TCRLA_Public/100503.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

              Monday, May 3, 2010, Vol. 11, No. 085

                            Headlines



A R G E N T I N A

COOPERATIVA DE VIVIENDA: Creditors' Proofs of Debt by June 11
EPSA ELECTRICAL: Creditors' Proofs of Debt by August 25
IRSA INVERSIONES: S&P Assigns 'B-' Rating on Senior Unsec. Debt
NORTEL NETWORKS: Argentina Unit to Sell Assets to Ciena
TRAMANET SA: Creditors' Proofs of Debt by August 5

VISTA CALZADOS: Creditors' Proofs of Debt by June 16


B E R M U D A

PETREL RE: Creditors' Proofs of Debt Due on April 30
PETREL RE: Members to Receive Wind-Up Report on May 21
PETREL RE: Creditors' Proofs of Debt Due on April 30
PETREL RE: Members to Receive Wind-Up Report on May 20
UPTOWN MARKET: Court Hears Wind-Up Petition

VALIDUS HOLDINGS: Sees Up to US$45-Mil. Loss From Oil Platform


B R A Z I L

BANCO CRUZEIRO: Suspends Share-Offer Plans
BMG FUNDO: Moody's Withdraws 'Ba1' Rating on Asset-Backed Deal
BMG FUNDO: Moody's Withdraws 'Ba1' Rating on Asset-Backed Deal


C A Y M A N  I S L A N D S

ALPHAGEN PICTOR: Shareholders' Final Meeting Set for May 31
AMA CORPORATION: Shareholders' Final Meeting Set for May 31
ASIA WEST: Shareholders' Final Meeting Set for May 28
ATHENA CO: Shareholders' Final Meeting Set for May 31
BEVERLY CAPITAL: Shareholders' Final Meeting Set for May 26

BEVERLY CAPITAL: Shareholders' Final Meeting Set for May 26
BRAZCOMP 1: Shareholders' Final Meeting Set for May 31
CYCLADES INVESTMENTS: Shareholders' Final Meeting Set for June 15
CZ320-99 C/D/E: Shareholder to Receive Wind-Up Report on May 31
EYRY III: Shareholder to Receive Wind-Up Report on May 26

GALLIANT OPPORTUNITIES: Shareholders' Final Meeting Set for May 28
GEMINI AA: Shareholders' Final Meeting Set for May 27
GMT CASEMA: Shareholders' Final Meeting Set for June 11
MACQUARIE HELIX: Shareholders' Final Meeting Set for June 2
OPUS EQUITY: Shareholders' Final Meeting Set for May 18

PHIBRO OFFSHORE: Shareholders' Final Meeting Set for June 2
PLATYPUS AUSTRALIAN: Shareholders' Final Meeting Set for June 3
REINDEER LTD: Shareholders' Final Meeting Set for June 11
REVEILLE MASTER: Shareholders' Final Meeting Set for May 26
SEAGATE HDD: S&P Assigns 'B+' Rating on $500 Mil. Notes

SEVEN STARS: Shareholders' Final Meeting Set for June 2
SILVER POINT: Shareholders' Final Meeting Set for May 28
SOLENT RELATIVE: Shareholders' Final Meeting Set for May 27
SOLENT RELATIVE: Shareholders' Final Meeting Set for May 27
SOLENT RELATIVE: Shareholders' Final Meeting Set for May 27

ST CLAIR: Shareholder to Receive Wind-Up Report on May 18
SUMILEAF CORPORATION: Shareholders' Final Meeting Set for May 28
TVA OPPORTUNITY: Shareholders' Final Meeting Set for May 28
WESLEY CAPITAL: Shareholders' Final Meeting Set for May 28
WESTERN SHIELD: Shareholders' Final Meeting Set for May 27

ZORRO NO. 1: Shareholders' Final Meeting Set for June 2


C O L O M B I A

ECOPETROL SA: Sees More Gas Exports to Venezuela


D O M I N I C A N  R E P U B L I C

AES DOMINICANA: Itabo Power Plant Pays RD$486Million in Dividends


E L  S A L V A D O R

AES EL: Fitch Downgrades Issuer Default Ratings to 'BB'


H A I T I

* HAITI: IDB Makes US$30-Million Grant for Housing


J A M A I C A

AIR JAMAICA: Government Finds Buyer for Carrier's Planes
AIR JAMAICA: BWIA Shareholders Unhappy Over Merger Deal
CASH PLUS: Submission of Claims Set on April 30


M E X I C O

AXTEL SAB: Records Ps. 2.47 Billion Revenues in First Quarter
HIPOTECARIA SU: Seeks Strategic Partner to Improve Funding Acess
VITRO SAB: Consolidates Net Sales Up 1.2% in First Quarter


P E R U

BANCO DE CREDITO: Posts S/222.5 Million Net Income in First Qtr.


P U E R T O  R I C O

FORD MOTOR: Fitch Upgrades Issuer Default Ratings to 'B'


T R I N I D A D  &  T O B A G O

CL FIN'L: Outgoing Chairman & Finance Secretary Seek Legal Counsel


U R U G U A Y

BANCO SURINVEST: Fitch Affirms 'B' Issuer Default Ratings
FUCEREP'S COOPERATIVA: Fitch Affirms 'B' Issuer Default Ratings
HSBC BANK: Fitch Affirms Issuer Default Rating at 'BB+'
NUEVO BANCO: Fitch Affirms Issuer Default Ratings at 'BB-'




                         - - - - -



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


COOPERATIVA DE VIVIENDA: Creditors' Proofs of Debt by June 11
-------------------------------------------------------------
The court-appointed trustee for Cooperativa de Vivienda Credito y
Consumo Accion Productiva Limitada's bankruptcy proceedings will
be verifying creditors' proofs of claim until June 11, 2010.


EPSA ELECTRICAL: Creditors' Proofs of Debt by August 25
-------------------------------------------------------
The court-appointed trustee for E.P.S.A. Electrical Products
S.A.I. y C.'s reorganization proceedings will be verifying
creditors' proofs of claim until August 25, 2010.

The trustee will present the validated claims in court as
individual reports on October 6, 2010.  The National Commercial
Court of First Instance in Buenos Aires 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.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 19, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on July 5, 2011.


IRSA INVERSIONES: S&P Assigns 'B-' Rating on Senior Unsec. Debt
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B-' senior unsecured debt rating to the forthcoming senior
unsecured notes to be issued by Argentine real estate developer
and operator IRSA Inversiones y Representaciones S.A.
(B-/Stable/--).

The rating on the notes reflects IRSA's credit quality.  The notes
will rank pari passu in right of payment with all existing and
future unsecured and unsubordinated debt.  Final maturity will
range from five to 10 years.

Although the issue's amount has been set at $150 million, IRSA
could increase it to $250 million under current program
availability.  IRSA will use proceeds from the issue for asset
investment, working capital purposes, capital contributions to
subsidiaries, and short-term debt repayment, which is likely to
help the company's liquidity position.

The ratings on IRSA mainly reflect its exposure to the Argentine
economy through an asset portfolio geographically concentrated
there, and its volatile free cash-flow generation, mainly due to
the company's historical focus on growth and real estate asset
sales.  The company's leading market position, backed by the good
quality and location of its diverse asset portfolio; and the more
stable cash flow from its office rental and shopping center
businesses than from other real estate segments partly offset the
negative factors.

S&P believes a sovereign default scenario would affect IRSA's
ability to repay its obligations in time and manner, and that's
the main reason its ratings on IRSA are in line with those on the
sovereign.

                           Ratings List

             IRSA Inversiones y Representaciones S.A.

        Corporate Credit Rating               B-/Stable/--

                           New Rating

             $150 Mil Sr Unsec Notes                B-


NORTEL NETWORKS: Argentina Unit to Sell Assets to Ciena
-------------------------------------------------------
Nortel Networks Inc. and its affiliates sought and obtained
approvals from the U.S. Bankruptcy Court for the District of
Delaware and the Ontario Superior Court of Justice for Nortel
Networks de Argentina S.A. to sell certain of its assets to Ciena
Corp.

Nortel Argentina made the sale offer as part of Ciena's
acquisition of Nortel's Optical Networking and Carrier Ethernet
business.

The sale offer generally seeks to address the amount of sale
proceeds to be allocated to Nortel Argentina in connection with
the acquisition.  It requires Nortel to pay the difference
between the consideration that Nortel Argentina will receive in
consideration for its assets and the consideration allocated to
it in accordance with a certain "Interim Funding and Settlement
Agreement."

The IFSA, which was executed on June 9, 2009, governs certain
intercompany matters, which include the obligations of certain
parties to make an agreement on a protocol for resolving disputes
over the allocation of proceeds from the sales of certain Nortel
assets.

The Nortel Argentina offer is formalized in a 9-page agreement
dated March 19, 2010, a copy of which is available without charge
at http://researcharchives.com/t/s?600b

In another development, NNI filed under seal a list of customer
contracts that will be assumed and assigned to Ciena in
connection with the acquisition of the Optical and Carrier
Ethernet business.

                      About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


TRAMANET SA: Creditors' Proofs of Debt by August 5
--------------------------------------------------
The court-appointed trustee for Tramanet S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 5, 2010.


VISTA CALZADOS: Creditors' Proofs of Debt by June 16
----------------------------------------------------
The court-appointed trustee for Vista Calzados S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 16, 2010.


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


PETREL RE: Creditors' Proofs of Debt Due on April 30
----------------------------------------------------
The creditors of Petrel Re Holdings Limited are required to file
their proofs of debt by April 30, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 14. 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


PETREL RE: Members to Receive Wind-Up Report on May 21
------------------------------------------------------
The members of Petrel Re Holdings Limited will receive, on May 21,
2010, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on April 14. 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


PETREL RE: Creditors' Proofs of Debt Due on April 30
----------------------------------------------------
The creditors of Petrel Re Limited are required to file their
proofs of debt by April 30, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 14. 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


PETREL RE: Members to Receive Wind-Up Report on May 20
------------------------------------------------------
The members of Petrel Re Limited will receive, on May 20, 2010, at
9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced wind-up proceedings on April 14. 2010.

The company's liquidator is:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


UPTOWN MARKET: Court Hears Wind-Up Petition
-------------------------------------------
On April 30, 2010, the Supreme Court of Bermuda heard a petition
to wind up the operations of Uptown Market Association.

The petition was filed by Kevin Smith on April 9, 2010.


VALIDUS HOLDINGS: Sees Up to US$45-Mil. Loss From Oil Platform
--------------------------------------------------------------
Validus Holdings Limited provided an estimate of losses from the
Deepwater Horizon oil platform loss in the Gulf of Mexico.

Based on an industry loss estimate of US$1.3 billion, Validus
expects its losses to be in the range of US$38 million to US$45
million.  These loss estimates are net of reinstatement premiums,
reinsurance, retrocessional and other recoveries.

This loss is well within Validus' expected large loss load for the
quarter and the company has additional reinsurance in place if the
ultimate industry loss increases above the current estimate.

The estimates are based on Validus' current evaluation of
impacted contracts and information provided by customers and
intermediaries.  Due to the ongoing development of potential
pollution claims as well as the preliminary nature of reports and
estimates of loss to date, Validus' actual losses from these
events may vary materially from these estimates.

                       About Validus Holdings

Validus Holdings Ltd. -- http://www.validusre.bm/-- is a
provider of reinsurance and insurance, conducting its operations
worldwide through two wholly-owned subsidiaries, Validus
Reinsurance, Ltd., and Talbot Holdings Ltd.  Validus Re is a
Bermuda based reinsurer focused on short-tail lines of
reinsurance.  Talbot is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance
market through Syndicate 1183.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, A.M. Best Co. affirmed the ICR of "bbb-" and
the indicative ratings for securities available under the shelf
registration of "bbb-" on senior debt, "bb+" on subordinated debt
and "bb" on the preferred stock of Validus Holdings, Ltd. (Validus
Holdings).


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


BANCO CRUZEIRO: Suspends Share-Offer Plans
------------------------------------------
Banco Cruzeiro do Sul SA suspended its plan to hold a primary and
secondary share offering on the Sao Paulo Stock Exchange
(BMFBovespa) for up to 60 days, Rogerio Jelmayer at Dow Jones
Newswires reports.

According to the report, the bank said that it decided to suspend
the offer due to "current conditions in the national and
international market, which are unfavorable for the execution of
this offering."  The report notes that in April, Cruzeiro do Sul
said it was planning to sell at least 29.56 million shares in the
operation.

Dow Jones Newswires says that Brazilian shares are suffering in
recent days on concerns about the European Union's debt troubles
and higher local interest rates.

                       About Banco Cruzeiro

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 24, 2010, Moody's Investors Service assigned a Ba2 long-
term foreign currency debt rating to the US$250 million senior
unsecured notes issued by Banco Cruzeiro do Sul S.A.  The notes,
due in February 2015, were issued under the bank's existing US$1
billion Global Medium Term Note Program.  The outlook on the
rating is negative.


BMG FUNDO: Moody's Withdraws 'Ba1' Rating on Asset-Backed Deal
--------------------------------------------------------------
Moody's America Latina has withdrawn the rating of these asset-
backed transaction in Brazil:

* BMG Fundo de Investimento em Direitos Creditorios Consignados
  VII: rating withdrawn; the last rating action occurred on
  March 30, 2009, when the ratings were downgraded to Ba1 from
  Baa3 (Global Scale, Local Currency) and to Aa2.br from Aaa.br
  (Brazilian National Scale).


BMG FUNDO: Moody's Withdraws 'Ba1' Rating on Asset-Backed Deal
--------------------------------------------------------------
Moody's America Latina has withdrawn the rating of these asset-
backed transaction in Brazil:

* BMG Fundo de Investimento em Direitos Creditorios - Creditos
  Consignados VI: rating withdrawn; the last rating action
  occurred on March 30, 2009, when the ratings were downgraded to
  Ba1 from Baa3 (Global Scale, Local Currency) and to Aa2.br from
  Aaa.br (Brazilian National Scale).


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



ALPHAGEN PICTOR: Shareholders' Final Meeting Set for May 31
-----------------------------------------------------------
The shareholders of The Alphagen Pictor Fund Limited will hold
their final meeting, on May 31, 2010, at 9:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


AMA CORPORATION: Shareholders' Final Meeting Set for May 31
-----------------------------------------------------------
The shareholders of AMA Corporation will hold their final meeting,
on May 31, 2010, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Tseng, Chiang Sheng
         Telephone: 886-228943447
         Facsimile: 886-228943324
         4F, No. 150, Li-te Road Taipai 112
         Taiwan, R.O.C.


ASIA WEST: Shareholders' Final Meeting Set for May 28
-----------------------------------------------------
The shareholders of Asia West Environment Fund 2002 Management
Ltd. will hold their final meeting, on May 28, 2010, at
12:30 p.m., to receive 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


ATHENA CO: Shareholders' Final Meeting Set for May 31
-----------------------------------------------------
The shareholders of Athena Co., Ltd. will hold their final
meeting, on May 31, 2010, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BEVERLY CAPITAL: Shareholders' Final Meeting Set for May 26
-----------------------------------------------------------
The shareholders of Beverly Capital Master Fund, Ltd will hold
their final meeting, on May 26, 2010, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


BEVERLY CAPITAL: Shareholders' Final Meeting Set for May 26
-----------------------------------------------------------
The shareholders of Beverly Capital Partners Offshore Fund Ltd
will hold their final meeting, on May 26, 2010, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BRAZCOMP 1: Shareholders' Final Meeting Set for May 31
------------------------------------------------------
The shareholders of Brazcomp 1 Limited will hold their final
meeting, on May 31, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CYCLADES INVESTMENTS: Shareholders' Final Meeting Set for June 15
-----------------------------------------------------------------
The shareholders of Cyclades Investments will hold their final
meeting, on June 15, 2010, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CZ320-99 C/D/E: Shareholder to Receive Wind-Up Report on May 31
---------------------------------------------------------------
The shareholder of CZ320-99 C/D/E Limited will receive, on May 31,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

         Connan Hill
         Sylvia Lewis
         c/o Isabel Mason
         Telephone: 345 949-7755
         Facsimile: 345 949-7634


EYRY III: Shareholder to Receive Wind-Up Report on May 26
---------------------------------------------------------
The shareholder of EYRY III Fund SPC will receive, on May 26,
2010, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Alric Lindsay
         Telephone: (345)-526-1688


GALLIANT OPPORTUNITIES: Shareholders' Final Meeting Set for May 28
------------------------------------------------------------------
The shareholders of Galliant Opportunities Master Fund GP Inc.
will hold their final meeting, on May 28, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949-9876


GEMINI AA: Shareholders' Final Meeting Set for May 27
-----------------------------------------------------
The shareholders of Gemini AA Funding Company will hold their
final meeting, on May 27, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GMT CASEMA: Shareholders' Final Meeting Set for June 11
-------------------------------------------------------
The shareholders of GMT Casema Holding Limited will hold their
final meeting, on June 11, 2010, at 8:30 a.m., to receive 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


MACQUARIE HELIX: Shareholders' Final Meeting Set for June 2
-----------------------------------------------------------
The shareholders of Macquarie Helix Japan Master Fund will hold
their final meeting, on June 2, 2010, at 11:10 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


OPUS EQUITY: Shareholders' Final Meeting Set for May 18
-------------------------------------------------------
The shareholders of Opus Equity Fund Limited will hold their final
meeting, on May 18, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Nicolas Matthews
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         PO Box 10387, Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


PHIBRO OFFSHORE: Shareholders' Final Meeting Set for June 2
-----------------------------------------------------------
The shareholders of Phibro Offshore Commodities Fund I Ltd will
hold their final meeting, on June 2, 2010, at 2:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PLATYPUS AUSTRALIAN: Shareholders' Final Meeting Set for June 3
---------------------------------------------------------------
The shareholders of Platypus Australian Long/Short Fund will hold
their final meeting, on June 3, 2010, to receive 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


REINDEER LTD: Shareholders' Final Meeting Set for June 11
---------------------------------------------------------
The shareholders of Reindeer Ltd. will hold their final meeting,
on June 11, 2010, at 12:00 noon, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


REVEILLE MASTER: Shareholders' Final Meeting Set for May 26
-----------------------------------------------------------
The shareholders of Reveille Master, Ltd. will hold their final
meeting, on May 26, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Reid Services Limited
         Clifton House, 75 Fort Street
         PO Box 1350, Grand Cayman KY1-1108
         Cayman Islands


SEAGATE HDD: S&P Assigns 'B+' Rating on $500 Mil. Notes
-------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
rating to Seagate HDD Cayman's $500 million new senior unsecured
notes due 2020 and placed them on CreditWatch Positive.  The
recovery rating is '5', indicating the expectation for modest
(10%-30%) recovery in the event of a payment default.  Parent
Seagate Technology's 'BB-' corporate credit rating and CreditWatch
Positive listing are unaffected by the new notes, which the
company will use to repay existing debt.

Seagate's financial profile has improved and management intends to
accumulate cash to retire maturities through 2012, further
reducing leverage over time, possibly resulting in a two-notch
upgrade of the corporate credit rating upon resolution of the
CreditWatch.  Additionally, the cancellation of the company's
$350 million senior secured revolving credit could have positive
implications for the recovery and issue-level ratings on the
senior unsecured and subordinated issues.

                           Ratings List

                        Seagate Technology

         Corporate Credit Rating        BB-/Watch Pos/--

                            New Rating

                        Seagate HDD Cayman

           $500 mil Senior Unsecured Notes
           due 2020                        B+/Watch Pos
            Recovery Rating


SEVEN STARS: Shareholders' Final Meeting Set for June 2
-------------------------------------------------------
The shareholders of Seven Stars Corporation will hold their final
meeting, on June 2, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SILVER POINT: Shareholders' Final Meeting Set for May 28
--------------------------------------------------------
The shareholders of Silver Point 2008 Opportunity Fund, Ltd. will
hold their final meeting, on May 28, 2010, at 12:00 noon, to
receive 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


SOLENT RELATIVE: Shareholders' Final Meeting Set for May 27
-----------------------------------------------------------
The shareholders of Solent Relative Value Credit Notes Fund will
hold their final meeting, on May 27, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8236
         Facsimile: (345) 949 7120


SOLENT RELATIVE: Shareholders' Final Meeting Set for May 27
-----------------------------------------------------------
The shareholders of Solent Relative Value Credit Master Fund will
hold their final meeting, on May 27, 2010, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8236
         Facsimile: (345) 949 7120


SOLENT RELATIVE: Shareholders' Final Meeting Set for May 27
-----------------------------------------------------------
The shareholders of Solent Relative Value Credit Fund will hold
their final meeting, on May 27, 2010, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Hugh Dickson
         c/o Prudence Pryce
         P.O. Box 1370, Grand Cayman KY1- 1108
         Cayman Islands
         Telephone: (345) 815 8236
         Facsimile: (345) 949 7120


ST CLAIR: Shareholder to Receive Wind-Up Report on May 18
---------------------------------------------------------
The shareholder of ST Clair Insurance Company will receive, on
May 18, 2010, at 10:30 a.m., the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         Dena Thompson
         Kevin Poole
         Telephone: 949-7755
         Facsimile: 949-6021
         P.O. Box 1109, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021


SUMILEAF CORPORATION: Shareholders' Final Meeting Set for May 28
----------------------------------------------------------------
The shareholders of Sumileaf Corporation will hold their final
meeting, on May 28, 2010, at 11:30 a.m., to receive 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


TVA OPPORTUNITY: Shareholders' Final Meeting Set for May 28
-----------------------------------------------------------
The shareholders of TVA Opportunity Fund will hold their final
meeting, on May 28, 2010, at 12:15 p.m., to receive 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


WESLEY CAPITAL: Shareholders' Final Meeting Set for May 28
----------------------------------------------------------
The shareholders of Wesley Capital I Master, Ltd. will hold their
final meeting, on May 28, 2010, at 11:45 a.m., to receive 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


WESTERN SHIELD: Shareholders' Final Meeting Set for May 27
----------------------------------------------------------
The shareholders of Western Shield Casualty SPC, Ltd will hold
their final meeting, on May 27, 2010, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Chris Huth
         Telephone: (303)-996-5447
         Facsimile: (303)-388-5585
         dms Corporate Services Ltd
         dms House, 2nd Floor
         PO Box 1344, Grand Cayman KY1-1108


ZORRO NO. 1: Shareholders' Final Meeting Set for June 2
-------------------------------------------------------
The shareholders of Zorro No. 1 Finance Inc. will hold their final
meeting, on June 2, 2010, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


ECOPETROL SA: Sees More Gas Exports to Venezuela
------------------------------------------------
Ecopetrol SA expects to increase gas exports to Venezuela to 150
million cubic feet per day over the next few months, Javier Mozzo
at Reuters reports, citing Company President Javier Gutierrez.

According to the report, Mr. Gutierrez said that Colombia
currently exports 65 million to 70 million cubic feet of gas per
day to the neighboring country.  The report relates that gas is
one of the few products that Colombia still sells to Venezuela
after Venezuelan President Hugo Chavez froze bilateral trade to
protest a military pact signed between Washington and Bogota last
year.

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


AES DOMINICANA: Itabo Power Plant Pays RD$486Million in Dividends
-----------------------------------------------------------------
Power company Itabo paid RD$486 million in dividends to the
Dominican government, thanks to the company's operational,
administrative and financial performance in 2009, The Dominican
Today reports.

"Itabo has become one of most recognized success stories as a
result of the strategic alliance between the public and private
sector and as the results here show," the report quoted AES
Dominicana President Marco De la Rosa De as saying.

According to the report, Mr. De la Rosa said that stressing
Itabo's performance, listed the company's highly qualified human
talent, which he affirmed is committed with operational excellence
as evidenced by reaching a 83% availability in 2009 from levels as
low as 35% before AES acquired it.

Mr. De la Rosa, the report notes, said that Itabo has been under a
continuous plan of investments as high as US$200 million, which
has resulted in the company's good operational and financial
results, adding that in 2009 it supplied 13.3% of the national
consumption, or 1,486 GWh, "at competitive very prices."

                       About AES Dominicana

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

                           *     *     *

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


====================
E L  S A L V A D O R
====================


AES EL: Fitch Downgrades Issuer Default Ratings to 'BB'
-------------------------------------------------------
Fitch Ratings has downgraded AES El Salvador Trust's foreign and
local currency Issuer Default Ratings to 'BB' from 'BB+'.  The
rating action applies to US$300 million of Political Risk
Protected bond issuance due Feb. 1, 2016.  Concurrently, Fitch has
downgraded Compania de Alumbrado Electrico de San Salvador, S.A.
de C.V. and Empresa Electrica del Oriente, S.A. de C.V. national
scale ratings.  The Rating Outlook for all ratings is Stable.  The
rating actions are as follow;

  -- AES El Salvador foreign currency and local currency IDR
     downgraded to 'BB' from 'BB+';

  -- AES El Salvador's US$300 million PRI notes due 2016
     downgraded to 'BB' from 'BB+';

  -- AES El Salvador national scale issuance rating downgraded to
     'AA-(pan)' from 'AA(pan)';

  -- CAESS national scale rating downgraded to 'A+(slv)' from 'AA-
     (slv)';

  -- EEO national scale rating downgraded to 'A+(slv)' from 'AA-
     (slv)'.

The rating action reflects AES El Salvador's weak credit metrics
for the rating category, as well as continued sovereign risk
exposure through subsidies and intervention.  AES El Salvador's
ratings also reflect the weakening macroeconomic conditions in El
Salvador.  The El Salvadorian government has again implemented
subsidies to maintain low electricity tariffs for end users in
addition to existing subsidies for consumption below 99KWh.  These
subsidies amounted to approximately US$80 million for the sector
and approximately US$66 million for the company during 2009.  The
government estimates that the incremental subsidies will be
approximately US$16 million to US$18 million over the next six
months, and be used for consumption below 300 KWh.  This could
create working capital needs for distribution companies depending
on the timely disbursement of subsidies from the government to
distribution companies.  Should AES El Salvador and its
subsidiaries be forced to issue additional debt to fund its
working capital requirements, while it continues distributing
dividends, its credit quality could deteriorate further.

The rating action also reflects AES El Salvador's deteriorated and
below expectation credit metrics.  As of Dec. 31, 2009, the
company's EBITDA continued to be weak, at US$60 million with total
debt of US$300 million, which resulted in a high leverage ratio of
5.0 times.  AES El Salvador's interest coverage continues to be
adequate for the rating category at approximately 2.7x.  AES El
Salvador's liquidity is supported by its cash on hand, which as of
year end 2009 was approximately US$31 million and an US$38.5
million short-term bank credit facility to buy electricity from
generators.  Going forward, the company's credit metrics could
deteriorate if the company issues additional debt to finance
working capital needs due to subsidies and/or high energy cost and
if it receives unfavorable tariff resets.

AES El Salvador Trust's ratings are based on the combined credit
quality of AES El Salvador's operating assets; CAESS, AES CLESA y
Cia. S en C de C.V. , EEO and Distribuidora Electrica de Usulutan
S.A. de C.V.  These operating companies are the guarantors of AES
El Salvador's outstanding debt issuance.  The company's political
risk protected notes benefit from external liquidity facilities
totaling 12 months of interest payments.  A six-month debt-service
reserve account, coupled with a six-month letter of credit
provided by Credit Suisse (CS, acting through its Cayman Islands
branch), helps protect against a potential currency
inconvertibility/non-transfer event.  The facilities will remain
available for the life of the notes as long as certain criteria
are met.  While the stated maturity of the notes is 2016, the
notes can be extended by 12 months during an event of transfer and
convertibility restrictions.

AES El Salvador's credit profile is supported by its predictable
cash flow generation and relatively low business risk,
characteristic of electricity distribution companies.  The
company's operations are considered efficient compared with other
distribution companies in the region.  The group, on a
consolidated basis, has reported losses of 9% as of December 2009,
which compares favorable with other companies in the region.  The
group has improved efficiency in terms of customers per employee
by increasing the number of customers per employee to >1,134 in
2009 from 639 in 1999.  Collections are also considered strong and
supportive of the company's ratings at approximately 100% during
2009.


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


* HAITI: IDB Makes US$30-Million Grant for Housing
--------------------------------------------------
A $30 million grant from the Inter-American Development Bank will
help Haiti relocate some 5,000 families from tent camps in high-
risk areas in Port-au-Prince to a new settlement with transitional
housing and basic sanitation services.

The new settlement will be built on a plot of public land in Les
Orangers, an area north of Port-au-Prince, following the
guidelines of the Shelter Sector Response Plan, which has been
approved by the Haitian government and is backed by various
agencies assisting the country after the January 12 earthquake.

Under the program, families willing to move to the new
neighborhood will receive 18-square meter (about 200 sq ft) houses
designed to withstand severe weather conditions.  While the units
are intended to be transitional, they will be built on individual
plots with room for incremental expansions.

The community will have access roads, public lighting and communal
water and sanitation services, such as water tanks and faucets,
latrines, washing sinks and showers.  The layout for the
neighborhood will set aside areas for schools, health care units
and parks.  The provision of these social services will be
coordinated with other programs and agencies.

The transitional housing program will focus on families currently
living in seven camps considered to be at high risk of flooding or
mudslides.  Priority will be given to households headed by women
or by children.  Participatory mechanisms will be employed to
involve participating families in the development, administration
and maintenance of the new settlement.

The IDB has suggested to the Haitian government to award contracts
for housing construction directly to prestigious non-profit
organizations that already have operations in Haiti, such as CHF
and Habitat for Humanity.

In addition, the IDB grant will support the Shelter Sector
Response Plan's Build Back Safer Program by improving the Haitian
Planning Ministry's capacity for land use planning and the Public
Works Ministry's National Building and Public Works Laboratory.

Urban planners will assist the Planning Ministry in the
preparation of a master plan for the urbanization of the northern
expansion area of Port-au-Prince and in the development of soil
quality and risk maps for the capital region and the cities of
Leogane and Petit Goave, which are close to the epicenter of the
earthquake.

Civil engineers will assist the Public Works Ministry in reviewing
building designs and supervising reconstruction and rehabilitation
efforts. Vehicles, testing equipment, computers and software will
be provided to the laboratory's technical staff to take on the
task of enforcing earthquake resistance guidelines for new
buildings.

Through its Multilateral Investment Fund, the IDB is supporting
smaller-scale temporary housing projects with Habitat for Humanity
in the city of Cabaret, north of Port-au-Prince, and with the
Latin American NGO Un Techo Para Mi PaĦs in the southeastern city
of Grand Goave.


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


AIR JAMAICA: Government Finds Buyer for Carrier's Planes
--------------------------------------------------------
Alicia Dunkley at the Jamaica Observer reports that the Jamaican
government has found a buyer for the only two aircraft owned by
Air Jamaica Limited that are being sold to pay taxes owed to the
Internal Revenue Service in the United States.

Air Jamaica President Bruce Nobles told the Observer that they had
received "a letter of intent to sell the two airplanes", which
have been on the market since last summer, at US$17 million each.
The report relates that Mr. Nobles did not divulge the name of the
potential buyer, only to say that the entity was based in the US
and "buys and sells airplanes".

"We are close to finalizing the deal," the report quoted Mr.
Nobles as saying.  The report relates Mr. Nobles said that he
expected to have the planes off their hands "in the next couple
days".

According to the report, the proceeds from the sale of the two
airplanes would go to the IRS, which is owed some US$30 million.
The report notes that the sums had been wracked up over time as
the airline had taken to using the taxes it collected from ticket
sales -- on behalf of the US government -- "to make payroll and to
buy fuel and so forth".  "We are in the process of paying that
back. But they have been adding interest and penalties on top of
that so we paid a lot back," the report quoted Mr. Nobles as
saying.

The two aircraft, the report says, were the only ones in the Air
Jamaica fleet that are owned by the Government.  Air Jamaica
operated with a fleet of aircraft, the report adds.

                      About Air Jamaica

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

                           *     *     *

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

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


AIR JAMAICA: BWIA Shareholders Unhappy Over Merger Deal
-------------------------------------------------------
Nadaleen Singh at the Trinidad and Tobago Guardian the BWIA
Minority Shareholders Group is not pleased that the Jamaican
government has been given 16% shareholding in Caribbean Airlines
Limited.

According to the report, Peter Permell, coordinator of the group,
said his membership was offered a US$0.20 per share on BWIA
shares, while the Jamaican government got 16% ownership.  The
report relates that the BMSG was formed after BWIA was shut down
in December 2006.  The group comprises flight attendants, pilots
and other former employees of BWIA.

The Guardian says that the group was not pleased about the value
which was placed on the shares and made repeated calls to the
government to increase the value.  That matter is now before the
court.  The report relates Arthur Lok Jack, chairman of CAL, said
that the Jamaican government would have 16% ownership of CAL, once
the transition process to merge the two airlines was complete.

Referring to legacy costs, Mr. Permell said that he was relieved
the government would not be absorbing any of those costs when the
transition was over, the report adds.

                      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.


CASH PLUS: Submission of Claims Set on April 30
------------------------------------------------
The deadline for the submission of claims for Cash Plus Limited
investors to the court-appointed liquidator Hugh Wildman was set
on Friday, April 30, 20101, RadioJamaica reports.  The report
relates that the cut off date was extended March to accommodate
persons who had not yet presented claims to Mr. Wildman.

According to the report, a notice from Mr. Wildman said that
persons who placed money in Cash Plus should complete a Proof of
Debt Form and provide copies of contracts as well as valid
identification and their Tax Registration Number.  The report
relates that the information should be sent to the Office of the
Trustee in Bankruptcy situated at 52 to 60 Grenada Crescent in New
Kingston.

Cash Plus investors, the report notes, have been awaiting word on
the status of their investments since the scheme collapsed two
years ago.

                          About Cash Plus

Cash Plus Limited is an investment club in Jamaica.  It collapsed
in 2007 after the Financial Services Commission moved to regulate
its operations.  The company is a financial arm of the Cash Plus
Group of Companies, a business conglomerate established in 2002 by
mortgage banker Carlos Hill.  The company offers its participants
the opportunity to participate in the group's ventures which
include mergers and numerous acquisitions.

In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership.  Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008.  The firm has 40,000 lenders
with loans totaling J$4 billion.  Cash Plus was unable to repay
its investors.  The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.

PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.


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


AXTEL SAB: Records Ps. 2.47 Billion Revenues in First Quarter
-------------------------------------------------------------
Axtel, S.A.B. de C.V. recorded Ps. 2.47 billion revenues from
operations in the first quarter of year 2010 from Ps. 2.80 billion
for the same period in 2009, a decrease of Ps. 328 million, or
12%.  Revenues from operations totaled Ps. 10.64 billion in the
twelve-month period ended March 31, 2010, compared to Ps. 11. 520
billion in the same period in 2009, a decrease of Ps. 879 million,
or 8%.

AXTEL's business forecast contemplated a relatively soft first
quarter; however, due to a significant reduction in international
traffic revenues, the Company experienced weaker than expected
results.  The temporary external circumstances which affected
international traffic revenues have mostly receded.

To improve its financial performance, AXTEL is reinforcing its
productivity measures.  Among others, the Company is reducing its
workforce and implementing efficiency initiatives related to rents
and outsourcing activities that will contribute to reduce
operating expenses by 15 to 20 million pesos per month starting in
May.

Consistent with AXTEL's prudent financial policy, the Company
reopened its 2019 Senior Notes program for US$190 million in
March.  Net proceeds were mostly used to prepay the amortizing
term loan and to refinance short term debt.  AXTEL successfully
priced the transaction at a lower yield than the original $300
million dollar transaction and extended the average life of debt
beyond 8 years.

A full text copy of the company's first quarter results is
available free at http://ResearchArchives.com/t/s?6112

                          About Axtel SAB

Headquartered in Monterrey, Mexico, AXTEL is a Mexican
telecommunications company that provides local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 17 cities and long distance
telephone services to business and residential customers in over
200 cities.  The seventeen cities in which AXTEL currently
provides local services are Mexico City, Monterrey, Guadalajara,
Puebla, Leon, Toluca, Queretaro, San Luis Potosi,
Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, Torreon
(Laguna region), Veracruz, Chihuahua, Celaya and Irapuato.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 16, 2010, Standard & Poor's Ratings services said that it
has affirmed its 'BB-' rating on Axtel S.A.B. de C.V.'s senior
unsecured notes following the proposed addition of $190 million to
its US$300 million in 144A/Reg S long-term senior unsecured notes
due in 2019.


HIPOTECARIA SU: Seeks Strategic Partner to Improve Funding Acess
----------------------------------------------------------------
Ken Parks at Dow Jones Newswires reports that Hipotecaria Su
Casita SA is looking for a strategic partner that would improve
its access to funding.  The report relates Vice President Manuel
Campos said that it makes sense to find a partner given nonbank
lenders are going to face stricter regulations in the near future
similar to those applied to banks.

According to the report, Hipotecaria Su said that its shareholders
have contributed fresh capital for MXN370 million (US$30.3
million) following a capital increase for MXN500 million in 2009.
Company President and Chief Executive Jose Manuel Agudo told Dow
Jones Newswires that the largest shareholder, Spanish bank Caja
Madrid, participated in the capital increase.  Caja Madrid owns
40% of Su Casita.

Dow Jones Newswires says that the company's future as an
independent firm was called into question following reports in
March that Caja Madrid wanted to sell its 40% stake in the Mexican
company.  The report discloses that Caja Madrid's investment never
really addressed Su Casita's need to find a source of stable,
long-term funding because the Spanish bank doesn't have deposit-
taking operations in Mexico.

                       About Hipotecaria Su

Hipotecaria Su Casita SA, based in Mexico City, Mexico, started
operations in 1994 as a non-bank financial institution/Sofol
Mortgage Company.  Su Casita's main activity consists of extending
mortgage loans financed by monies from SHF to low income
individuals -- an important role in the low-income housing market,
as there is no rental market in Mexico.  As of September 30, 2008,
the company reported total assets of approximately US$39,078
million Mexican pesos, and US$3,080 million Mexican pesos in
equity.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 16, 2010, Standard & Poor's Ratings Services said that it
lowered its global and Mexican national scale counterparty credit
and senior unsecured debt ratings on Mexico-based mortgage and
construction lender Hipotecaria Su Casita S.A. de C.V. SOFOM
E.N.R. to 'B' from 'BB-' and to 'mxBBB-/mxA-3' from 'mxBBB+/
mxA-2', respectively.  The outlooks are negative.


VITRO SAB: Consolidates Net Sales Up 1.2% in First Quarter
----------------------------------------------------------
Vitro S.A.B. de C.V. posted its first quarter 2010 unaudited
results.  Year-over-year consolidated net sales increased 1.2
percent benefited by a 13% peso appreciation during last twelve
months.  Consolidated EBITDA declined 5% YoY while the
consolidated EBITDA margin decreased to 11.9% from 12.7% in the
same period last year.

A full text copy of the company's first quarter 2010 result is
available free at http://ResearchArchives.com/t/s?6115

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                          *     *     *

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


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

BANCO DE CREDITO: Posts S/222.5 Million Net Income in First Qtr.
----------------------------------------------------------------
Banco de Credito del Peru's first-quarter net income totaled
S/222.5 million (US$78 million), Robert Kozak at Dow Jones
Newswires reports.

According to the report, the company released the information in a
published statement without giving a previous quarter comparison.
The report relates that the company has previously reported first-
quarter 2009 net income of PEN334.8 million.

The company, the report notes, said that first-quarter 2010
financial revenues totaled PEN868 million.

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 10, 2009, Standard & Poor's Ratings Services said that it
affirmed its 'BB' subordinated debt rating on Banco de Credito del
Peru's US$250 million noncumulative fixed/floating-rate step-up
junior subordinated notes due 2069.  Proceeds from the issuance
will be used for general corporate purposes.


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


FORD MOTOR: Fitch Upgrades Issuer Default Ratings to 'B'
--------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Ratings for Ford
Motor Co. and its captive finance subsidiary Ford Motor Credit Co.
to 'B' from 'B-'.  The Rating Outlook for both Ford and Ford
Credit remains Positive.

The upgrade of the IDRs and the Positive outlook reflect Fitch's
expectation that Ford's credit profile will continue to strengthen
as the global economy recovers and as the company leverages its
increasingly competitive product portfolio and improved cost
position to increase production and unit sales.  Coupled with
Ford's solid price performance, margins are expected to grow over
the medium term, driving stronger levels of free cash flow.  This,
along with Ford's strong liquidity position, will allow the
company to begin the process of de-levering its balance sheet.
With better access to the credit markets, Ford Credit's financial
flexibility is increasing, resulting in a greater ability to
support Ford's auto sales with competitive customer financing
while also generating additional cash that will be sent via
dividend to the parent.  Despite the much improved outlook, Ford
continues to face a number of challenges, including rising raw
materials costs, ongoing global industry overcapacity and, more
recently, heavy price incentives in the U.S. market driven by
Toyota's aggressive push to support its market share.  Over the
longer term, increasingly stringent emissions regulations, as well
as a host of legislative and regulatory risks promulgated by the
U.S. and international governments are expected to increase
vehicle development and production costs, limiting margin
expansion.

Fitch is monitoring these trends which could potentially lead to a
further upgrade of Ford's ratings:

  -- U.S. industry sales rebounding towards an annualized rate of
     13-13.5 million sales (although that level is currently not
     expected to be reached until mid-2011);

  -- Ford's products continue to hold or gain market share;

  -- Inventory management at both Ford and within the U.S.
     industry, allows Ford to hold or improve product prices,
     supporting margin performance;

  -- Positive free cash flow is achieved and continues on an
     upward trajectory;

  -- Balance sheet strengthening through debt reduction
     accelerates;

  -- Ford Credit maintains or improves competitive access to
     capital.

If current trends continue, Fitch may upgrade Ford's ratings again
later in 2010.

After the global recession and the collapse of the credit markets
drove U.S. industry light vehicle sales to 10.4 million units in
2009, Fitch expects sales to exceed 11.4 million units in 2010.
The U.S. industry's light vehicle seasonally-adjusted annual sales
rate was 11 million units in the first quarter of 2010, including
a rise to 11.8 million in March.  Although the higher SAAR in
March likely was driven in part by significant customer incentives
as the industry sought to match aggressive measures undertaken by
Toyota, the increase in sales also appears to reflect increasing
customer demand in the face of improving consumer confidence and a
stabilizing U.S. job market.  Nonetheless, the forecast for U.S.
industry sales this year remains well below the 2007 sales level
of 16.1 million units and likely will remain below that level for
at least several years.  In Europe, Ford's second-largest market,
industry sales are expected to decline in 2010 to between
14 million and 15 million vehicles, down from 15.8 million units
sold in 2009, as various vehicle scrapping programs throughout the
region wind down.  Ford's market share performance in Europe has
helped to offset a portion of the market weakness.

Against the backdrop of rising U.S. industry sales, Ford has
managed to grow its market share.  Market share in the first
quarter of this year rose to 16.6% from 13.9% in the same period
last year, and appears to be driven primarily by an increasingly
competitive product line-up including several refreshed or
redesigned models such as the Fusion and Taurus.  Ford's pickup
sales have also been strong so far in 2010, with unit sales of the
F-150 up 26% in the first quarter (outpacing the 7% increase in
industry sales of large pickups in the period).  Undoubtedly, Ford
has seen gains due to customer concerns about Toyota's recalls, as
well as some negative sentiment toward General Motors and Chrysler
tied to the U.S. government's involvement in their restructurings
last year.  However, Fitch believes much of the increase can be
attributed to improvements in Ford's product line, and the U.S.
introductions later this year of the new Fiesta and the redesigned
Focus, as well as the fully reengineered Explorer, could further
support Ford's market share, particularly as gasoline costs
continue to rise.  As consumers migrate toward more fuel-efficient
vehicles, Ford's competitive performance in the smaller and mid-
size product segments has been a solid achievement.  In Europe,
Ford's market share has held steady, with the company garnering a
9.4% share of the market in the first quarter of 2010, about flat
with the year-ago period.

Actions to reduce structural costs over the past several years,
including headcount and benefit reductions, improvements in
inventory management, a shift toward global platform engineering
and the closure of underperforming manufacturing sites, have
positioned Ford to post higher margins over the next several
years, although free cash flow in the near term will continue to
be challenged by low absolute sales volumes, higher raw materials
prices and increasing pension contributions.  Cost cuts have
largely played out, indicating that margin and free cash flow will
be largely driven by U.S. industry sales volume growth and price
performance.  The substantial elimination of restructuring costs
will also benefit cash flow.  In 2010, Fitch projects that Ford's
EBITDA margin will rise to the 5% to 7% range following very low
EBITDA margins in the 1% to 1.5% range in 2008 and 2009.  Despite
the rise in EBITDA margins, free cash flow likely will remain
roughly breakeven this year, as the company contributes an
estimated $1.5 billion to both its funded and unfunded defined
benefit pension plans, while capital spending is expected to rise
to a range of $4.5 billion to $5 billion (which excludes Volvo)
versus year-ago spending of $4.5 billion (which included Volvo).
Looking to 2011 and beyond, however, Fitch expects free cash flow
to turn positive, as continued improvement in the global economy
pushes automotive revenue higher, while more of the company's
structural cost initiatives gain traction, resulting in further
margin increases and increasing levels of operating cash flow.  An
increase in U.S. industry SAAR of 13-13.5 million could lead to
free cash flow approaching $5 billion and more material debt
reduction.

Despite the projections for breakeven free cash flow this year,
Ford's cash liquidity is expected to remain very strong, with
cash, cash equivalents and marketable securities projected to
remain in the low-$20 billion range throughout the year despite
the repayment of $3 billion of credit facility borrowings in
April.  The revolver repayment was largely funded using the
company's existing cash balance and was offset slightly by
$300 million in new Department of Energy loans.  However, with the
revolver repayment, Ford's liquidity has been enhanced, as the
company retains the ability to re-borrow the freed-up revolving
credit capacity, and Ford's substantial cash position reduces the
likelihood the company will need to dip into its revolver again in
the near term.  In addition, Ford has managed the growth in its
liabilities through a variety of periodic equity issuances,
although Fitch expects this pace of equity issuance to moderate,
although repayment of the eligible VEBA notes through equity is
expected to continue.

Ford's operating performance has improved markedly in the past
year, but significant balance sheet challenges remain.  Even with
the April debt repayment, Ford's automotive sector continues to
carry $31 billion in debt, a substantial level that will weigh on
the company's financial flexibility for at least several years.
This could be of particular concern in the event of another
industry shock, especially given the relatively lower debt loads
carried by GM and Chrysler following their bankruptcies.  In
addition, the auto industry in general continues to suffer the
effects of overcapacity, and with relatively weak, albeit growing,
sales in the U.S. over the next several years, garnering
sufficient pricing power to raise unit prices significantly will
be difficult.  On top of that, heavy incentive spending, driven
currently by the industry's reaction to Toyota's aggressive
offers, could pressure profitability as well, at least over the
next quarter or so, although thus far it appears Ford has been
able avoid any significant margin pressure from the heavy industry
incentive environment.  Against this continued challenging
backdrop, the global auto industry continues to deal with numerous
regulations put forth by governments around the world targeting
reduced vehicle emissions.  A number of these regulations will
require significant changes in vehicle design and engineering over
the next few years, which will result in increased unit costs that
could place additional pressure on Ford's margins.  The rapid
changes in product technology also require heavy investment in R&D
and capital expenditures by the industry, with negative or highly
uncertain returns on new investments.

The upgrade of Ford Credit and its related subsidiaries reflects
the strong linkage between the ratings of Ford Credit and Ford.
More recently, the financial profile of Ford Credit has been
enhanced by improved access to capital markets on a secured and
unsecured basis, favorable operating performance, stabilization of
portfolio credit metrics, and a solid liquidity profile at the
current rating category.

Fitch has taken these rating actions:

Ford Motor Company

  -- Long-term IDR upgraded to 'B' from 'B-';

  -- Senior secured credit facility upgraded to 'BB/RR1' from 'BB-
     /RR1';

  -- Senior secured term loan upgraded to 'BB/RR1' from 'BB-/RR1';

  -- Senior unsecured upgraded to 'CCC/RR6' from 'CC/RR6'.

Ford Motor Co. Capital Trust II

  -- Subordinated convertible debentures upgraded to 'CC/RR6' from
     'C/RR6'.

Ford Motor Co. of Australia

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Senior unsecured rating withdrawn.

Ford Motor Credit Company LLC

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Short-term IDR affirmed at 'B';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2';
  -- Commercial paper affirmed at 'B'.

FCE Bank Plc

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Short-term IDR affirmed at 'B';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2';
  -- Commercial paper affirmed at 'B';
  -- Short-term deposits affirmed at 'B'.

Ford Capital B.V.

  -- Long-term IDR upgradeed to 'B' from 'B-';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2';

  -- Ford Credit Canada Ltd.
  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Short-term IDR affirmed at 'B';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2';
  -- Commercial paper affirmed at 'B'.

Ford Credit Australia Ltd.

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Short-term IDR affirmed at 'B';
  -- Commercial paper upgraded affirmed at 'B'.

Ford Credit de Mexico, S.A. de C.V.

  -- Long-term IDR upgraded to 'B' from 'B-'.

Ford Credit Co. S.A. de C.V.

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2'.

Ford Motor Credit Co. of New Zealand

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Short-term IDR affirmed at 'B';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2';
  -- Commercial paper affirmed at 'B'.

Ford Motor Credit Co. of Puerto Rico, Inc.

  -- Short-term IDR affirmed at 'B'.

Ford Holdings, Inc.

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Senior unsecured upgraded to 'CCC/RR6' from 'CC/RR6'.


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


CL FIN'L: Outgoing Chairman & Finance Secretary Seek Legal Counsel
------------------------------------------------------------------
Tony Best at Nation News reports that CLICO International Life
outgoing executive chairman, Leroy Parris, and the Permanent
Secretary in the Ministry of Finance, William Layne, could be
heading to the law courts.

According to the report, Mr. Layne said he was awaiting legal
advice from his attorney on the options he could take in the wake
of public criticisms of him that were attributed to Mr. Parris in
connection with the financial crisis facing CL Financial Limited.
The report relates Mr. Layne said that the matter was now in the
hands of his attorneys whose advice could lead to court action.

The report notes that Mr. Parris said that Mr. Layne made certain
decisions in connection with the troubled insurance company that
probably triggered some of the problems.

Mr. Layne, the report discloses, said that CLICO's key financial
problem was "an asset-liability mismatch" in which the company was
"investing long and financing with short-term funds and that's a
recipe for trouble."

As reported in the Troubled Company Reporter-Latin America on
April 30, 2010, Caribbean360.com said that CLICO Holdings Barbados
Limited Chairman Leroy Parris's resignation and departure from the
company will be sooner than he previously indicated.  The report
related Mr. Parris earlier this month disclosed that he would
retire from CLICO International Life Insurance at the end of July,
saying that the "pressure" was getting to him.

                     About CL Financial

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

                          *     *     *

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

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


=============
U R U G U A Y
=============


BANCO SURINVEST: Fitch Affirms 'B' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed Banco Surinvest's ratings:

  -- Foreign and local currency Issuer Default Ratings at 'B';
  -- National long-term rating at 'BBB(uy)';
  -- Support rating at '5'.

The Rating Outlook is Stable.

Surinvest's ratings reflect the low risk profile of its activities
and its good level of liquidity and capitalization.  In addition,
its shareholder (Banque Heritage, rated 'BB+') has had a positive
effect on Surinvest's business strategy, which is now primarily
focused on wealth management and corporate services.  The rating
also reflects the significant challenges of Surinvest's chosen
strategy and its small market share in the financial system.

Net 2009 results reflected losses, mainly due to the appreciation
of the foreign exchange rate and inflation adjustments (68% of the
results).  Despite the operating profit was negative due to the
low business volume, its development is appropriate.  Its
efficiency ratio is still low and below the system average.

The most important Surinvest risks are operational and
reputational, but its controls were considered appropriate by the
auditory of Banco Central de Uruguay and PriceWaterhouse (Suiza).

Due to Surinvest's new business strategy, the bank needs less
funding than previously required.  Its main funding source is
short-term deposits by non-residents.  Its liquidity ratios are
good.

Surinvest's capitalization is proper and better than that of its
peer group, with an equity/assets ratio of 15.6% in 2009 compared
with the Uruguayan private-sector average of 10.1%.  Fitch expects
no mayor changes in its solvency ratios in the near future.


FUCEREP'S COOPERATIVA: Fitch Affirms 'B' Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed FUCEREP's - Cooperativa de Ahorro y
Credito ratings:

  -- Foreign and local currency Issuer Default Ratings at 'B';
  -- National long-term rating at 'BB+(uy)';
  -- Support floor rating at 'NF';
  -- Support rating at '5'.

The Rating Outlook is Stable.

The ratings assigned to FUCEREP reflect its small size, higher
capitalization, good trend performance and appropriate liquidity.
The ratings also reflect the gradual implementation of a
restricted license until December 2010.

The approval of the restricted license (which has lower capital
requirements) by the Central Bank of Uruguay in November 2006
allows FUCEREP to concentrate on its current business plan.  Fitch
observed improvements in 2009.

FUCEREP's performance in 2009 was correlated with that of the
Uruguayan financial system.

Credit risk is the most important risk of the issuer.  Its quality
loan book has decreased for the last three years due to bigger
controls in credit's origination.  This policy has implied a lower
defeated loan stock and a proper delinquency ratio trend.

Deposits from residents were the main source of funds, in
particular its save product FONAE (60% of liabilities) and term
deposits (32.9%).  Liquidity is adequate.

FUCEREP's capitalization is good, and its capital ratios have
increased since 2005.  Fitch considers that this tendency will
maintain in based on its improving performance and higher partner
base.


HSBC BANK: Fitch Affirms Issuer Default Rating at 'BB+'
-------------------------------------------------------
Fitch Ratings has affirmed HSBC Bank (Uruguay) S.A.'s ratings:

  -- Foreign currency Issuer Default Rating at 'BB+';
  -- Local currency IDR at 'BBB-';
  -- National long-term rating at 'AAA(uy)';
  -- Support rating at 3.

The Rating Outlook is Positive for the IDRS and Stable for the
National long-term rating.

HSBC Bank (Uruguay)'s international ratings are constrained by
those of the sovereign.  The bank's foreign currency IDR is at the
country ceiling, while its local currency IDR is two notches above
that of the Uruguayan sovereign.  These ratings, along with the
bank's support rating, reflect its solid ownership structure and
its shareholder's strong commitment to the bank.  The Positive
Outlook on the bank's IDRs reflect the same Outlook on those of
the sovereign.

HSBC Bank (Uruguay)'s profitability was strongly affected in 2009
by a sharp increase in non-interest expenses due to the expansion
of its commercial network, the impact on its balance sheet of the
appreciation of the peso and the inflation adjustment.  On the
other hand, its operating revenues are growing reflecting the
higher business volumes.

Asset quality is healthy.  At end-2009, past due loans (more than
60 days overdue, as per the local definition) represented only
0.17% of the total.

The primary funding sources are non-resident deposits, which made
up 57.4% of total deposits at end-2009, the majority of these
corresponding to Argentine depositors.  Liquidity remains high and
is enhanced by credit lines available from HSBC USA.

The bank's capitalization is adequate.  Although equity
represented only 4.55% of total assets (or 10% of risk-weighted
assets) at year end-2009, Fitch believes that the strength of its
parent compensates for this, as demonstrated by the various
capital increases carried out since 2003, including US$ 20 million
of fresh capital injected on March 2010.

HSBC (Uruguay) is wholly owned by HSBC Latin America Holdings (UK)
Limited, which in turn is a subsidiary of HSBC Holdings Plc (rated
'AA' by Fitch).  HSBC Uruguay has traditionally offered retail and
commercial banking services to non-resident individuals and to
Argentine and Uruguayan companies, as well as to multinational
clients of the HSBC group.  In addition, it has recently launched
a growth plan, with ambitious targets in terms of market share in
lending to local individuals and companies.


NUEVO BANCO: Fitch Affirms Issuer Default Ratings at 'BB-'
----------------------------------------------------------
Fitch Ratings has affirmed Nuevo Banco Comercial's ratings:

  -- Foreign and local currency long-term Issuer Default Ratings
     at 'BB-',

  -- National long-term rating at 'AA(ury)'

  -- Support Rating at '4';

  -- Support Floor at 'B'.

The Rating Outlook is Stable.

NBC's ratings reflect the bank's strong national franchise, good
asset quality, high liquidity and capitalization levels, and its
improving overall performance.  The impact on the bank's
profitability of its significant asset US$ position and inflation
were also taken into consideration.

NBC suffered a net loss in 2009, mainly as a result of
extraordinary personnel expenses due to the cost of an early
retirement plan, the impact of foreign exchange losses on its
significant asset position in US$, the inflation adjustment.
However, the bank's operating revenues are growing in spite of a
small decline in lending volumes.  Fees are growing strongly.
Fitch expects NBC's operating performance to improve due to the
expected increase in lending volumes in line with the expansion of
the country's economy.  However, foreign exchange results and
inflation adjustments will continue to add volatility to the
bank's income statement.

NBC's asset quality is good, and its ratios have improved.
Although a significant proportion of loans (15.2% at end-2009)
fall under the higher risk categories 3, 4 and 5 because of the
stringent classification rules imposed by the Central Bank of
Uruguay, only 2.7% of the loan book is past-due (60 days or more
overdue, under local definitions).  Loan loss reserves covered
8.9% of total loans and 238.4% of past-due loans at end-2009,
which is considered ample.

NBC's funding is mainly through deposits; liquidity continues to
be high, with liquid assets representing 45.4% of deposits and
short-term funds.

NBC's capitalization is sound.  Total equity represented 13.6% of
assets at end-2009.  Fitch expects these ratios to go down as
lending grows.

NBC is the third-largest private sector bank in Uruguay.  Its
market presence is significant in all segments, and it had 6.1% of
the banking system's assets at end-2009.

Advent International controls 60% of the bank's equity, with the
Uruguayan government still owning the remainder in the form of
preferred stock.


                            ***********

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
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Information contained herein is obtained from sources believed to
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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.


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