TCRLA_Public/100524.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 24, 2010, Vol. 11, No. 0100

                            Headlines



A R G E N T I N A

DISTRIBUIDORA GAHER: Creditors' Proofs of Debt Due on July 5
EXTREM SUD: Creditors' Proofs of Debt Due on July 7
FONDO OPTIMUM: Moody's Assigns Ba3 Market Scale Fund Credit Rating
GUARDIA REAL: Creditors' Proofs of Debt Due on July 16
KELORA SA: Asks for Preventive Contest by Cessation of Payments

KEY DIGITAL: Creditors' Proofs of Debt Due on July 1
LOGUICAL SA: Creditors' Proofs of Debt Due on July 7
TERCIOPELO TEXTIL: Creditors' Proofs of Debt Due on June 28
WAD SRL: Creditors' Proofs of Debt Due on July 5
WEB LOGISTICS: Creditors' Proofs of Debt Due on August 30


B E R M U D A

DIGICEL GROUP: Digicel Limited Closes US$500 Million Funding Round
XL CAPITAL: Unit Taps Gary Kaplan as U.S. Construction Leader


B R A Z I L

BANCO CRUZEIRO: Cancels Share Offering Request
BANCO INDUSTRIAL: Upgrades Bank Financial Strength Rating to D
CAMARGO CORREA: Votorantim to Join Race for Cimpor Bid
COMPANHIA ENERGETICA: May Bid for Hydropower Plants
COMPANHIA SIDERURGICA: Votorantim to Join Race for Cimpor Bid

CONCESSIONARIA ROTA: Moody's Assigns Ba1 on BRL815MM LT Debentures
JBS SA: Unit Stops Some Exports to U.S; Recalls Products


J A M A I C A

* JAMAICA: Economy Contracted in January to March Quarter


M E X I C O

TV AZTECA: To Make MXN154.8 Million Cash Distribution


P E R U

DOE RUN PERU: Not Likely to Resume Operations Soon


S T  V I N C E N T  &  T H E  G R E N A D I N E S

* ST. VINCENT AND THE GRENADINES: Economy Affected by Crisis


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Angostura Holdings to Publish Financials by July 30


U R U G U A Y

CREDIT URUGUAY: Moody's Affirms D Bank Financial Strength Rating


X X X X X X X X

* BOND PRICING: For the Week May 17, to May 21, 2010




                         - - - - -


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


DISTRIBUIDORA GAHER: Creditors' Proofs of Debt Due on July 5
------------------------------------------------------------
Juan Carlos Sosa, the court-appointed trustee for Distribuidora
Gaher SRL's bankruptcy proceedings, will be verifying creditors'
proofs of claim until July 5, 2010.

Mr. Sosa 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:

         Juan Carlos Sosa
         Viamonte 783
         Argentina


EXTREM SUD: Creditors' Proofs of Debt Due on July 7
---------------------------------------------------
Clorinda Paula Donato, the court-appointed trustee for Extrem Sud
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until July 7, 2010.

Ms. Donato will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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:

         Clorinda Paula Donato
         Maipu 42
         Argentina


FONDO OPTIMUM: Moody's Assigns Ba3 Market Scale Fund Credit Rating
------------------------------------------------------------------
Moody's assigned first-time fund ratings to Fondo Optimum CDB
Pesos Ultra, a new money market fund managed by BNP Paribas Asset
Management Argentina S.A.

Moody's assigned a global money market scale fund credit rating of
Ba3 and a national scale fund credit rating of Aa1.ar to the fund.
The rating agency has also assigned it a market risk rating of
MR3, which denotes "moderate sensitivity" to interest rate changes
and other market movements.

"The fund ratings incorporate Moody's expectation that the Optimum
CDB Pesos Ultra fund, which will invest mainly in securities
issued by Argentinean banks but will also have some exposure to
Valores de Corto Plazo(Commercial Paper), asset-backed securities
and Central bank securities, will maintain a maturity-adjusted
weighted average credit quality consistent with its rating level
of Ba3/Aa1.ar," said Moody's lead analyst Carlos de Nevares.

"We expect the fund to maintain about 60% of assets under
management invested in securities maturing overnight, thereby
providing investors with a significant degree of liquidity."

The fund's MR3 market risk rating incorporates both its limited
exposure to interest rate risk and its exposure to pricing risks
arising from the relative illiquidity of some of its investments.
Moody's expects the fund to target a weighted average maturity of
40 days, which limits the fund's exposure to interest rate risk
and so provides support for its market risk rating.  However, the
fund will invest in securities, as asset backed securities, which
have limited secondary markets.  If, in order to meet investor
redemptions, the fund had to sell these securities at short
notice, it might realize losses, thereby increasing the volatility
of fund net asset value ('NAV').  Given the fund's limited track
record, Moody's inferred its likely behavior by analyzing the
historical NAV volatility of other funds with similar strategies
managed by the same investment manager.

BNP Paribas Asset Management Argentina S.A. is an Argentina-
domiciled subsidiary of the international group BNP Paribas AM.
As of March 2010, BNP Paribas managed investments of approximately
AR$ 909.9 million or approximately $235.6 million.

Moody's mutual fund ratings are opinions of the investment quality
of shares in mutual funds that principally invest in short-term
and long-term fixed-income obligations. The ratings incorporate
Moody's assessment of the fund's published investment objectives
and policies, the creditworthiness of the assets held by the fund,
and its management characteristics.

"Our national scale ratings are opinions about the relative
creditworthiness of issuers in a particular country and may be
used in specific local capital markets," said De Nevares.  "The
ratings are not intended to consider the prospective performance
of a fund with respect to appreciation, volatility of net asset
value or yield."

Moody's mutual fund market risk ratings are opinions of the
relative degree of volatility of a rated fund's net asset value.
In forming an opinion of a fund's future price volatility, Moody's
considers risk elements that may have an effect on a fund's net
asset value, including interest rate risk, prepayment and
extension risk, liquidity and concentration risk and currency and
derivatives risk.  The ratings are not intended to consider
prospective performance of a fund with respect to price
appreciation or yield.


GUARDIA REAL: Creditors' Proofs of Debt Due on July 16
------------------------------------------------------
Jorge Fernandez, the court-appointed trustee for Guardia Real SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until July 16, 2010.

Mr. Fernandez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 30, 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:

         Jorge Fernandez
         Uruguay 390


KELORA SA: Asks for Preventive Contest by Cessation of Payments
---------------------------------------------------------------
Kelora SA asked for preventive contest by cessation of payments.


KEY DIGITAL: Creditors' Proofs of Debt Due on July 1
----------------------------------------------------
Sonia Scotti, the court-appointed trustee for Key Digital SRL's
reorganization proceedings, will be verifying creditors' proofs of
claim until July 1, 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.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 13, 2011.

The Trustee can be reached at:

         Sonia Scotti
         Bartolome Mitre 3419
         Argentina


LOGUICAL SA: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------
The court-appointed trustee for Loguical S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
July 7, 2010.

The trustee will present the validated claims in court as
individual reports on September 3, 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
October 18, 2010.


TERCIOPELO TEXTIL: Creditors' Proofs of Debt Due on June 28
-----------------------------------------------------------
The court-appointed trustee for Terciopelo Textil S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until June 28, 2010.


WAD SRL: Creditors' Proofs of Debt Due on July 5
------------------------------------------------
Pablo Ernesto Aguilar, the court-appointed trustee for Wad SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until July 5, 2010.

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

The Trustee can be reached at:

         Pablo Ernesto Aguilar
         Hipolito Yrigoyen 1516
         Argentina


WEB LOGISTICS: Creditors' Proofs of Debt Due on August 30
---------------------------------------------------------
The court-appointed trustee for Web Logistics S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 30, 2010.

The trustee will present the validated claims in court as
individual reports on October 13, 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 24, 2010.


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


DIGICEL GROUP: Digicel Limited Closes US$500 Million Funding Round
------------------------------------------------------------------
Digicel Limited has completed a US$500 million corporate bond
offering of senior notes due 2017.  The bonds were sold with a
coupon of 8.25% and priced at 98.625 to yield 8.5%.  Digicel
Limited is a unit of Digicel group.

The proceeds of the offering will be used to repurchase Digicel's
outstanding US$450 million 9.25% senior notes due 2012 in a tender
offer or through redemption, with any balance retained by the
company for general corporate purposes.

The offering was led by Credit Suisse, with Citi and J.P. Morgan
acting as joint book-runners on the deal.

Colm Delves, CEO of Digicel, said: "We are very pleased with the
success of this refinancing of our 2012 bonds, which shows our
continued disciplined approach to our debt management.  The
transaction enabled us to take advantage of the attractive
interest rates available to us.  As our recent results show,
Digicel is generating substantial cashflow and profits. The lower
coupon on our new issue reflects investors' increasing comfort
with Digicel's declining risk profile."

"Even in this economic climate, with our approach to delivering
best value, best network and best service, we are growing our
business and continuing to drive subscriber growth in our newer
markets in Panama and Honduras.  We are making strong progress
building our postpaid customer base and levels of data revenues,
and new initiatives on WiMax and targeting Diaspora sales will
help deliver continued out-performance."

On November 17, Digicel reported a 10% increase in its half year
profit (EBITDA) to US$364 million on revenues of US$857 million.
Digicel has grown its subscriber base by 7% in the past 12 months
to 7.3 million, and in its most recent quarter to September 30th
2009, it added 98,000 subscribers.

Including Digicel's sister companies Digicel Holdings (Central
America) Limited and Digicel Pacific Limited there are now 32
markets served by Digicel and over 10 million customers.  The
wider group has shown a compound annual growth rate in subscribers
of over 40% over the past two years.

Michael Speller of Credit Suisse, the lead book-runner of the
offering, said: "Digicel has again demonstrated the level of
support it has in the capital markets.  The quick execution and
attractive rate achieved on this deal is a testament to the demand
for this offering and Digicel's strong track record."

                      About Digicel Group

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

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

As of January 14, 2010, the company continues to carry these below
investment grade ratings from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


XL CAPITAL: Unit Taps Gary Kaplan as U.S. Construction Leader
-------------------------------------------------------------
XL Insurance, XL Capital Ltd's global insurance operations,
appointed Gary S. Kaplan to the newly created position of
Executive Vice President and North America Construction Leader.
Mr. Kaplan will report to Dennis Kane, XL Insurance's Chief
Executive of the North America P & C Unit. He will be based in New
York.

Commenting on Mr. Kaplan's appointment, Mr. Kane said: "We are
proud that XL Insurance continues to attract top talent such as a
well-known industry leader like Gary. He arrives here at a very
opportune time -- a time when we are looking forward to align our
industry-specific underwriting expertise with growth opportunities
in our market."

Mr. Kaplan joins XL Insurance from Zurich North America Commercial
where he served as president of its Construction Business Unit.
During his 15-year tenure with Zurich North America, he held
several senior level positions in underwriting management,
operational transformation, and strategic planning. Mr. Kaplan's
industry experience also includes energy, oil and chemical
industry underwriting management positions with The Home Insurance
Company and Industrial Risk Insurers. He is a certified
Construction Risk Insurance Specialist (CRIS).

"Gary's industry experience and long-term commitment to the
construction market adds more strength to our already solid base
of construction underwriting expertise," said David Duclos, Chief
Executive of XL's Insurance operations.  "The risks associated
with construction activity are often complex. Helping manage these
complex industry risks is where XL Insurance earns its reputation
for solid technical underwriting expertise. We are excited to have
Gary join our underwriting team as we continue to build on that
reputation."

                         About XL Capital

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.


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


BANCO CRUZEIRO: Cancels Share Offering Request
----------------------------------------------
Banco Cruzeiro do Sul SA canceled its request to hold a primary
and secondary share offering on the Sao Paulo Stock Exchange
(BMFBovespa) due to "unfavorable market conditions," Alastair
Stewart at Dow Jones Newswires reports, citing a bank statement.

As reported in the Troubled Company Reporter-Latin America on
May 3, 2010, Dow Jones Newswires Banco Cruzeiro suspended its plan
to hold a primary and secondary share offering on the Sao Paulo
Stock Exchange (BMFBovespa) for up to 60 days.  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 related that in April, Cruzeiro do Sul said it was planning
to sell at least 29.56 million shares in the operation.

Meanwhile, Elzio Barreto at Reuters reports that Banco Cruzeiro's
shareholders, including its Chief Executive Luis Felippe Indio da
Costa and his son Luis Octavio Indio da Costa, had also planned to
sell another 14.6 million shares as part of the secondary
offering.  Reuters relates that BTG Pactual was also among the
shareholders that had planned to sell shares in the secondary
offering.

Reuters says that the local unit of Bank of America Merrill Lynch
was the lead underwriter of the offering, with BTG Pactual also
helping manage the sale.

                 About Banco Cruzeiro do Sul

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.


BANCO INDUSTRIAL: Upgrades Bank Financial Strength Rating to D
--------------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating (BFSR) of Banco Industrial do Brasil S.A. (BIB) to D from
D-.  At the same time, Moody's upgraded BIB's long-term global
local currency and foreign currency deposit ratings to Ba2 from
Ba3. The rating agency also upgraded BIB's Brazilian national
scale deposit ratings to A1.br and BR-1 from A3.br and BR-2, long-
and short-term, respectively.  The short-term global local
currency and foreign currency deposit ratings of Not Prime were
affirmed. The outlook on all these ratings is stable.

Moody's noted that the upgrade of BIB's BFSR to D is supported by
a banking franchise that has shown a track record of modest, yet
consistent, revenue generation, leading to its profitability
indicators and asset quality metrics presenting low volatility
over the past years.  The bank's strategy of pursuing operational
growth through the use of prudent standards for credit approval,
backed by high asset collateralization and by the monitoring of
credit seasoning with proprietary systems, has resulted in fairly
predictable performance.

The rating agency highlighted that BIB's franchise remains
inherently constrained by a funding structure that lacks
granularity given its business orientation as a bank operating in
the wholesale segment.  Because of that, Moody's will continue
monitoring BIB's exposure to high concentrations in deposits.
Nevertheless, in 2009, management was able to increase BIB's
deposit base at a gradual and consistent pace, while keeping
funding expenses from expanding in an environment of tight
liquidity.

The upgrade of BIB's global local currency (GLC) deposit rating to
Ba2 results from the bank's improved stand-alone creditworthiness,
as denoted by Moody's raising BIB's baseline credit assessment to
Ba2.  The rating agency stated that BIB's GLC deposit ratings do
not benefit from systemic support because of the bank's small
participation in the country's retail deposit market.

Moody's took its last rating action on BIB on April 3rd, 2007,
when Moody's Investors Service assigned a D- bank financial
strength rating to BIB.  On that same date, Moody's assigned
global local currency and foreign currency deposit ratings of Ba3
and Not Prime well as Brazilian national scale ratings of A3.br
and BR-2.

Banco Industrial do Brasil S.A. is headquartered in Sao Paulo,
Brazil. As of December 2009, the bank had total assets of
approximately R$1.8 billion (US$1.0 billion) and equity of
R$385 million (US$221 million).

These ratings of Banco Industrial were upgraded:

- Bank financial strength rating: to D from D-, with stable
   outlook;

- Long-term global local-currency deposit rating: to Ba2 from
   Ba3, with stable outlook;

- Long-term foreign-currency deposit rating: to Ba2 from Ba3,
   with stable outlook;

- Brazilian national scale deposit ratings: to A1.br and BR-1
   from A3.br and BR-2, with stable outlook;

These ratings of Banco Industrial were affirmed:

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

- Short-term foreign-currency deposit rating: Not Prime.


CAMARGO CORREA: Votorantim to Join Race for Cimpor Bid
------------------------------------------------------
The Votorantim group said that it will join Camargo Correa SA and
Cia. Siderurgica Nacional SA in its bid for Cimpor-Cimentos de
Portugal SGPS SA, Steel Guru News reports.

According to the report, the Votorantim group has hired the
services of Deutsche Bank to prepare a bid likely to target a
minority stake in Cimpor.  The report relates that the Votorantim
group also hired lawyers in Portugal to provide legal advice.

Meanwhile, the report says that Camargo Correa Group said that it
was thinking over its options after the Portuguese stock market
regulator told Camargo it had to present a counter bid to take
over Cimpor or withdraw its merger offer.

As reported in the Troubled Company Reporter-Latin America on
February 12, 2010, Bloomberg News said that Camargo Correa SA
agreed to buy 22.2% of Cimpor-Cimentos for EUR6.50 each of the
almost 149 million Cimpor shares it plans to buy, valuing the
transaction at about EUR968 million (US$1.33 billion).  The report
related that Camargo Correa is buying the stake from Portuguese
construction company Teixeira Duarte-Engenharia e Construcoes SA.

According to a TCRLA report on February 24, 2010, citing Bloomberg
News, the EUR4.15 billion (US$5.7 billion) takeover bid of Cia.
Siderurgica Nacional SA for Cimpor-Cimentos de Portugal SGPS SA
failed to entice enough Cimpor shareholders even after sweetening
its bid for Cimpor by 7.5% to EUR6.18 a share.  The report relates
that the company raised its proposal after Brazilian cement makers
Camargo Correa SA and Votorantim Cimentos SA announced agreements
to acquire stakes in Cimpor.

                        About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings rates Camargo and its special-
purpose vehicle CCSA Finance Limited:

   -- Foreign currency Issuer Default Rating 'BB';
   -- Local currency IDR 'BB';

                            About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
long-term currency debt ratings at Ba1.  The company also
continues to carry Standard and Poor's issuer credit ratings at
BB+.


COMPANHIA ENERGETICA: May Bid for Hydropower Plants
---------------------------------------------------
Companhia Energetica de Sao Paulo is studying the acquisition of
stakes in medium-to-large-scale hydroelectric power plants as a
means of increasing generating capacity, Alastair Stewart at Dow
Jones Newswires reports.

According to the report, CESP Chief Executive Officer Vilson
Christofari said that the company would seek to make bids for dam
projects at federal auctions as part of a consortium.  The report
relates Mr. Christofari said that the company will prioritize
generating projects in Sao Paulo.

However, the report notes, the company will not likely enter
auctions in 2010.

                     About Companhia Energetica

Companhia Energetica de Sao Paulo plans, constructs, and operates
electricity generation and distribution systems in the State of
Sao Paulo, Brazil.  The company generates electricity through
hydroelectric plants located on the rivers of Panama, tiete,
paraibuna, and Jaguari.

                           *     *     *

As of December 21, 2009, the company continues to carry Moody's
Ba2 long-term corporate family rating and senior unsecured debt
rating.

The company also continues to carry Standard and Poor's "B" long-
term issuer credit rating.


COMPANHIA SIDERURGICA: Votorantim to Join Race for Cimpor Bid
-------------------------------------------------------------
The Votorantim group said that it will join Camargo Correa SA and
Cia. Siderurgica Nacional SA in its bid for Cimpor-Cimentos de
Portugal SGPS SA, Steel Guru News reports.

According to the report, the Votorantim group has hired the
services of Deutsche Bank to prepare a bid likely to target a
minority stake in Cimpor.  The report relates that the Votorantim
group also hired lawyers in Portugal to provide legal advice.

Meanwhile, the report says that Camargo Correa Group said that it
was thinking over its options after the Portuguese stock market
regulator told Camargo it had to present a counter bid to take
over Cimpor or withdraw its merger offer.

As reported in the Troubled Company Reporter-Latin America on
February 12, 2010, Bloomberg News said that Camargo Correa SA
agreed to buy 22.2% of Cimpor-Cimentos for EUR6.50 each of the
almost 149 million Cimpor shares it plans to buy, valuing the
transaction at about EUR968 million (US$1.33 billion).  The report
related that Camargo Correa is buying the stake from Portuguese
construction company Teixeira Duarte-Engenharia e Construcoes SA.

According to a TCRLA report on February 24, 2010, citing Bloomberg
News, the EUR4.15 billion (US$5.7 billion) takeover bid of Cia.
Siderurgica Nacional SA for Cimpor-Cimentos de Portugal SGPS SA
failed to entice enough Cimpor shareholders even after sweetening
its bid for Cimpor by 7.5% to EUR6.18 a share.  The report relates
that the company raised its proposal after Brazilian cement makers
Camargo Correa SA and Votorantim Cimentos SA announced agreements
to acquire stakes in Cimpor.

                        About Camargo Correa

Camargo Correa SA is one of the largest private industrial
conglomerates in Brazil.  The company is a holding company with
interests in cement, engineering and construction, textiles,
footwear and sportswear manufacturing.  It also owns non-
controlling equity interests in the energy, transportation
(highway concessions) and steel businesses.  During the last
12 months through June 2007, Camargo Correa had net sales of
BRL9.2 billion and EBITDA of BRL1.4 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 26, 2009, Fitch Ratings rates Camargo and its special-
purpose vehicle CCSA Finance Limited:

   -- Foreign currency Issuer Default Rating 'BB';
   -- Local currency IDR 'BB';

                            About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's
long-term currency debt ratings at Ba1.  The company also
continues to carry Standard and Poor's issuer credit ratings at
BB+.


CONCESSIONARIA ROTA: Moody's Assigns Ba1 on BRL815MM LT Debentures
------------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba1 rating on the global
scale and a Aa2.br rating on the Brazilian National scale to the
proposed BRL815 million senior secured long-term debentures to be
issued by Concessionaria Rota das Bandeiras S.A.  At the same
time, Moody's assigned a Ba1 issuer rating on the global scale and
a Aa2.br issuer rating on the Brazilian national scale to Rota das
Bandeiras.  The outlook is stable for all ratings.  This is the
first time Moody's has assigned ratings to Rota das Bandeiras.

The debentures will be issued in two series with tenors of 139 and
145 months and will begin to amortize annually after a two-and-a-
half year and a two- year grace period for the payment of the
principal, respectively.  The debentures will be secured by a
security package that will include the pledge of the
concessionaire's stock, future receivables of its tolled revenues
and the indemnification rights over the concession assets.  The
proceeds will be used to take out short-term debt and concession
liabilities adding up to BRL1.2 billion.

The debentures will be initially be unsecured and subordinated.
In accordance with CVM's (Brazilian securities exchange)
guidelines, any debenture whose amount is higher than the
company's equity capital is required to be subordinated to any
other existing or future debt.  An exception to this rule occurs
when the guarantees (security package) cover at least 125% of the
debt amount, which is the case of the rated debentures.  Since the
proposed security package is currently pledged to the short term
debt, as soon as the proceeds from the debentures and/or bank term
loans are available to the company, the short term debt will be
repaid and the security released and transferred to the proposed
debentures during a period that could take up to 20 working days.
The pledge of the security package to the debentures, as specified
in the indenture, has been authorized by the regulator ARTESP on
April 23, 2010.  Failure to provide the proposed security package
for the debentures and/or bank term loans would trigger a default.

According to the management, the arranging banks for the proposed
issue of public debentures have firmly committed to a placement of
BRL 600 million and a BRL215 million under best selling efforts.
Depending on market conditions, and eventual exercise of the
additional and the supplemental options, the issuance amount could
reach up to BRL1.1 billion, basically the amount of short-term
debt the company is pursuing to re-finance.  In case demand is not
sufficient to issue BRL 1.1 billion of debentures, the arranging
banks have committed to extend long-term bank loans with
conditions similar to the debentures to complete the company's
funding requirement in 2010.

The Ba1 global scale and Aa2.br national scale issuer ratings
reflect the essential role that Rota das Bandeiras' road complex
fills in one of the most densely populated and economically
critical regions of the country.  The ratings also reflect the
stable regulatory environment for toll roads operating in the
State of Sao Paulo and the manageable level of construction risk.

In addition, the financing and legal structures provide the
debenture holder baseline protections which include a 1.2x minimum
debt service coverage ratio, restrictions on distributing
dividends and increasing leverages, and appropriate reserve fund
requirements.

Rota das Bandeiras' toll road concession combines improvements to
an existing road of considerable length with the construction of
additional lanes and improvements in addition to a new and shorter
inter-urban road extension, which will require capital
expenditures of around BRL1.2 billion during the first 6 years of
the concession.  The inherently start-up nature of this recently
awarded concession constrains the rating as evidence of actual
operating performance and the track record for toll traffic are
limited.  The significant investment requirements in the near term
also negatively pressure the rating.  Constructive working
relationships among the company, the state regulator ARTESP, and
the surrounding municipalities are key factors to ensure timely
completion and optimal operation.

The concessionaire is in negotiations with the BNDES to secure up
to 70% of the concession investment requirements during the first
six years of the concession, which Moody's estimates will be
around BRL900 million.  The BNDES is expected to share the same
guarantees of the proposed debentures. Management expects the
first disbursement in August 2010; however, the BNDES is still
analyzing this financing.  While the rating assumes that Rota das
Bandeiras will most likely obtain timely and adequate long-term
funding for its capital expenditures program, the ratings reflect
the anticipated receipt of a formal approval from the BNDES that
it will provide long-term funding as indicated by management.
Obtaining this long-term funding is crucial to maintaining the
current Ba1 and Aa2.br issuer ratings.

The construction risk is viewed to be quite manageable. The
contractor is a subsidiary of the Odebrecht group, Construtora
Norberto Odebrecht (CNO, Baa3/ Aa1.br/ Stable), which is the
largest engineering and construction company in Latin America. The
engineering, procurement and construction agreement with CNO
covers all the investments during the first six years of the
planned construction and maintenance of Rota das Bandeiras'
concession under a fixed price contract.  The contractor will
cover all cost over-runs except for those caused by changes in the
scope of the project required by the concession authority or in
case of material adverse changes among others.  The contract price
will be adjusted annually for inflation in tandem with the
regulated toll tariffs and contains provisions covering certain
dates for completion and insurance coverage.

Rota das Bandeiras has a 30-year concession to operate the toll
road services of the Dom Pedro I Corridor, which is an important
transport link between the metropolitan area of Campinas and the
Paraiba valley. The region covered by the concession comprises 17
cities in the southeast region of the Sao Paulo state, a very
robust and economically diverse area with an estimated population
of around 2.4 million people.

The track record for tolled traffic along the Dom Pedro I Corridor
is limited.  Before the concession was granted to Rota das
Bandeiras in 2009, there were two toll plazas that have been
relocated or modified under the new concessionaire.  The traffic
studies conducted by independent consulting firms show that the
user profile is concentrated on heavy trucks, representing over
60% of the road traffic in terms of equivalent vehicles.

According to Moody's conservative projections, toll related
revenues in 2010 are expected to reach BRL380 million based on a
tolled traffic estimate of approximately 83 million equivalent
vehicles.  Strong revenue growth is expected during the first
10 years of the concession as a result of an annual growth of the
Brazilian GDP in the range of 4-5% per year with annual tariff
increases in line with inflation as measured by the consumers
price index (IPCA).  Additionally, average tariffs are expected to
grow above inflation from 2013 through 2015 as investment in road
expansion is completed.  According to the concession regulatory
environment in the state of Sao Paulo, tolled roads with double
lanes are entitled to a 40% higher tariff than tolled roads with
only a single lane.  Moody's views these assumptions and financial
projections as feasible, with traffic volumes falling below
expectations as the major risk.

Moody's calculations project the debt service coverage ratio at
1.8x over the next five years.  After the required investments are
completed in 2015, leverage will gradually reduce with the
scheduled amortization with the debt service coverage ratio likely
improving to 2.5x as the debentures approach maturity.  FFO to
debt is expected to grow from the low-to-mid teens during the
investment phase until 2015 and reach the upper twenties
thereafter.

Embedded in the debentures are contractual restricting clauses
that are expected to limit the leverage and the distribution of
dividends.  The amount of new debt proceeds is restricted to the
equivalent of one month of gross revenues as long as the
debentures are outstanding.  Additional debt issues will be
allowed only when the net debt to EBITDA ratio is below 3.0x and
dividend distributions will be allowed only if the debt service
coverage ratio has been higher than 1.3x over the previous
12- month period.  There will also be a 6-month reserve
requirement for debt service and a 3-month reserve for operations
and maintenance costs.

ARTESP, the concession authority of Sao Paulo since 2002, is
generally supportive of toll road operators.  From a credit
perspective, the regulatory framework of Sao Paulo could be
considered above the Brazilian average in terms of transparency
for the tariff setting mechanisms and protection against events
outside the control of the concessionaire.

The stable outlook reflects Moody's expectation that Rota das
Bandeiras will post relatively high leverage within the next three
years, mainly as a result of high capital expenditures during this
period.  Thereafter, the expected growth in traffic volume should
provide the company with stronger cash generation and lower
leverage.  Moody's expects that the company will obtain both
timely and adequate long-term funding for its capital expenditures
program. Moody's also expects additional leverage to be prudently
managed so that credit metrics remain well within the debentures'
proposed financial covenants.

The rating or the outlook could be upgraded if the company were to
steadily improve its liquidity profile and obtain sustained credit
metrics in line with the projections or exceed expected
performance so that the FFO to debt ratio remains in the high
teens and interest coverage stays above 3.0x on a sustainable
basis.

The rating or the outlook could be downgraded if the company fails
to adequately secure long-term funding or performs below
expectations, generating weaker credit metrics that the FFO to
debt ratio falls below 10% and the interest coverage ratio remains
below 2.0x for an extended period.

The principal methodology used in rating Rota das Bandeiras was
the Operational Toll Roads Rating Methodology (December 12, 2006),
which can be found at www.moodys.com in the Rating Methodologies
sub-directory under the Research & Ratings tab.  Other
methodologies and factors that may have been considered in the
process of rating this issuer can also be found in the Rating
Methodologies sub-directory on Moody's website.

Rota das Bandeiras is an indirect subsidiary of Odebrecht S.A.
(Odebrecht, unrated), the family-owned investment holding company
for one of the largest non-financial Brazilian conglomerates that
also controls Braskem S.A. (Ba1, outlook stable).  Odebrecht's
consolidated net revenues reached BRL 35.9 billion (USD 17.9
billion) in 2009, thereof 51% generated by CNO, 42% by Braskem,
and 7% by other subsidiaries mostly engaged in the infrastructure
and energy sectors.  The group has diversified its operations
through significant investments in the oil & gas and energy
sectors.

Rota das Bandeiras has a 30-year concession to operate the toll
road services of the Dom Pedro I Corridor in the interior of the
Sao Paulo State until 2039.  The concession, granted to Rota das
Bandeiras and regulated by the state agency ARTESP, includes five
adjacent roads, one intersection and three connecting local roads
with a total extension of 278.5 kilometers and 7 toll plazas.  The
region covered by the concession comprises seventeen cities with
an estimated population of around 2.4 million people.


JBS SA: Unit Stops Some Exports to U.S; Recalls Products
--------------------------------------------------------
JBS SA stopped the exports of its products to the U.S. from one of
its plants in Brazil, after U.S authorities found traces of
medicine above authorized levels in its meat, Rogerio Jelmayer at
Dow Jones Newswires reports, citing a company statement.  The
report relates JBS SA said that it will recall the products.

"The company has been notified by the Ministry of Agriculture that
American authorities detected the presence of Invermectin (a
common medicine given to livestock to combat vermin) above the
maximum residue level under American rules in part of its
industrialized products at the Lins plant (in Sao Paulo state),"
JBS SA said in a company statement obtained by the news agency.
"As a consequence, the company is promoting a recall of these
products and sending them back to Brazil.  Additionally, U.S.
authorities have suspended approval for the Lins plant to export
to that market, until the issue has been clarified," the company
added, the report relates.

Dow Jones News says that JBS SA is not expecting the recall to
significantly impact its results.

                        About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As of April 28, 2010, the company continues to carry Moody's B1
long term rating, long-term corporate family rating, and senior
unsecured debt rating.  The company also continues to carry
Standard and Poor's B+ Issuer Credit ratings.


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


* JAMAICA: Economy Contracted in January to March Quarter
---------------------------------------------------------
The Planning Institute of Jamaica reported that Jamaica's economy
contracted during the January to March quarter, according to
RadioJamaica.  The report relates that the country's Gross
Domestic Product was down 1.4%.

According to the report, PIJ said that the goods producing
industries declined by 5.7% while the services sector remained
flat.  The report relates PIOJ cited that the continued weak
domestic and global demand for Jamaican goods and services arising
from the lingering effects of the recession.  The report says that
some growth was however recorded in agriculture and tourism.

RadioJamaica notes that mining and quarrying was the chief
contributor to the downturn in the goods producing sector
registering a 40% decline triggered by the continuing closure of
alumina plants.

                         *     *     *

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
===========


TV AZTECA: To Make MXN154.8 Million Cash Distribution
-----------------------------------------------------
TV Azteca, S.A. de C.V. will make a cash distribution to
shareholders on May 28 of MXN154.8 million, equivalent to
approximately MXN0.05 per CPO.

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

                           *     *     *

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


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


DOE RUN PERU: Not Likely to Resume Operations Soon
--------------------------------------------------
Isabel Guerra at LivinginPeru.com reports that Doe Run Peru is not
likely to resume operations in the short term.

According to the report, Doe Run Peru submitted new demands to the
Peruvian government that would add complications to the already
difficult processes of resuming operations and developing an
environmental cleaning plan.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2010, Mining Weekly said that Doe Run Peru been given
until end of July to prepare for a restart of its La Oroya
smelter, but the government of Peru warned that there would be
penalties if the new deadline is not met.  According to a TCRLA
report on January 26, 2010, Bloomberg News said that Doe Run Peru
is "close" to reaching an agreement on US$156 million of debt to
reopen its zinc and lead smelter.  The report recalled that Doe
Run Peru filed for a government-monitored financial restructuring
because it was worried creditors might try to freeze its assets or
operations.  Reuters related that Doe Run Peru owes some US$100
million to its suppliers and needs to spend another US$150 million
to clean up La Oroya.

                        About Doe Run Peru

Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling.  Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington.  Doe Run Peru is a subsidiary of
the company.

Doe Run Peru operates a polymetallic smelter at La Oroya and
copper mine at Cobriza both in Peru.

                          *     *     *

As of May 21, 2009, the company continues to carry Moody's bank
financial strength at D- and Fitch Ratings' individual rating at
D.


=================================================
S T  V I N C E N T  &  T H E  G R E N A D I N E S
=================================================


* ST. VINCENT AND THE GRENADINES: Economy Affected by Crisis
------------------------------------------------------------
An International Monetary Fund mission led by Nita Thacker visited
St. Vincent and the Grenadines during May 12-21, 2010, for the
annual Article IV discussions on economic developments and
macroeconomic policies.  The mission met with the Honorable Prime
Minister and Minister of Finance, Dr. Ralph Gonsalves, the Acting
Prime Minister Mr. Michael Browne, members of the Cabinet, the
Director General of the Ministry of Finance Mr. Maurice Edwards,
other senior government officials, as well as members of the
opposition headed by Hon. Arnhim Eustace. The mission also met
with representatives of the private sector and labor unions.

At the end of the mission, Mrs. Thacker issued this statement:

"St. Vincent and the Grenadines has been severely affected by the
spillovers of the global crisis on tourism, remittances, and
foreign direct investments.  Economic activity contracted 0.6% in
2008 and 1% in 2009, after an average increase of about 8 percent
in 2006-07.  Inflation declined to 0.4 percent in 2009 from 10% in
2008, reflecting the decline in international food and fuel
prices.  The balances of the central government worsened in 2009.
The overall deficit doubled to 3.3% of GDP and the primary surplus
of 2008 disappeared to leave a near-zero deficit in 2009.  The
deficit was financed largely through issuance of Treasury bonds,
leading to an increase in the total public sector debt to 75
percent of GDP, a jump of 7 percentage points from 2008.

"Growth is expected to recover gradually over the medium term,
reflecting the projected slow recovery in employment and consumer
spending in tourism source economies.  The fiscal deficit is
expected to widen further this year, reflecting in part spending
on some one-off items, including the bridge loan to the airport
authority and resources for the financial sector.  However, over
the medium term, the authorities plan to reduce the deficit
through a mix of revenue and expenditure measures to ensure that
the debt-to-GDP ratio declines in line with the ECCB recommended
target of 60 percent by 2020.

"The banking sector requires close monitoring, as soundness
indicators deteriorated in 2009. Also, uncertainty in the nonbank
financial sector remains high, reflecting the fallout from the
collapse of the CL Financial Group.  In this context, the mission
welcomed the authorities commitment to a regional strategy for
resolving the issues related to this sector.  Progress is also
being made on establishing a Single Regulatory Unit to strengthen
the supervision of the nonbank financial institutions.

"Upon its return to Washington, the mission will prepare a report,
to be discussed by the IMF's Executive Board, tentatively
scheduled for July 2010.

"The mission thanks the authorities for their warm hospitality and
close cooperation."

                         *     *     *

As of May 23, 2010, St. Vincent and the Grenadines continues to
carry Moody's "B1" foreign and local currency ratings.


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


CL FINANCIAL: Angostura Holdings to Publish Financials by July 30
-----------------------------------------------------------------
Angostura Holdings Limited has informed the T&T Stock Exchange
that its audited financial accounts for 2008 and 2009, plus its
first quarter 2010 financial accounts, will be published by
July 30, 2010, Trinidad and Tobago Guardian reports.

As reported in the Troubled Company Reporter-Latin America on
July 14, 2009, Trinidad and Tobago Newsday said trading of
Angostura Holdings' shares was suspended beginning July 13, on the
TT Stock Exchange as it was unable to submit its 2008 accounts.
The report related Angostura had already asked the Exchange for
extensions -- April 30 and May 31 -- to get its accounts ready,
but were unable to meet the deadlines; including the latest one on
July 10.  According to the report, the rum producer is grappling
with the TT$600 million hole left by its parent, CL Financial
Limited, and is now under government control.

CL Financial owns 78% of the company.  T&T Newsday pointed out
that the main reason for the tardy publication of the accounts is
that CL Financial had leveraged the company's profits against
deals that looked like a sure bet at the time, including the
US$676 million to finance the purchase of Lascelles deMercado in
2008.  CL Financial owes Angostura money from the deals made over
the years but given the conglomerate's debt, auditors are faced
with trying to unravel the accounts, the report said.

                       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
=============


CREDIT URUGUAY: Moody's Affirms D Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba1 long term global local currency, the Not Prime short term
global local currency, and the Aa2.uy national scale local
currency deposit ratings of Credit Uruguay Banco S.A. (Credit
Uruguay).  The bank financial strength rating (BFSR) of D, the
long term foreign currency deposit rating of B1, the short term
foreign currency deposit rating of Not Prime, and the national
scale foreign currency deposit rating of A2.uy were affirmed, with
stable outlooks.

The rating action is in response to the agreement that Credit
Agricole S.A. (CASA) has entered into with Banco Bilbao Vizcaya
Argentaria Uruguay, S.A., (BBVAU) to sell, and ultimately merge,
Credit Uruguay to BBVAU. The upgrade of Credit Uruguay's local
currency deposits is therefore contingent upon the completion of
its deal with BBVAU, and the approval by Uruguayan and Spanish
regulatory authorities.  BBVAU (not rated by Moody's) is a wholly
owned subsidiary of Spain's Banco Bilbao Vizcaya Argentaria, S.A.
(BBVA Spain, deposit rating Aa2/ B- BFSR).

The review of the deposit ratings will assess the probability of
support to the new merged entity that could be expected from
Credit Uruguay's new controlling shareholder BBVA Spain, in a
situation of stress.  Moody's bank deposit rating methodology
incorporates such elements of support into a bank's baseline
credit assessment, and those may translate into notches of uplift
to the deposit rating.  Currently, Moody's assesses the
probability of parental support for Credit Uruguay to be only
moderate, which results in a one-notch enhancement to the baseline
credit assessment of Ba2 to a deposit rating of Ba1.

In affirming Credit Uruguay's D bank financial strength rating,
Moody's indicated its relatively good financial fundamentals, and
its high liquidity and improving asset quality indicators, in
particular, despite a capitalization ratio that compares poorly to
its Uruguayan peers'.  Credit Uruguay's D bank financial strength
rating also incorporates the challenges faced by Uruguayan banks
including high dollarization, high competition, low financial
intermediation, and limited access to long term funding.

Headquartered in Montevideo, Uruguay, Credit Uruguay had
US$1.3 billion in assets, US$580 million in loans, US$1.1 billion
in customer deposits, and US$90 million in shareholders' equity,
as of March 31, 2010.

These ratings were placed on review for possible upgrade:

- Long term global local currency deposit rating of Ba1

- Short term global local currency deposit rating of Not Prime

- National Scale local currency deposit rating of Aa2.uy

These ratings were affirmed:

- Bank financial strength rating of D

- Long term foreign currency deposit rating of B1

- Short term foreign currency deposit rating of Not Prime

- National scale foreign currency deposit rating of A2.uy


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


* BOND PRICING: For the Week May 17, to May 21, 2010
----------------------------------------------------

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


ARGENTINA

ARGENT- DIS            5.83  12/31/2033     ARS        86.61667
ARGENT-$DIS            8.28  12/31/2033     USD        64.61166
ARGENT-$DIS            8.28  12/31/2033     USD         61.3375
ARGENT-PAR             1.18  12/31/2038     ARS        30.88438
ARGENT-DIS             7.82  12/31/2033     EUR         53.9442
ARGNT-BOCON PR13          2  3/15/2024      ARS        62.25635
BOGAR 2018                2  2/4/2018       ARS          110.95
BONAR X                   7  4/17/2017      USD        69.74167
BUENOS AIRE PROV      9.375  9/14/2018      USD          72.985
BUENOS AIRE PROV      9.625  4/18/2028      USD       67.645216
BUENOS AIRE PROV      9.375  9/14/2018      USD       73.341355

BRAZIL

CESP                   9.75  1/15/2015      BRL       69.285932


CAYMAN ISLAND

AES DOMINICANA           11  12/13/2015     USD           102.5
BANIF FIN LTD             3  12/31/2019     EUR          73.922
BARION FUNDING         1.44  12/20/2056     GBP       31.455177
BARION FUNDING         0.63  12/20/2056     GBP       17.843041
BCP FINANCE CO        4.239                 EUR         60.9525
BCP FINANCE CO        5.543                 EUR        63.55125
BES FINANCE LTD        5.58                 EUR       64.857238
BES FINANCE LTD       6.984  2/7/2035       EUR          65.642
CHINA MED TECH            4  8/15/2013      USD            67.5
CHINA SUNERGY          4.75  6/15/2013      USD          72.897
DUBAI HLDNG COMM       4.75  1/30/2014      EUR          71.825
DUBAI HLDNG COMM          6  2/1/2017       GBP        68.55357
EFG ORA FUNDING         1.7  10/29/2014     EUR        64.35263
ESFG INTERNATION      5.753  #N/A Field Not EUR       59.416667
FERTINITRO FIN         8.29  4/1/2020       USD            69.5
INDEPENDENCIA IN         12  12/30/2016     USD            45.5
MAZARIN FDG LTD        1.44  9/20/2068      GBP       28.834041
PUBMASTER FIN         6.962  6/30/2028      GBP        72.96167
SHINSEI FIN CAYM      6.418                 USD            62.8
SHINSEI FIN CAYM      6.418                 USD       63.649688
SHINSEI FINANCE        7.16                 USD              73
SOLARFUN POWER H        3.5  1/15/2018      USD          61.659
THPA FINANCE LTD      8.241  3/15/2028      GBP        61.62475
XL CAPITAL LTD          6.5  #N/A Field Not USD          71.875


   PUERTO RICO

PUERTO RICO CONS        6.2  5/1/2017       USD              54
PUERTO RICO CONS        6.5  4/1/2016       USD              58


VENEZUELA

PETROLEOS DE VEN        5.5  4/12/2037      USD       44.454379
PETROLEOS DE VEN      5.375  4/12/2027      USD       45.407841
PETROLEOS DE VEN      5.125  10/28/2016     USD       53.444176
PETROLEOS DE VEN          5  10/28/2015     USD       54.481229
PETROLEOS DE VEN        4.9  10/28/2014     USD       59.900115
PETROLEOS DE VEN       5.25  4/12/2017      USD       54.843685
SIDETUR FINANCE          10  4/20/2016      USD              73
VENEZUELA              5.75  2/26/2016      USD        64.82307
VENEZUELA                 7  12/1/2018      USD        60.57156
VENEZUELA              7.75  10/13/2019     USD        61.89315
VENEZUELA                 6  12/9/2020      USD        54.74108
VENEZUELA                 9  5/7/2023       USD        62.44417
VENEZUELA              8.25  10/13/2024     USD        59.64594
VENEZUELA              7.65  4/21/2025      USD          56.809
VENEZUELA              9.25  9/15/2027      USD        67.32899
VENEZUELA              9.25  9/15/2027      USD       71.359873
VENEZUELA              9.25  5/7/2028       USD            61.8
VENEZUELA                 7  3/31/2038      USD        52.15102
VENEZUELA                 7  3/31/2038      USD       56.119035
VENZOD - 189000       9.375  1/13/2034      USD        61.59677


                            ***********

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.


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