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

              Friday, May 21, 2010, Vol. 11, No. 099

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner's Rights Violated, Defense Lawyers Say


A R G E N T I N A

BRIANIS SA: Creditors' Proofs of Debt Due on July 7
CEREALERA LA: Creditors' Proofs of Debt Due on July 8
FONODOC SA: Creditors' Proofs of Debt Due on July 1
MANUEL FLORENCIO: Creditors' Proofs of Debt Due on July 12
OCEANAIRLINE SA: Creditors' Proofs of Debt Due on June 25

PAPEL 2.0 SA: Asks for Preventive Contest
TEDESCO HERMANOS: Creditors' Proofs of Debt Due on July 2
TEXTIL MARCOS: Creditors' Proofs of Debt Due on June 22


B R A Z I L

BRASKEM SA: Raises 2010 Capex to US$884 Million
GOL LINHAS: S&P Puts 'BB' Rating on Corporate Credit
TAM SA: Plans to Launch Bogota and Aeroparque Services


C A Y M A N  I S L A N D S

BROOKLANDS EURO: Fitch Upgrades Ratings on Three Classes of Notes


C O L O M B I A

ECOPETROL SA: Gives Details on P$2-Trillion Bond Issuance
ISAGEN SA: Congress Approves US$1.1 Billion Government Borrowing
* COLOMBIA: Congress Approves US$1.1 Billion Government Borrowing


D O M I N I C A N  R E P U B L I C

BANCO BHD: Gets US$20 Million Financing From IFC


J A M A I C A

PETROLEUM CORP: Public Accounts Committee to Probe Firm
* JAMAICA: Manufacturing Sector Declines for 9th Consecutive Qtr.
* JAMAICA: Passes International Monetary Fund Test


M E X I C O

CEMEX SAB: Gets Various Offers for North Coast Property
GRUMA SAB: Fitch Affirms Long-Term IDR at 'B+'; Outlook Stable


P U E R T O  R I C O

* PFIZER INC: To Trim 6,000 Jobs, Shut Eight Plants Worldwide


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Citgo Petroleum to Sell US$1.5BB in Bonds




                         - - - - -


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


STANFORD INT'L: Owner's Rights Violated, Defense Lawyers Say
------------------------------------------------------------
Former billionaire Robert Allen Stanford's lawyers, including
consultant Alan Dershowitz, said in a court filing that their
client has been deprived of his constitutional rights by being
held without bail before trial in January, Andrew M. Harris at
Bloomberg news reports.  The report recalls that Mr. Stanford was
denied bail by U.S. District Judge David Hittner pending trial as
he was considered a "flight risk."

"This court has not previously been asked to consider the issues
as a constitutional matter involving detention of a predictable
minimum of more than two years from arrest through trial," Mr.
Dershowitz and lawyer Robert Bennett said in the filing obtained
by the news agency.

According to the report, Mr. Dershowitz, who joined the Stanford
defense team as a consultant, said that he would work only on the
issue of obtaining bail for the Texas financier.  "He's presumed
innocent, yet he is being treated worse than a convicted
defendant," Dershowitz said.

Bloomberg notes that Judge Hittner rejected Mr. Dershowitz's
motion on technical grounds involving type size and the standing
of the lawyers submitting it.

Mr. Dershowitz and Mr. Bennett, the report notes, said that they
are asking Judge Hittner to free Mr. Stanford so he can assist in
his defense.   Among other restrictions, Mr. Stanford would wear
an electronic monitoring bracelet on his ankle while confined to
the home of his fiancee's sister, except when meeting with his
counsel, they added, the report relates.  Otherwise, the case
should be thrown out because Stanford is being deprived of his
constitutional right to assist in the preparation of his defense,
the lawyers said, the report adds.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on
an US$8 billion Certificate of Deposit program.

A criminal case was pursued against him in June 2009 before the
U.S. District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney General
Lanny Breuer, as cited by Agence France-Presse News, said in a 57-
page indictment that Mr. Stanford could face up to 250 years in
prison if convicted on all charges.  Mr. Stanford surrendered to
U.S. authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


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


BRIANIS SA: Creditors' Proofs of Debt Due on July 7
---------------------------------------------------
Sonia Scotti, the court-appointed trustee for Brianis SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 7, 2010.

Ms. Scotti will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Sonia Scotti
         Bartolome Mitre 3419
         Argentina


CEREALERA LA: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------
Jose Scheinkopf, the court-appointed trustee for Cerealera La
Juliana SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 8, 2010.

Ms. Scheinkopf will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jose Scheinkopf
         Avenida Pueyrred˘n 468
         Argentina


FONODOC SA: Creditors' Proofs of Debt Due on July 1
---------------------------------------------------
Ida Irene Nussenbaum, the court-appointed trustee for Fonodoc SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 1, 2010.

Ms. Nussenbaum will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ida Irene Nussenbaum
         Lavalle 2024
         Argentina


MANUEL FLORENCIO: Creditors' Proofs of Debt Due on July 12
----------------------------------------------------------
Mario Adrian Narisna, the court-appointed trustee for Manuel
Florencio Blanco - Gabriel Omar Arias Sociedad de Hecho's
reorganization proceedings, will be verifying creditors' proofs of
claim until July 12, 2010.

Mr. Narisna will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Mario Adrian Narisna
         Avenida Corrientes 1628
         Argentina


OCEANAIRLINE SA: Creditors' Proofs of Debt Due on June 25
---------------------------------------------------------
Sandra Rizzo, the court-appointed trustee for Oceanairline SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until June 25, 2010.

Ms. Rizzo will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 26
in Buenos Aires, with the assistance of Clerk No. 51, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

         Sandra Rizzo
         Alicia Moreau de Justo 2030
         Argentina


PAPEL 2.0 SA: Asks for Preventive Contest
-----------------------------------------
Papel 2.0 SA asked for preventive contest.  The company stopped
making payments between the months of April and May 2010.


TEDESCO HERMANOS: Creditors' Proofs of Debt Due on July 2
---------------------------------------------------------
Ana Maria Varela, the court-appointed trustee for Tedesco Hermanos
y Cia's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 2, 2010.

Ms. Varela will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 15, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Ana Maria Varela
         Talcahuano 768
         Argentina


TEXTIL MARCOS: Creditors' Proofs of Debt Due on June 22
-------------------------------------------------------
Maria Cristina Rodriguez, the court-appointed trustee for Textil
Marcos SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until June 22, 2010.

Ms. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Maria Cristina Rodriguez
         Avenida Corrientes 3169
         Argentina


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


BRASKEM SA: Raises 2010 Capex to US$884 Million
-----------------------------------------------
Braskem SA Chief Executive Officer Bernardo Gradin said that the
company raised its 2010 capex to BRL1.6 billion (US$884 million)
from the BRL1.1 billion announced earlier this year, Business News
Americas reports.  The report relates Mr. Gradin said that in
2009, Braskem SA invested approximately BRL900 million.

According to the report, Braskem SA's recently acquired compatriot
petrochemical company Quattor will receive BRL360 million for the
conclusion of ongoing projects for which some BRL2 billion has
already been spent.

Business News Americas notes that Braskem SA has earmarked BRL56
million for its polypropylene operations in the U.S.  As reported
in the Troubled Company Reporter-Latin America on April 5, 2010,
Braskem S.A. completed its acquisition of the polypropylene
business of Sunoco Chemicals for US$350 million.  Business News
Americas relates that Braskem SA has also set aside BRL254 million
for its "green" polyethylene project, scheduled to come online in
the third quarter.

Braskem SA also plans to invest some BRL72 million in Mexico's
Ethylene XXI project, a joint venture with Mexican company Idesa,
and BRL35 million in the company's projects in Venezuela, which
are being carried out in partnership with state petrochemical firm
Pequiven, the Business News Americas says.  Braskem SA, Business
News Americas adds, will spend some BRL317 million on maintenance
stoppages and BRL462 million on other operational investments.

                       About Braskem S.A.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's
Ba1 rating.  The company also continues to carry Fitch ratings'
BB+ LT Issuer Default ratings and Senior Unsecured Debt rating


GOL LINHAS: S&P Puts 'BB' Rating on Corporate Credit
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' global
scale, and 'brA' national scale, corporate credit ratings to
Brazilian airline Gol Linhas Areas Inteligentes
S.A. (GOL).  The outlook is stable.

"The ratings reflect GOL's aggressive financial profile,
characterized by high aircraft-financing debt," said Standard &
Poor's credit analyst Marcelo Schwarz.  "They also incorporate the
company's exposure to the cyclical, price-competitive, and
capital-intensive airline industry; dependence on economic
conditions in its home market of Brazil; and exposure to volatile
costs due to foreign-exchange and fuel price fluctuation."

These negatives are partly offset by GOL's adequate liquidity, the
company's improving position in the concentrated Brazilian airline
industry, and efficient and cost-competitive operations.


TAM SA: Plans to Launch Bogota and Aeroparque Services
------------------------------------------------------
Brendan Sobie at Air Transport Intelligence News reports that TAM
SA is preparing to launch services to Bogota and move some of its
Buenos Aires Ezeiza flights to Buenos Aires' downtown Aeroparque
airport.

According to the report, TAM SA Chief Executive Officer Libano
Barroso said that Bogota will likely be the carrier's next
international destination.  The report relates that Colombia and
Ecuador are the only major South American countries currently not
served by TAM SA as it already serves Argentina, Bolivia, Chile,
Paraguay, Peru, Uruguay and Venezuela.  "Noting the strong
passenger demand in South America, we are analysing the Colombian
market as a potential new destination," the report quoted Mr.
Barroso as saying.  "Our intention is to start a direct flight to
Bogota in the second half of the year," he added, the report
relates.

TAM SA Vice President of Operations Ruy Amparo, the report notes,
said that the carrier is also preparing to launch services to
Buenos Aires Aeroparque, a downtown airport which previously only
handled domestic and Uruguayan services.  The report relates Mr.
Amparo said that TAM SA is still waiting for final authorization
from the Argentinean government to launch flights to Aeroparque
and but he is confident the required approvals will be secured
soon.

                          About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B+" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "BB-" LT Issuer default ratings.


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


BROOKLANDS EURO: Fitch Upgrades Ratings on Three Classes of Notes
-----------------------------------------------------------------
Fitch Ratings today upgraded Brooklands Euro Referenced Linked
Notes 2002-1 Ltd's ('Brooklands', or the 'issuer') class D, E1 and
E2 notes to 'C' from 'D', as the notes have been fully written up
to their original balances from zero.  Fitch has simultaneously
maintained all the transaction's note classes on Rating Watch
Positive (RWP), except for the class E1 and E2 notes which have
been removed from RWP.

The rating actions are as follows:

-- EUR100m class A+ (XS0238513344): 'B'; Loss Severity Rating 'LS-
    3'; maintained on RWP;

-- EUR75m class A (XS0148886913): 'CCC'; maintained on RWP;

-- EUR16.7m class B1 (XS0148887481): 'C'; maintained on RWP;

-- EUR1.3m class B2 (XS0148887721): 'C'; maintained on RWP;

-- EUR31m class C (XS0148887994): 'C'; maintained on RWP;

-- EUR10m class D (XS0148888372): upgraded to 'C' from 'D';
    maintained on RWP

-- EUR11m class E1 (XS0148888703): upgraded to 'C' from 'D';
    removed from RWP

-- EUR1m class E2 (XS0148889180): upgraded to 'C' from 'D';
    removed from RWP
-- EUR1.3m class G1 (XS0148948291): 'C'; maintained on RWP.

In March 2010, the credit default swap (CDS) counterparty, UBS AG
('UBS', rated 'A+'/Stable Outlook/'F1+'), replaced a number of
ineligible reference obligations in the portfolio, several of
which had experienced a credit event.  This action reversed the
principal write-downs of Brookland's junior notes and caused the
class D, E1 and E2 to be fully written back up.

Fitch has maintained all the note classes, other than E1 and E2,
on RWP because the agency has limited visibility on any
replacement reference obligations for the matured reference
obligations, which currently make up 24% of the portfolio.  Most
of the matured reference obligations were included in the
portfolio as a result of the replacement of the ineligible
reference obligations in March 2010.

The resolution of the RWP will depend on the eventual substitution
of the matured reference obligations and the resulting portfolio's
credit profile.  The CDS counterparty has indicated to Fitch that
it does not have a specific timeframe in which to substitute the
matured reference obligations.  In Fitch's view, there is a
potential conflict of interest in the transaction, as
substitutions are decided by the CDS counterparty.  Nevertheless,
the agency has not observed any activity that shows the CDS
counterparty is exploiting its position.

Fitch has removed class E1 and E2 notes from RWP because the
agency does not believe the credit enhancement levels for the two
classes, of 0.1%, to be sufficient to support a rating higher than
'C', regardless of the portfolio's eventual credit profile.

Fitch has also assigned an Issuer Report Grade (IRG) of "basic"
(two stars) to Brooklands.  The issuer's monthly reports do not
list the collateral assets with identifiers and the reports are
not considered user-friendly.  These attributes have prevented the
transaction from earning an IRG higher than two stars.  The
reports do provide a detailed portfolio list in an easily
accessible excel format with common market identifiers.


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


ECOPETROL SA: Gives Details on P$2-Trillion Bond Issuance
---------------------------------------------------------
Ecopetrol S.A. issued a clarification with respect to certain
information published by certain media outlets on May 14, 2010,
concerning the commencement by Ecopetrol SA of procedures for
issuing up to P$2 trillion in fixed-yield bonds in the Colombian
public securities market:

   1. Petroleum prices since the beginning of the year have
      substantially helped the Company generate income not only to
      address its operational needs but also its investment plan
      without the need to incur debt.

   2. If current petroleum prices persist, it is possible that the
      Company would not have to incur any debt during the first
      half of the year.

   3. Despite not having any short-term liquidity needs, the
      Company continues moving forward on keeping as many
      financing options available and approved so that such
      resources are immediately available if and when the Company
      needs to make use of them.

   4. Authorizations for 2010 and subsequent years are being
      secured for the Company's general investment plan; however,
      these authorizations bear no direct relationship to timing
      of any financial transactions.

   5. In the process of obtaining authorizations, a request is
      currently before the Colombian Financial Superintendency (
      (Superintendencia Financiera de Colombia) for an eventual
      bond issuance of up to $2 trillion pesos in the Colombian
      public securities market.

   6. In the event the Company requires financing during the
      second half of the year, the first option would be a
      drawdown of up to US$500 million, under a US$1 billion
      credit facility that is currently under negotiation with the
      U.S. Export-Import Bank.

                     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 of May 20, 2010, the company continues to carry Standard and
Poor's "BB+" LT Issuer Credit ratings. The company
also continues to carry Fitch rating's "BB+" LT FC Issuer Default
ratings and "BB+" Senior Unsecured Debt rating.


ISAGEN SA: Congress Approves US$1.1 Billion Government Borrowing
----------------------------------------------------------------
Inti Landauro at Dow Jones Newswires reports that the Colombian
Congress authorized the government to borrow as much as US$1.1
billion in bonds and from multilateral lenders to give options to
the next administration if it decides not to sell power company
Isagen SA.

According to the report, the Congressional committee in charge of
government debt borrowing approved:

   -- an US$800 million bond sale over the period 2010-2011;
   -- a US$160 million loan from the Andean Development Corp; and
   -- a US$140 million loan from the French Development Agency.

"This is to give the new government all the elements to make any
decision on Isagen," the report quoted Finance Minister Oscar Ivan
Zuluaga as saying.  "If they decide to resort to borrowing, they
will have the ability," he added, the report relates.

As reported in the Troubled Company Reporter-Latin America on
May 18, 2010, Bloomberg News said that Colombia won't sell power
generator Isagen SA while President Alvaro Uribe is in office,
allowing the next government to decide whether to sell its
majority share in the company after taking power in August.  The
report related that the government was seeking at least COP3
trillion (US$1.5 billion) for its 57% stake in Isagen.

Colombia will have its presidential election in May, and the new
president will take power on August 7.  Dow Jones Newswires says
that since the process to approve new borrowing takes several
weeks, the next administration might have run into trouble if it
had to tap the capital markets.

                         About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's "BB+"
LT Issuer Default ratings.

                          *     *     *

Colombia continues to carry Moody's "Ba1" foreign-currency
government bond rating that was assigned on June 20, 2008.


* COLOMBIA: Congress Approves US$1.1 Billion Government Borrowing
------------------------------------------------------------------
Inti Landauro at Dow Jones Newswires reports that the Colombian
Congress authorized the government to borrow as much as US$1.1
billion in bonds and from multilateral lenders to give options to
the next administration if it decides not to sell power company
Isagen SA.

According to the report, the Congressional committee in charge of
government debt borrowing approved:

   -- an US$800 million bond sale over the period 2010-2011;
   -- a US$160 million loan from the Andean Development Corp; and
   -- a US$140 million loan from the French Development Agency.

"This is to give the new government all the elements to make any
decision on Isagen," the report quoted Finance Minister Oscar Ivan
Zuluaga as saying.  "If they decide to resort to borrowing, they
will have the ability," he added, the report relates.

As reported in the Troubled Company Reporter-Latin America on
May 18, 2010, Bloomberg News said that Colombia won't sell power
generator Isagen SA while President Alvaro Uribe is in office,
allowing the next government to decide whether to sell its
majority share in the company after taking power in August.  The
report related that the government was seeking at least COP3
trillion (US$1.5 billion) for its 57% stake in Isagen.

Colombia will have its presidential election in May, and the new
president will take power on August 7.  Dow Jones Newswires says
that since the process to approve new borrowing takes several
weeks, the next administration might have run into trouble if it
had to tap the capital markets.

                         About Isagen SA

Isagen SA is a Colombia-based company primarily engaged in the
energy sector. Its activities comprise the electric power
generation and distribution, as well as the operation of coal,
steam and gas distribution networks.  The company has a total
installed capacity of 2,131 megawatts and its facilities include
four hydroelectric plants: Central San Carlos, Central Jaguas,
Central Calderas and Central Miel I, and one combined-cycle
thermal power station: Central Termocentro.  The company is also
involved in such expansion projects as Proyecto Guarino, Proyecto
Manso, Proyecto Hidroelectrico del Rio Amoya and Proyecto
Hidroelectrico Sogamoso.  Additionally, the Company holds a
minority interests in Gensa SA ESP and Electricaribe SA ESP.

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's "BB+"
LT Issuer Default ratings.

                          *     *     *

Colombia continues to carry Moody's "Ba1" foreign-currency
government bond rating that was assigned on June 20, 2008.


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


BANCO BHD: Gets US$20 Million Financing From IFC
------------------------------------------------
IFC, a member of the World Bank Group, signed a US$20 million
financing to launch Banco BHD's innovative new energy efficiency
finance program, The Dominican Today reports.  The report relates
that the bank's program will help Dominican firms decrease their
energy costs and consumption, implement cleaner production
projects, and reduce greenhouse gas emissions.

According to the report, this is IFC's third financing to BHD.  In
2003, the report recalls, IFC committed US$20 million to Banco BHD
and in 2008 IFC purchased a stake of shares in Centro Financiero
BHD, Banco BHD's holding, becoming Centro's fourth largest
shareholder, currently holding a stake of 8.5%.  The report
relates that with IFC's support, BHD will finance energy
efficiency projects in the industrial and tourism sectors in the
Dominican Republic.

In addition to financing, the report notes, IFC will also provide
advisory services to help Banco BHD create a new energy efficiency
unit that will develop a project pipeline, conduct energy audits
for clients and identify new energy efficiency investments.

                        About Banco BHD

Banco BHD is a privately owned commercial bank in the Dominican
Republic and part of the BHD Group.  Having operated for over 30
years, it is a financial institution focused on serving
individuals and corporations of the Dominican Republic.  Banco
BHD deals in multiple currencies and has an international
department that handles large money transfers.  In 1998 it
acquired the insurance provider Compania de Seguros Palic and
has an alliance with Spanish Banco Sabadell.  The company has 60
branches located in the Dominican Republic, New York and the
Cayman Islands.

                         *     *     *

As of May 20, 2010, the comapny continues to carry Fitch Rating's
"B" LT Issuer default ratings and ST Issuer Default
ratings.  The company also continues to carry Fitch rating's "D"
Individual Rating.


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


PETROLEUM CORP: Public Accounts Committee to Probe Firm
-------------------------------------------------------
The Jamaican House of Representatives has cleared the way for the
special audit report into the operations of the Petroleum
Corporation of Jamaica to be probed by the Public Accounts
Committee, RadioJamaica reports.

According to the report, Energy Minister James Robertson brought a
motion to Parliament for approval for the report to be sent to the
Dr. Omar Davies-chaired House Committee.  The report relates that
the special audit was completed in October 2009.

The auditors, RadioJamaica notes, found a raft of irregularities
in the financial operations of the PCJ, with millions of dollars
paid out under questionable circumstances.  The report relates
that the audit reportedly revealed a lax system which allowed
money to be paid out without following basic accounting or
government guidelines.

Dr. Ruth Potopsingh, Managing Director of the PCJ, was eventually
sacked by the PCJ board, the report says.


* JAMAICA: Manufacturing Sector Declines for 9th Consecutive Qtr.
-----------------------------------------------------------------
Jamaica's manufacturing sector continues to be hit hard by the
recession suffering its ninth consecutive quarter of decline,
RadioJamaica reports.  The report relates that the Bank of Jamaica
said that the sector continued to be affected by weak external and
domestic demand during the January to March quarter.

However, the report notes, the rate of decline were less than the
average quarterly contraction of 4.9% for 2009.  RadioJamaica says
that the food and beverages and the other manufacturing sub-
sectors both fell in the review quarter.

According to the report, within food and beverages, lower output
was estimated for alcoholic as well as food products, while the
reduction in other manufacturing reflected lower production of
chemical supplies due to the downturn in the construction and
mining industries.

                          *     *     *

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


* JAMAICA: Passes International Monetary Fund Test
--------------------------------------------------
Trevor Alleyne, chief of the Caribbean division of the
International Monetary Fund and head of the mission to Jamaica,
issued a statement in Kingston:

"An IMF team visited Kingston during May 4-18 to conduct the first
review of the economic program under the Stand-By Arrangement
approved by the Fund's Executive Board on February 4, 2010. The
team met with the Minister of Finance Hon. Audley Shaw, Bank of
Jamaica Governor Brian Wynter, and senior officials including Dr.
Wesley Hughes, Financial Secretary, Mr. Rohan Barnett, Executive
Director of the Financial Services Commission, and Mrs. Audrey
Anderson, Senior Deputy Governor of the Bank of Jamaica.  The team
thanks the authorities and technical staff for their excellent
cooperation.

"As part of the SBA, a number of quarterly performance criteria
have been established to gauge the performance of the economic
program.  These relate to the pillars of the program, namely
fiscal consolidation and institutional reform, public debt
restructuring, and financial sector reform.  Given the high debt
stock and interest payments, a prior action required a reduction
in interest rates and an extension of maturities through the
Jamaica Debt Exchange.  Quantitative criteria include quarterly
targets for the central government primary surplus, the balance of
the public bodies, central government direct and guaranteed debt,
net domestic assets of the Bank of Jamaica, and the net
international reserves.

"All quantitative performance criteria for the end-March 2010 test
date were met, without the need for waivers, and substantial
progress was made on the structural reform agenda.  Stepped up tax
administration measures and expenditure restraint were responsible
for meeting the fiscal targets.  Improved economic prospects
following the approval of the SBA and the Jamaica debt exchange
have resulted in substantially better financial market conditions:
risk premia on Jamaican sovereign bonds have declined as have
domestic interest rates, and the exchange rate has stabilized.  In
this environment, the NIR floor was exceeded by a comfortable
margin.  On structural reforms, the mission commends the
authorities for passage of the new fiscal responsibility framework
that will significantly improve the public expenditure management
system; the divestment of Air Jamaica; and the notable progress in
preparing reforms to improve tax administration and treasury
management, and further strengthen the supervisory and regulatory
framework of the financial system.

"The mission and the authorities have agreed on an updated draft
Letter of Intent, which will still need to be approved by the
Cabinet and IMF's management.  Based on the performance of the
economic program, the mission will recommend that at the IMF
Executive Board completes the First Review of the SBA, which will
result in the disbursement of SDR63.7 million.  The Board is
expected to meet before the end of June.

"The mission has been impressed by the level of commitment by the
authorities to the economic program and by the broad social
consensus that was crucial to making the JDX a success.  Going
forward, this partnership between the public and private sectors
will be vital to the program's continued success.  Risks to the
program remain high, including from external and domestic shocks.
Growth and employment are expected to remain weak during the
current year as the economy transitions to an improved,
fundamentally stronger basis.  However, the mission is confident
that continued implementation of the program will help boost
investor confidence, and establish the conditions that will permit
an increase in growth and employment, and improved living
standards for all Jamaicans."

                           *     *     *

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


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


CEMEX SAB: Gets Various Offers for North Coast Property
-------------------------------------------------------
Kurtis Alexander at MercuryNews.com reports that CEMEX, S.A.B. de
C.V. has received various offers from local businessmen and
politicians for lease or sale of its nearly 10,000-acre North
Coast property.

As reported in the Troubled Company Reporter-Latin America on
January 26, 2010, MercuryNews.com said that CEMEX SAB will
permanently shut down its Davenport cement plant and quarry on
Santa Cruz County's North Coast.  The report related that the
factory, which has been in operation for 133 years, had closed
temporarily in March because of the weak national economy.  The
report noted that company officials said that the plant would re-
open when the demand for cement improved, but notice given to
employees indicated otherwise.

According to MercuryNews.com, some of the interested parties that
have contacted the company for the property are:

   -- Los Altos-based Sempervirens Fund made a cash offer for much
      of the timberland surrounding the production facility for
      preservation and public recreation;

   -- Brent Constantz, the founder of Moss Landing's, has
      expressed interest in using the plant to make
      environmentally friendly cement; and

   -- Bonny Doon engineer JoeBen Bevirt has spoken with Cemex
      officials about manufacturing wind turbines there.

The report notes that county leaders, including Supervisor Neal
Coonerty and Treasurer-Tax Collector Fred Keeley, have engaged
Cemex and some of the parties interested in the plant but have
gotten few answers so far.  The report relates Cemex SAB said that
it is evaluating the offers but declined to discuss specifics.

                        About CEMEX SAB

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

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.  Cemex is seeking US$1.3 billion in
compensation for the seizure of its assets.  The government of
President Hugo Chavez has offered about a third of that.


GRUMA SAB: Fitch Affirms Long-Term IDR at 'B+'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Gruma, S.A.B. de C.V.'s (Gruma) ratings
following the forced sale of its Venezuelan assets to the
government of Venezuela.  The ratings have been affirmed as
follows:

--Foreign Currency Long-Term Issuer Default Rating (IDR) at 'B+';
--Local Currency Long -Term IDR at 'B+';
--US$300 million perpetual bonds at 'BB-/RR3'.

The Outlook for all ratings is Stable.

The rating affirmation takes into consideration the expected
effects on Gruma's credit quality of the forced acquisition of
Molinos Nacionales C.A. (Monaca), Gruma's Venezuelan subsidiary,
by the Venezuelan Government.  During 2009 revenues from Venezuela
represented 18% of consolidated revenues while EBITDA represented
21% of total EBITDA.  For the first three months of 2010, these
represented 10% and 12% of consolidated revenues and EBITDA,
respectively, with the decline mainly due to the effect of the
devaluation of the Venezuelan Bolivar.

While the negative financial impact of the nationalization is
considerable, Gruma's 'B+' IDR already factored in the high
uncertainty and volatility of the cash flows coming from
Venezuela.  On a pro forma basis, leverage at March 31, 2010, as
measured by total debt to last 12 months (LTM) EBITDA excluding
the operations in Venezuela, increases to 5.0 times (x) versus
4.1x actual, including Venezuela.  Total net debt to LTM EBITDA
excluding Venezuela also increases to 4.5x from 3.7x.  These pro
forma ratios remain consistent with the current rating category.
Going forward for the remainder of 2010, operating EBITDA is
projected to be lower than 2009 and leverage as measured by total
debt to EBITDA should remain close to 5.0x at year end 2010 and
begin to decline after that.

While the nationalization does have a negative effect on our
recovery expectations, the impact is small given the low valuation
assigned to these assets prior to the nationalization.  Based on
our analysis, recovery prospects remain above average even when
not considering any remuneration from the Venezuelan government
for these assets, which supports a 'BB-/RR3' rating for the US$300
million perpetual note.  After Gruma receives funds related to the
forced sale, if any, Fitch would review the terms and conditions
of the transaction, the destination of the funds and evaluate its
effect on Gruma's credit profile.

The company's liquidity position is adequate with MXN2.1 billion
in cash and marketable securities versus short-term debt of MXN1.9
billion.  Although the company's debt burden remains high, its
maturity profile is manageable, with no debt amortizations higher
than MXN2.5 billion in any particular year.  Funds from operations
and EBITDA have averaged more than MXN4 billion and MXN5 billion,
respectively, during the past two years.

Going forward FFO should remain above MXN3 billion and EBITDA
above MXN4 billion after excluding the Venezuela operations and
considering a more challenging operating environment in 2010,
which would be enough to face maturing debt.  In addition to that,
capital expenditures and dividends have also been significantly
reduced from historical levels and are expected to remain at more
conservative levels, which should help free up cash flow to be
used towards debt service.

During 2009, Gruma's operating results were strong, driven by
stable volumes, good pricing levels and strict cost cutting
measures.  The company generated MXN5.5 billion of EBITDA and
MXN4.4 billion of FFO in the year.  For 2010, results should trend
downward, as lower demand has affected volumes and pricing in the
U.S. during the first half of the year.  Fitch's estimates include
lower EBITDA generation from U.S. operations, combined with stable
generation in Mexico during the year.

The ratings for Gruma are supported by its solid business profile
as one of the leading producers of corn flour and tortillas in the
United States and corn flour in Mexico and Central America.  The
ratings are limited by limited pricing flexibility in some of its
markets, such as Mexico, continued competitive pressures and the
high volatility in the prices of corn and wheat, and high
leverage.  The company's competitive advantages include strong
brand equity, broad distribution systems, proprietary technology,
economies of scale and diversified product lines.  The ratings
also consider its geographic diversification of revenues and cash
flows and hard currency generation from the company's U.S.
subsidiary, Gruma Corp.

Gruma is one of the world's largest producers of corn flour and
tortillas.  The company has operations in Mexico, the U.S.,
Europe, Central America, China and Australia.  Gruma also produces
and sells wheat flour in Mexico.  The company's U.S. subsidiary
Gruma Corp. is the most important contributor to total revenues
and EBITDA, accounting for 56% and 64%, respectively.  For the LTM
ended March 31, 2010, the company had revenues of US$3.9 billion
and EBITDA of US$406 million.  Gruma owns an 8.8% stake in Grupo
Financiero Banorte S.A. de C.V. (Banorte), one of the largest
financial groups in Mexico and one of the few listed retail banks
in Mexico.


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


* PFIZER INC: To Trim 6,000 Jobs, Shut Eight Plants Worldwide
-------------------------------------------------------------
Pfizer Inc. plans to make 6,000 jobs redundant as it trims its
manufacturing capacity worldwide after acquiring smaller rival
Wyeth in 2009, Jamaica Gleaner reports.  The report relates that
the company said it will cease operations at eight plants in
Ireland, Puerto Rico and the United States by the end of 2015, and
reduce operations at six other plants over the next several years.

According to the report, overall, the company operates 78 plants
internationally and employs about 116,000 workers.  The report
relates that Pfizer Inc. said in April that it would cut 20,000
jobs as part of the Wyeth integration.  "The restructuring of our
global plant network is critical to our efforts to remain
competitive so that we can continue to meet patient needs and
expand the access and affordability of our medicines," Pfizer
Global Manufacturing President Nat Ricciardi said in a statement
obtained by the news agency.

Carribbean Net News notes that the company's restructuring
includes the shuttering of two Puerto Rico plants in Caguas and
Carolina as well as the downsizing of a third plant, in Guayama,
over the next 30 months.  According to Carribbean Net News, the
company's moves will result to a loss of some 1,500 jobs from
Pfizer's 4,000 staff in Puerto Rico.  "This is an industry trend
hitting Puerto Rico," the report quoted economist Vicente
Feliciano, president of San Juan-based Advantage Business
Consulting, as saying.  "It's not a reflection of our
competitiveness, but it will hurt," he added, the report relates.

In Puerto Rico, Carribbean Net News says, the Pfizer closures
reflect a decade-old trend, which had reduced the island's
manufacturing sector from 157,000 jobs to 90,400.  "The good news
is that Pfizer is retaining three plants here, so the private
sector and the government need to make sure those plants are as
competitive as ever," the report quoted William Reifkohl,
executive vice president of the Puerto Rico Manufacturers
Association, as saying.

                         About Pfizer Inc.

Pfizer Inc. is a research-based, global pharmaceutical company
that discovers, develops, manufactures, and markets medicines for
humans and animals.  The Company's products include prescription
pharmaceuticals, non-prescription self-medications, and animal
health products such as anti-infective medicines and vaccines.


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


PETROLEOS DE VENEZUELA: Citgo Petroleum to Sell US$1.5BB in Bonds
-----------------------------------------------------------------
Citgo Petroleum Corp., a US-based subsidiary of Venezuelan state
oil company Petroleos de Venezuela, intends to issue bonds worth
up to US$1.5 billion, Mayela Armas H. at El Universal reports,
citing a draft memorandum the company delivered to financial
institutions.

According to the report, in the proposal, funds obtained from the
operation would be used to refinance a loan and two credit lines.
The report relates that based on the draft memorandum, at the end
of the first quarter of 2010, Citgo Petroleum failed to meet
commitments.  In this context, the report says, the company
reported that the outstanding amounts of the two lines of credit
were US$515 million and US$609 million, respectively.

EL Universal disclosed that the date of the transaction is not
specified in the proposal.

                     About Citgo Petroleum

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

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's "Ba2"
Long term and LT Corp family ratings.  The company also continues
to carry Standard and Poor's BB- LT Issuer Credit ratings.



                             About PDVSA

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

                           *     *     *

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

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


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *