established in
the United States. As of December 31, 2008, the Company's majority
shareholder was Movil Access SA de CV, with 55.47% of its
interests.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 4, 2010, Bloomberg News said that Grupo Iusacell will
remove its shares from public trading in a cost-cutting move.  The
report related that the company is struggling to keep customers
from switching to larger rivals America Movil SAB and Telefonica
SA.  The company, the report recalled, suspended payments in March
to holders of debt in foreign currency and has been negotiating
with the creditors.


GRUPO KUO: Fitch Upgrades Issuer Default Rating to 'BB-'
--------------------------------------------------------
Fitch Ratings has upgraded Grupo KUO, S.A.B. de C.V.'s Issuer
Default Ratings:

  -- Long-term IDR to 'BB-' from 'B+';
  -- Long-term local IDR upgraded to 'BB-' from 'B+';
  -- Long-term National Rating to 'BBB+(mex)' from 'BBB(mex)'.

The Rating Outlook for all ratings is Stable.

In addition, Fitch has affirmed KUO's US$200 million senior notes
due 2017 at 'BB-' and has withdrawn the 'RR3' Recovery Rating.

The ratings upgrade is supported by KUO's improved financial
profile, reflecting the company's management initiatives to
preserve and strengthen profitability and cash generation.  As a
result, KUO has been able to reduce consolidated leverage through
internally generated cash and proceeds from asset divestitures.
Total debt to EBITDA for 2009 was 2.6 times compared to 3.8x and
3.6x in 2008 and 2007, respectively.  Management has established a
net debt to EBITDA target for the long term between 1.5x and 2.5x.
Although the current business and economic environment for KUO is
still challenging, the ratings incorporate Fitch's view that the
company will be able to maintain its financial profile within the
current rating category.

KUO's redefined portfolio business, along with management's
efficiency initiatives implemented in recent years, has allowed it
to maintain stable EBITDA generation and to mitigate industry
volatility.  These initiatives included cost and expense
rationalization through reduced headcount and elimination of
duplicated activities and facilities; working capital
optimization; and capex investments focused on increase and
efficient use of the company's installed capacity.

KUO's ratings are underpinned by its diversified revenue stream,
hard currency generation with 47% of total sales coming from
exports and subsidiaries located outside of Mexico, and joint
ventures (JVs) with international industry leaders.  The ratings
incorporate the company's exposure to volatility in demand and
input costs related to commodity prices across business lines.

In the past two years, divestitures in the phosphate and
automotive businesses generated close to US$90 million, which was
used to reduce debt levels and invest in other business lines with
attractive growth and profitability prospects.  In 2008, the JV
with Grupo Herdez began operations with good results to date.
Additional growth is expected in this division from the recently
announced JV with Hormel Foods to continue growing its position in
the U.S. Hispanic food market.  Additional investments were made
in the chemical segment in order to increase capacity, development
of value-added and specialty products and to consolidate the
company's strong position in the transmissions and aftermarket
segments in the automotive division.  For 2010, capex will be
channeled to increase capacity in the pork business and to the
construction of the new distribution center for the Herdez-Del
Fuerte JV.  New business lines are being evaluated or already
developing: aerospace has recently passed a first-stage
certification; the biofuels business is developing, as well as
nanotech.

In 2009, KUO's cash flow was supported by lower working capital
requirements and divestitures.  Fitch expects moderate cash
generation during 2010 given the dynamics in raw materials and
energy costs, in addition to persistently tough market conditions.
However, in addition to the company's current solid cash balances,
KUO's 2010 cash flow generation will be sufficient to fund capex
of approximately US$90 million and a proposed dividend of
MXN110 million (US$8.5-$9 million) recently announced.

Liquidity and refinancing risk are low.  At the end of 2007 and
beginning of 2008 KUO executed a refinancing process that
consisted of the issuance of 10-year US$200 million senior notes
in October 2007 and a five-year US$200 million syndicated loan
with principal amortizations starting in 2011 through 2013 signed
in January 2008.  The syndicated facility includes a term loan
(US$175million, the majority in U.S. dollars and a small peso
tranche) and a revolving committed line of US$25 million.  At
Dec. 31, 2009, total debt was US$376 million with less than 1%
classified as short term.  Cash balance at that date was
US$70 million.  Debt maturities for 2011-2012 are manageable at
US$121 million.


GRUPO PAPELERO: Moody's Assigns 'Ba3' Rating on $275 Mil. Notes
---------------------------------------------------------------
Moody's has assigned a provisional (P)Ba3 rating to Grupo Papelero
Scribe, S.A. de C.V.'s proposed US$275 million in senior unsecured
global notes due in 2020.  At the same time, Moody's assigned a
provisional (P)Ba3 Corporate Family Rating to Scribe.  The ratings
outlook is stable.  Moody's has assigned the ratings on a
provisional basis pending the successful issuance of the proposed
notes.

Net issuance proceeds will be used to refinance all of Scribe's
existing debt, which mainly relates to a syndicated credit
facility with Citibank.  The notes should thus be neutral to
leverage.  Scribe may also use a minor portion of the proceeds for
general corporate purposes.

Scribe, headquartered in Mexico City, is Mexico's largest producer
of printing and writing paper and notebooks based on sales volume,
with MXN5.84 billion (US$431 million) of revenues in 2009.  The
company operates five mills with an installed capacity of 456
thousand tons for paper (including tissue) and 97 thousand tons
for wood pulp.  Scribe was formed in 2006 as a result of a
leveraged buyout of Kimberly-Clark de Mixico's (not rated)
Industrial Products division by Impulso de Desarrollo, a
privately-held Mexican company, and Eton Park Capital Management,
LP, a US-based financial investor.  Impulso and Eton Park together
control 75% of Corporacisn Scribe, S.A.P.I de C.V., Scribe's
parent, with KCM maintaining a 25% economic interest through a
seller's note which matures in October 2011.

Scribe's (P)Ba3 ratings are underpinned by the company's leading
presence in the Mexican printing and writing paper and notebook
markets, above average margins for the industry, which are
reflective of branded and consumer-oriented product content and an
efficient cost structure, and an expectation of continued positive
free cash flow generation.  The ratings also reflect Scribe's
solid liquidity after the notes issuance, its broad nationwide
distribution system and the significant industry experience of its
senior management team.

The ratings are constrained by the company's material financial
leverage that resulted from the 2006 buyout from KCM, its modest
operating scale and business diversification compared to
international paper industry peers, and the exposure to
competition from imports and commodity input costs (primarily pulp
and energy), which at times can cause significant earnings
volatility.  The ratings also take into account the seasonality of
the company's notebook business, which results in significant
intra-year working capital swings, and the company's relatively
short history as a standalone entity and its still evolving
corporate governance practices.

Scribe is organized under two lines of business, Paper and
Notebooks, which in 2009 accounted for about 70% and 30% of
revenues, respectively.  The Paper division manufactures printing
and writing paper, including uncoated and coated sheets and rolls
of paper and uncoated cut-size papers, while the Notebooks
division manufactures notebooks and notepads.  The Paper division
also manufactures tissue paper, which it sells to KCM under a
long-term take or pay supply contract.  Cut-size paper, notebooks
and tissue products are primarily sold to individual consumers
(about 61% of revenues in 2009) while sheets and rolls of paper
address the needs of industrial clients (39%).  Scribe markets its
products under a brand portfolio that offers different price point
categories and, among others, includes Scribe, a brand that for
several decades has been a household name for notebooks in Mexico.

Scribe's Paper division has a leading presence in the Mexican
printing and writing paper market with an estimated 30% share,
ahead of the two other large domestic paper companies, Durango and
Copamex (not rated).  Scribe also competes with foreign companies
that import printing and writing paper into Mexico.  The share of
imports has increased over the past decade and in 2009 accounted
for over 44% of the Mexican printing and writing paper market
(with no importer having a share of more than 6%).  Through its
Notebook division Scribe also has a dominant position in notebooks
in Mexico, with a fairly stable estimated 80% share of the
domestic market over the past several years.  Competition in
notebooks mainly comes from two smaller local companies and
imports, with the latter representing less of a competitive threat
than in the Paper division.

On average Scribe exhibits strong margins relative to both of its
two main local competitors and most international (mainly North
American) printing and writing paper peers such as Boise Paper
(B1), Domtar (Ba2) or Glatfelter (Ba2).  Solid margins mainly
reflect value-added and brand contents in the more consumer-
oriented portion of the company's business and its fairly
efficient cost structure with some vertical integration in the
pulp and paper value chain (Scribe produces about 30% of its pulp
needs internally).  On the flipside, the company's profitability
also depends heavily on pulp and energy prices and its
competitiveness vis-`-vis imported paper (which is largely driven
by the strength of the Mexican peso), and both of these factors
can be the cause of earnings volatility.  Pulp alone represents
about 60% of the company's cost of goods sold and is largely
obtained at international spot prices, while energy and water
account for around 20%.

In 2009, Scribe reported EBITDA of MXN1.06 billion (US$78 million)
with an EBITDA margin of 18.2% as earnings recovered significantly
from a very weak 2008.  In 2008, EBITDA margin had dropped by five
percentage points to 11.1% (from 16.1% in 2007) because of higher
pulp prices and rising import volumes as the strength of the peso
during the first nine months of the year reduced the
competitiveness of locally produced paper.  Over the coming years,
Moody's expects margins to oscillate in the 15% to 20% range,
depending on commodity prices and exchange rates.  Margins should
see some benefit from the company's continued efficiency efforts
(which could shave off an estimated 100bp of SG&A) and its
strategy of increasing the share of higher margin paper and
notebooks in its product mix over time.

Solid margins and relatively modest capex levels should be
supportive of free cash flow generation going forward.  In 2009,
free cash flow (defined as cash flow from operations after working
capital changes and capex) was MXN456 million, or about 12% of
total adjusted debt.  Free cash flow also remained positive in
2008 (at MXN161 million) despite the severe earnings drop, albeit
partly the result of a MXN230 million inflow from working capital
and a reduction of capex.  Moody's estimates that Scribe could
generate annual free cash flow of around MXN400 million over the
coming years, which should cover the two remaining installments
under its seller's note to KCM and accommodate a planned increase
in capital spending over the next few years (to around
MXN160 million annually from about MXN100 million in the recent
past).  The remaining KCM seller's note installments are due in
October 2010 and 2011.  Each installment amounts to a net outflow
of around MXN270 million including accrued interest.

Credit metrics have improved significantly in 2009 from weak 2008
levels as performance recovered with lower pulp prices and the
significant depreciation of the peso in late 2008.  They are
currently solid compared to most international rated printing and
writing paper peers but are more in line with other similarly
rated issuers in Mexico and the region overall, which tend to have
stronger credit metrics than North American issuers.  In 2009,
Debt/EBITDA adjusted for the KCM seller's note and pensions and
was 3.5 times, down from 7.8 times in 2008 and 4.8 times in 2007,
the first full year of operations after the buyout from KCM.
EBITDA/Interest was a solid 4.7 times in 2009 vs. more modest 2.0
times in 2008 and 2.5 times in 2007.

Going forward credit metrics should largely follow earnings trends
with limited potential for improvement from debt reduction as the
notes would represent essentially all of the company's long-term
debt and cannot be called before 2015 (the cost of a repayment is
likely prohibitive before that year because of a make whole
provision).  Nonetheless, favorable earnings trends could improve
leverage over time on a net debt basis if free cash flow remains
positive and Scribe accumulates cash absent major unforeseen
investments or dividends.  Credit metrics could also exhibit some
volatility because of currency exposures in the debt structure.
While Scribe generates most of its earnings in pesos it does not
intend to swap the dollar denominated notes principal into pesos
for cost reasons.

Post notes issuance Scribe's liquidity will be solid.  Moody's
expect continued positive free cash flow and a clean debt maturity
profile with no long-term debt maturities over the next several
years.  Liquidity is tempered by the seasonality of the notebook
business, which requires working capital to be built in the first
half of each calendar year in preparation of the Mexican back-to-
school season, with collections in the second half of the year.
However, Scribe intends to put in place a new five year
US$50 million-equivalent committed syndicated revolving credit
facility (replacing its current US$35 million facility) as an
alternate source of working capital financing, which should reduce
exposure to seasonality-driven liquidity risk.  Scribe also
maintains an unused MXN150 million factoring facility with a
Mexican bank, which adds another source of liquidity for working
capital.

The stable outlook reflects Moody's expectation that Scribe will
successfully conclude the proposed debt issuance and be able to
maintain solid performance trends over the near to medium term.
There should be some cushion to absorb potential margin pressures
from adverse trends in pulp costs following the Chilean earthquake
at the end of February (which has caused a partial shutdown of the
country's material pulp capacity).

The last rating action on Scribe was on May 3, 2007, when Moody's
withdrew the company's Ba3 Corporate Family Rating.  Moody's first
rated Scribe on September 29, 2006 when it assigned rating to a
proposed notes issuance which the company subsequently cancelled.

Grupo Papelero Scribe, S.A. de C.V., headquartered in Mexico City,
emerged in 2006 as a result of the buyout of Kimberly-Clark de
Mixico's (KCM, not rated) Industrial Products division.  Scribe is
Mexico's largest producer of printing and writing paper and
notebooks based on sales volume, with MXN5.84 billion
(US$431 million) of revenues in 2009.


TV AZTECA: Owner May Combine Firm With Grupo Iusacell
-----------------------------------------------------
Crayton Harrison at Bloomberg News reports that Ricardo Salinas
may unite his money-losing wireless business, Grupo Iusacell SA,
with his television operations, TV Azteca SA, to compete with
Grupo Televisa SA.  The report relates Mr. Salinas said that TV
Azteca may help Grupo Iusacell lure customers.

According to the report, Grupo Iusacell has posted three straight
annual losses as clients defect to America Movil SAB and
Telefonica SA, which serve more than 90% of Mexican subscribers.
"We've done a bad job of managing" Iusacell, the report quoted Mr.
Salinas as saying.  "We've managed to let go of our opportunities,
and I think the situation there is definitely self-inflicted," he
added.

Bloomberg News notes that Grupo Iusacell had MXN11.7 billion
(US$930 million) of debt at the end of last year.  The report
relates that Mr. Salinas said the company is still negotiating
with creditors after suspending payments a year ago on U.S.-
denominated debt.

"He has to solve their debt problems and later focus on the
competition," the report quoted Manuel Jimenez, an analyst at Ixe
Grupo Financiero in Mexico City, as saying.  "To compete in this
market, they have to do a lot of promotions, a lot of marketing, a
lot of subsidies in the handsets, because the rest of the
competitors are doing this," Mr. Jimenez added.

                          About TV Azteca

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.

                          About Grupo Iusacell

Grupo Iusacell SAB de CV (Grupo Iusacell) is a Mexico-based
company primarily engaged in the provision of wireless
telecommunications services. The Company's service portfolio
includes pre-paid and post-paid local and long distance mobile
telephony, broadband Internet access, data transmission and
electronic voice messaging, among others. In addition, the
Company's products are marketed nationwide under the Iusacell,
Unefon and VIVA brands. The Company is a parent of a number of
controlled entities which are also active in the
telecommunications sector. Through Iusatel USA Inc and Mexican
Cellular Holding Inc, the Company has operations established in
the United States. As of December 31, 2008, the Company's majority
shareholder was Movil Access SA de CV, with 55.47% of its
interests.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
January 4, 2010, Bloomberg News said that Grupo Iusacell will
remove its shares from public trading in a cost-cutting move.  The
report related that the company is struggling to keep customers
from switching to larger rivals America Movil SAB and Telefonica
SA.  The company, the report recalled, suspended payments in March
to holders of debt in foreign currency and has been negotiating
with the creditors.


===========
P A N A M A
===========


* PANAMA: Will Cut Debt to 35% of GDP, Minister Says
----------------------------------------------------
Panama will cut its public debt as a percentage of gross domestic
product by 10 percentage points as the Panama Canal's expansion
boosts revenue and increased foreign investment generates
royalties from mining, Eric Sabo at Bloomberg News reports, citing
Finance Minister Alberto Vallarino.

According to the report, Mr. Vallarino said that Panama plans to
slash its obligations to 35% of GDP from 45% by 2014 as
collections from the upgraded canal rise to US$5 billion a year
from about US$2 billion.  The government also plans to sell land
and is "looking very carefully" at granting mining concessions to
enhance revenue, he added.

According to the report, Fitch raised Panama's foreign- and local-
currency debt to BBB-, the lowest investment-grade level, up from
BB+.  The outlook on both ratings is positive, Fitch said in a
statement obtained by the news agency.  While Panama's debt levels
are lower than Brazil, the Central American country's debt is
mostly foreign-owned and vulnerable to shocks, said Roberto Sifon,
an analyst with Standard & Poor's, the report relates.

Bloomberg News says that Fitch forecasts Panama's economy will
grow an average of 5% a year from a 2.4% expansion in 2009.  The
country's debt was equivalent to an estimated 45% of gross
domestic product last year, down from 70% in 2004, Fitch added.


* PANAMA: Fitch Upgrades Panama's Issuer Default Ratings to 'BBB+'
------------------------------------------------------------------
Fitch Ratings has upgraded the Republic of Panama's long-term
foreign currency and local currency Issuer Default Ratings to
'BBB-' from 'BB+'.  Both Rating Outlooks remain Positive.  Fitch
has also upgraded the short-term foreign currency IDR to 'F3' from
'B' and the country ceiling to 'A-' from 'BBB+'.

The upgrades reflect a sustained improvement in public finances,
underpinned by recent tax reforms, and the economy's resilience to
the global financial crisis and associated recession.  Although
economic growth decelerated to 2.4% in 2009 from 10.7% in 2008, it
was one of the strongest rates of growth in Latin America and
among 'BBB' rated peers.  Similarly, fiscal deterioration was
moderate, especially by international standards while Panama's
general government debt/GDP ratio stabilized around 45%.  The
Positive Outlook reflects the expectation that government debt/GDP
ratio will further decline as the growth accelerates and fiscal
discipline is maintained despite an ambitious public investment
program.

"Panama's key credit metrics have been on an improving trend since
the middle of the last decade and held up well to the worst global
downturn since World War II.  Recent tax and fiscal reforms
signaled a continuing commitment to fiscal discipline and
enhancing the flexibility and quality of public finances," said
Theresa Paiz Fredel, Senior Director in Fitch's Sovereign Ratings
team.  'Further upgrades will depend on additional measures to
strengthen the management of public finances, successful
implementation of the government's ambitious public investment
program and sustainable economic recovery,' added Paiz Fredel.

Sustained growth in investment, underpinned by rising domestic
savings as well as inflows of foreign direct investment, have
supported rapid economic growth in recent years, while increases
in real income and employment bode well for private consumption
over Fitch's rating horizon.  The Panama Canal expansion project
and other public works projects will also raise the economy's
potential output and sustainable rate of growth.  Nonetheless,
continued fiscal discipline and effective management of government
assets and the public investment program, as well as the expansion
of the Canal, will be required to ensure that the Outlook for the
economy and public finances remains Positive.

'The passage of two tax reforms in the first nine months of the
Martinelli Administration, which are expected to yield around 1.6%
of GDP in additional revenue this year, underpin the government's
commitment to sustainable fiscal policies,' said Paiz Fredel.

Panama's per capita GDP, governance and human development
indicators, as well as a stable financial system support the
sovereign's IDR of 'BBB-'.  Furthermore, dollarization underpins
an established record of macroeconomic stability that compares
favorably with peers, as illustrated by an extended period of high
growth in conjunction with low inflation.

Although Panama's gross public debt ratios remain high relative to
'BBB' peers, official dollarization, a favorable amortization
profile and the government's considerable financial and land
assets offset this weakness.  Fiscal consolidation and vigorous
growth reduced the government debt to GDP ratio to an estimated
45% last year, from a peak of 70% in 2004.  Under conservative
assumptions of a 1% of GDP fiscal deficit and average growth of
5%, Panama's government debt/GDP ratio will converge with the
current 10-year 'BBB' category median of 35% by 2014 at the
latest.  Furthermore, net government debt, at 29% of GDP, is in
line with the 10-year 'BBB' median.  Given the moderate debt
burden and Fitch's expectation that the non-financial public
sector will maintain a deficit of close to 1% of GDP, the
government's financing needs remain manageable at an estimated
2.6% of GDP this year, among the lowest of 'BBB' rated sovereigns
and further supporting creditworthiness.

While the net sovereign external debt to current account receipts
ratio remains high at 22.5% compared with a 10-year peer median of
-8.1% in 2009, this partly reflects Panama's monetary regime
whereby the authorities do not technically maintain international
reserves.  However, the overall level of foreign indebtedness of
the economy is very low -- net debt is equivalent to less than 2%
of GDP, substantially less than the 10-year 'BBB' median of around
10%.

Evidence that the economy can sustain high growth without internal
or external imbalances emerging would underpin confidence in
sovereign creditworthiness, as would further measures to improve
the management of public finances, including greater fiscal and
funding flexibility.  Successful execution of the government's
public investment program, including the Panama Canal expansion
project, without endangering Panama's favorable debt dynamics
would also be positive for creditworthiness.  By contrast, Fitch
could revise the Outlook to Stable if unexpected fiscal
deterioration beyond the scope of the Fiscal Responsibility Law or
the realization of contingent liabilities lead to a sustained
deterioration in the government's debt dynamics.


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


* VENEZUELA: Asks Heads of 7 Public Energy Firms to Resign
----------------------------------------------------------
Venezuela's Electricity Minister Ali Rodriguez asked the heads of
seven public energy companies to resign after President Hugo
Chavez declared a national electricity crisis last month, Jose
Orozco at Bloomberg News reports, citing Noticias24 Newspaper.

According to the report, Mr. Rodriguez called for the officials to
step down as part of an evaluation of regional companies that are
part of Corpoelec, the state power provider.  The report notes
that a severe drought coupled with delayed power projects forced
Chavez to order rolling blackouts in parts of the South American
country last month.  The report relates that businesses in the
capital city of Caracas were asked to cut their electricity use by
20%.

                           *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.


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


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

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

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

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

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

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

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

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

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

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

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

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

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



                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *