TCRLA_Public/100609.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

              Wednesday, June 9, 2010, Vol. 11, No. 112

                            Headlines



A R U B A

VALERO ENERGY: Expects to Complete Aruba Refinery Work in Sept.


B E R M U D A

HILLS INSURANCE: Creditors' Proofs of Debt Due on June 24
HILLS INSURANCE: Members to Receive Wind-Up Report on July 12


B R A Z I L

GOL LINHAS: Posts Demand Growth of 14.5% & Yield of R$21.50 Cents
TAM LINHAS: Sees 'Better' 2nd Qtr. as Demand Recovers, CEO Says
TAM SA: Unit Sees 'Better' Second Quarter as Demand Recovers
* BRAZIL: Brazilian Farm Lending Rises 8% to BRL100 Billion
* BRAZIL: First-Quarter GDP Grew 9.0% From Previous Year


C A Y M A N  I S L A N D S

AALL GROUP: Creditors' Proofs of Debt Due on July 7
ANCHORS AWEIGH: Creditors' Proofs of Debt Due on July 7
ARUMON CAPITAL: Creditors' Proofs of Debt Due on July 8
BLUE VALLEY: Creditors' Proofs of Debt Due on July 7
BTG PACTUAL: Creditors' Proofs of Debt Due on June 29

BTG PACTUAL: Creditors' Proofs of Debt Due on June 29
BTR CAPITAL: Creditors' Proofs of Debt Due on June 29
CHINA SUN: Court Enters Wind-Up Order
CHRISTIE STREET: Creditors' Proofs of Debt Due on June 28
COMPASS S.E.: Creditors' Proofs of Debt Due on July 7

FLOATING RATE: Creditors' Proofs of Debt Due on June 28
FORRESTER MARITIME: Creditors' Proofs of Debt Due on July 7
FREERIDER LTD: Court Enters Wind-Up Order
KLEROS PREFERRED: Creditors' Proofs of Debt Due on July 7
KOCH FERTILIZER: Creditors' Proofs of Debt Due on July 2

NOTGER FUND: Creditors' Proofs of Debt Due on July 7
SIRIOS EUROPE: Creditors' Proofs of Debt Due on July 7
SMAM ASIAN: Creditors' Proofs of Debt Due on July 9
TIEDEMANN JAPAN: Creditors' Proofs of Debt Due on June 29
TRANS PACIFIC: Appoints Silvia as Provisional Liquidator


C H I L E

E-CL SA: S&P Raises Issuer Credit Rating From 'BB-'


J A M A I C A

AIR JAMAICA: 'Business as Usual' After Takeover
JPSCO: Responds to Concerns on Impending Rate Increase


M E X I C O

GRUPO MEXICO: Enters Cananea After Police Break Rally
GRUPO MEXICO: Raised to "Overweight" from "Neutral" at HSBC


T R I N I D A D  &  T O B A G O

PETROTRIN: More State Board Members Quit


U R U G U A Y

* URUGUAY: To Buy More Dollars in Bid to Help Exporters


X X X X X X X X

* LATIN AMERICA: Fitch Issues List on Rating Actions for May




                         - - - - -


=========
A R U B A
=========


VALERO ENERGY: Expects to Complete Aruba Refinery Work in Sept.
---------------------------------------------------------------
Valero Energy Corporation expects to begin planned work at its
closed refinery in Aruba in the next week or so and to have it
completed in early September, Caribbean Net News reports, citing
company spokesman Bill Day.  "We expect the turnaround to be
complete around the first part of September," the report quoted
Mr. Day as saying.

As reported in the Troubled Company Reporter-Latin America on
June 7, 2010, Caribbean PressReleases.com said that Valero Energy
decided to restart its refinery on Aruba.  The report related that
about 4,000 Arubans lost their jobs when the refinery was closed
down.  According to a TCRLA report on June 26, 2009, citing The
Associated Press, Valero Energy had temporarily close its Aruba
refinery, as falling prices for its refined products make the
plant less profitable.  AP noted that Valero bought the Aruba
plant in 2004 but has been looking to sell it since last year.

                       About Valero Energy

Valero Energy Corporation -- http://www.valero.com/--
incorporated in 1981, owns and operates 16 refineries located in
the United States, Canada, and Aruba that produce conventional
gasolines, distillates, jet fuel, asphalt, petrochemicals,
lubricants, and other refined products, as well as a slate of
premium products, including conventional blendstock for oxygenate
blending (CBOB) and reformulated gasoline blendstock for oxygenate
blending (RBOB).  The Company markets refined products on a
wholesale basis in the United States and Canada through bulk and
rack marketing network.  It also sells refined products through a
network of about 5,800 retail and wholesale branded outlets in the
United States, Canada, and Aruba.  The Company operates through
two segments: refining and retail.

                           *     *     *

As of June 7, 2010, the company continues to carry Moody's "Ba1"
Preferred Stock rating.


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


HILLS INSURANCE: Creditors' Proofs of Debt Due on June 24
---------------------------------------------------------
The creditors of The Hills Insurance Company Limited are required
to file their proofs of debt by June 24, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 3, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonaes Court, 22 Victoria Street
         Hamilton, Bermuda


HILLS INSURANCE: Members to Receive Wind-Up Report on July 12
-------------------------------------------------------------
The members of The Hills Insurance Company Limited will receive,
on July 12, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on June 3, 2010.

The company's liquidator is:

         Jennifer Y. Fraser
         Canonaes Court, 22 Victoria Street
         Hamilton, Bermuda


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


GOL LINHAS: Posts Demand Growth of 14.5% & Yield of R$21.50 Cents
-----------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. recorded its highest demand in
the domestic market for the second consecutive month in the year-
on-year comparison since it began operations in 2001.

In May 2010, demand on GOL's total and domestic route network
increased by 14.5% and 14.9%, respectively over the same month
last year, thanks to the continuous improvement in the Brazilian
economic scenario, fueled by the year-to-date upturn in the
Consumer Confidence Index (ICC) and the highest ever Current
Situation Index (ISA), both of which are measured by the Getulio
Vargas Foundation (FGV).  In addition, the combination of: (i)
dynamic fare management, with positive results from the
introduction of the new fare categories, (ii) the continuous
development of the SMILES program, (iii) exemplary quality indices
(punctuality, regularity and client service), and (iv) greater
flight frequency between Brazil's major airports, particularly
during business hours, benefited business travel, which is
historically the strongest segment in May, given the low tourist
season.

In comparison with the previous month, domestic and international
demand fell by 7.5% and 9.0%, respectively, due to seasonality and
the absence of holidays in May, versus two holidays in April (Good
Friday and Tiradentes).

Demand on GOL's international route network grew by 11.5% year-on-
year, mainly reflecting the economic recovery in South America,
which benefited flights to Argentina and Chile, and high demand on
routes to the Caribbean, which already has five destinations
(Aruba, Barbados, Curacao, Panama and Punta Cana).

GOL maintained its disciplined strategy of maintaining capacity
growth at a lower level than demand growth on its route network.
This was particularly apparent in the international market, where
supply, measured by ASK (available seat kilometers), actually fell
by 5.0% year-on-year, while demand moved up by 11.5%. Domestic
supply climbed by 16.4% due to high productivity, with an aircraft
utilization rate of more than 12.5 block hours per day, versus
11.8 block hours recorded in May 2010 and the maintenance of a
greater average stage length.  These combined effects reduced the
BELF (break-even load factor) and, consequently, maximized the
operating margin, in the peak of the low season, through the
dilution of unit costs and the maintenance of higher yield levels.
In addition, it prepares GOL's route network for the transition to
the high season beginning as of the holidays in June and the
school vacations in July.

                        Load Factor and Yield

The Company's load factor increased by 0.5 pp over May 2009 to
58.4% (58.8% on the domestic market and 55.3% on the international
market), and fell by 4.8 p.p. over April 2010 due to the
repositioning of the route network and the absence of holidays in
May, given the more tourism-oriented profile of GOL's
international network.

Since most trips in May are business-related and load factors are
lower than in the rest of the year, yields maintained their upward
trajectory, averaging R$21.50 cents (R$), despite the seasonally
weaker period.  As a result, current yield levels are slightly
above the Company's guidance, reflecting the dynamic fare
management.

                         About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings.  The company also continues
to carry Moody's B1 LT Corp Family rating.


TAM LINHAS: Sees 'Better' 2nd Qtr. as Demand Recovers, CEO Says
---------------------------------------------------------------
Tam Linhas Aereas, the Brazilian airline controlled by Tam SA,
will have a "better" second quarter compared with last year's
because of a recovery in demand in June, Cornelius Rahn and Helder
Marinho at Bloomberg News report, citing Tam Linhas Chief
Executive Officer Libano Miranda Barroso.

"April was weak, May was weak, but June was rebounding," Chief
Executive Officer Libano Miranda Barroso told the news agency in
an interview.  "So what we see is that year-over-year, it will be
better," he added.

According to the report, Mr. Barroso said that Tam Linhas expects
growth in air traffic of 18% this year, and an equivalent rate in
the second-quarter, when demand will receive a boost from the
soccer World Cup.  Airline capacity for international flights will
rise 10%, while demand for those routes will increase 14%, he
added.

The report notes that Tam Linhas plans to start two new routes to
Europe from Rio de Janeiro in August.

Tam Linhas is due to publish second-quarter results Aug. 13.

                           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 reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A's US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.

                      About TAM Linhas Aereas

TAM Linhas Aereas -- http://www.tam.com.br/-- has business
agreements with the regional airlines Pantanal, Passaredo, Total
and Trip.  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.

                           *     *     *

TAM continues to hold Fitch Ratings' BB long-term issuer default
rating, BB local currency long-term issuer default rating, and
A+(BRA) national long-term rating.  Outlook is stable.  The
company's 7.375% senior unsecured notes due April 25, 2017 also
carry Fitch's BB long-term ratings.


TAM SA: Unit Sees 'Better' Second Quarter as Demand Recovers
------------------------------------------------------------
Tam Linhas Aereas, the Brazilian airline controlled by Tam SA,
will have a "better" second quarter compared with last year's
because of a recovery in demand in June, Cornelius Rahn and Helder
Marinho at Bloomberg News report, citing Tam Linhas Chief
Executive Officer Libano Miranda Barroso.

"April was weak, May was weak, but June was rebounding," Chief
Executive Officer Libano Miranda Barroso told the news agency in
an interview.  "So what we see is that year-over-year, it will be
better," he added.

According to the report, Mr. Barroso said that Tam Linhas expects
growth in air traffic of 18% this year, and an equivalent rate in
the second-quarter, when demand will receive a boost from the
soccer World Cup.  Airline capacity for international flights will
rise 10%, while demand for those routes will increase 14%, he
added.

The report notes that Tam Linhas plans to start two new routes to
Europe from Rio de Janeiro in August.

Tam Linhas is due to publish second-quarter results Aug. 13.

                           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 reported in the Troubled Company Reporter-Latin America on
October 20, 2009, Fitch Ratings has assigned a 'BB-' rating to TAM
S.A's US$300 million proposed senior guaranteed notes due 2019.
These notes will be issued through TAM's subsidiary, TAM Capital 2
Inc and will be unconditionally guaranteed by TAM and TAM Linhas
Aereas S.A.  Proceeds from the proposed issuance will be used to
enhance the company's cash balance and for general corporate
purpose.

                      About TAM Linhas Aereas

TAM Linhas Aereas -- http://www.tam.com.br/-- has business
agreements with the regional airlines Pantanal, Passaredo, Total
and Trip.  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.

                           *     *     *

TAM continues to hold Fitch Ratings' BB long-term issuer default
rating, BB local currency long-term issuer default rating, and
A+(BRA) national long-term rating.  Outlook is stable.  The
company's 7.375% senior unsecured notes due April 25, 2017 also
carry Fitch's BB long-term ratings.


* BRAZIL: Brazilian Farm Lending Rises 8% to BRL100 Billion
-----------------------------------------------------------
Katia Cortes at Bloomberg News reports that Brazil boosted
financing for the production and marketing of coffee, soybeans,
sugar and other crops to BRL100 billion (US$54 billion) in the
next season.  The funding for the year starting July 1 will rise 8
percent from a year earlier, the Agriculture Ministry said in a
statement obtained by the news agency.  The plan includes BRL60.7
billion of loans at below-market interest rates of 6.75%, the
ministry added.

According to the report, the ministry said that the country's
development bank will lend 2.4 billion to ethanol mills to finance
storage of the fuel as part of the funding plan.  In addition to
the 100 billion-real package for commercial crops, the government
will lend BRL16 billion for small family-run farms used mainly for
subsistence, it added.

                           *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


* BRAZIL: First-Quarter GDP Grew 9.0% From Previous Year
--------------------------------------------------------
Brazil's economy expanded 9.0% in the first quarter from a year
ago, Matthew Bristow at Bloomberg News report, citing the national
statistics agency.

According to the report, gross domestic product rose 2.7 from the
previous quarter.

                           *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


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


AALL GROUP: Creditors' Proofs of Debt Due on July 7
---------------------------------------------------
The creditors of AALL Group Inc. are required to file their proofs
of debt by July 7, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 14, 2010.

The company's liquidator is:

         Patrick Shaunessy
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman, KY1-1102


ANCHORS AWEIGH: Creditors' Proofs of Debt Due on July 7
-------------------------------------------------------
The creditors of Anchors Aweigh Ltd. are required to file their
proofs of debt by July 7, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 14, 2010.

The company's liquidator is:

         Patrick Shaunessy
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman, KY1-1102


ARUMON CAPITAL: Creditors' Proofs of Debt Due on July 8
-------------------------------------------------------
The creditors of Arumon Capital, Ltd are required to file their
proofs of debt by July 8, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 4, 2010.

The company's liquidator is:

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


BLUE VALLEY: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------
The creditors of Blue Valley Investments Limited are required to
file their proofs of debt by July 7, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 14, 2010.

The company's liquidator is:

         Patrick Shaunessy
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman, KY1-1102


BTG PACTUAL: Creditors' Proofs of Debt Due on June 29
-----------------------------------------------------
The creditors of BTG Pactual Latin America Income Fund Ltd. are
required to file their proofs of debt by June 29, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 6, 2010.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


BTG PACTUAL: Creditors' Proofs of Debt Due on June 29
-----------------------------------------------------
The creditors of BTG Pactual Strategy Fund, Ltd. are required to
file their proofs of debt by June 29, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 6, 2010.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


BTR CAPITAL: Creditors' Proofs of Debt Due on June 29
-----------------------------------------------------
The creditors of BTR Capital Limited are required to file their
proofs of debt by June 29, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 6, 2010.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


CHINA SUN: Court Enters Wind-Up Order
-------------------------------------
On May 21, 2010, the Grand Court of Cayman Islands entered an
order that voluntarily winds up the operations of China Sun Bio-
Chem Technology Group Company Limited.

The company's liquidator is:

         Kenneth M. Krys
         Krys & Associates Cayman Limited
         Governors Square Building 6, 2nd Floor
         23 Lime Tree Bay Ave.
         PO Box 31237, Grand Cayman KY1-1205
         Cayman Islands


CHRISTIE STREET: Creditors' Proofs of Debt Due on June 28
---------------------------------------------------------
The creditors of Christie Street Capital Fund, Ltd. are required
to file their proofs of debt by June 28, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 6, 2010.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: (345) 815 1793
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


COMPASS S.E.: Creditors' Proofs of Debt Due on July 7
-----------------------------------------------------
The creditors of Compass S.E. Ltd. are required to file their
proofs of debt by July 7, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 14, 2010.

The company's liquidator is:

         Patrick Shaunessy
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman, KY1-1102


FLOATING RATE: Creditors' Proofs of Debt Due on June 28
-------------------------------------------------------
The creditors of Floating Rate Senior Loan Fund II Limited
are required to file their proofs of debt by June 28, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 11, 2010.

The company's liquidator is:

         Kirsten Le Pape
         Turner & Roulstone Management Ltd.
         Strathvale House, 3rd Floor
         90 North Church Street
         P.O. Box 2636, George Town
         Grand Cayman KY1-1102, Cayman Islands
         c/o Gavin Lowe
         Telephone: 1 345 943 5555


FORRESTER MARITIME: Creditors' Proofs of Debt Due on July 7
-----------------------------------------------------------
The creditors of Forrester Maritime Limited are required to file
their proofs of debt by July 7, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 14, 2010.

The company's liquidator is:

         Patrick Shaunessy
         Telephone: (345) 949-5588
         Facsimile: (345) 945-5772
         The Crighton Building, Suite 201
         256 Crewe Road, P.O. Box 1166
         Grand Cayman, KY1-1102


FREERIDER LTD: Court Enters Wind-Up Order
-----------------------------------------
On May 13, 2010, the Grand Court of Cayman Islands entered an
order that voluntarily winds up the operations of Freerider Ltd.

The company's liquidator is:

         Roy Bailey
         c/o Claire Loebell
         Telephone: 345 814 8922
         Facsimile: 345 949 8529
         e-mail: Claire.loebell@ky.ey.com
         Ernst & Young
         62 Forum Lane, Camana Bay
         P.O. Box 510, Grand Cayman KY1-1106
         Cayman Islands


KLEROS PREFERRED: Creditors' Proofs of Debt Due on July 7
---------------------------------------------------------
The creditors of Kleros Preferred Funding VI, Ltd. are required to
file their proofs of debt by July 7, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 20, 2010.

The company's liquidator is:

         Walkers SPV Limited
         Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


KOCH FERTILIZER: Creditors' Proofs of Debt Due on July 2
--------------------------------------------------------
The creditors of Koch Fertilizer, Ltd. are required to file their
proofs of debt by July 2, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 7, 2010.

The company's liquidators are:

         E. Andrew Hersant
         Christopher Humphries
         c/o Stuarts Walker Hersant
         Telephone: (345) 949 3344
         Facsimile: (345) 949 2888
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands


NOTGER FUND: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------
The creditors of Notger Fund Ltd. are required to file their
proofs of debt by July 7, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 22, 2010.

The company's liquidator is:

         Notger Capital Ltd.
         8-10, rue de Hesse
         Geneve, Suisse


SIRIOS EUROPE: Creditors' Proofs of Debt Due on July 7
------------------------------------------------------
The creditors of Sirios Europe Fund, Ltd. are required to file
their proofs of debt by July 7, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 19, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street, George Town
         Grand Cayman KY1-9002, Cayman Islands


SMAM ASIAN: Creditors' Proofs of Debt Due on July 9
---------------------------------------------------
The creditors of SMAM Asian Dynasty Master Fund, Ltd are required
to file their proofs of debt by July 9, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 13, 2010.

The company's liquidator is:

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


TIEDEMANN JAPAN: Creditors' Proofs of Debt Due on June 29
---------------------------------------------------------
The creditors of Tiedemann Japan QP Ltd. are required to file
their proofs of debt by June 29, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 13, 2010.

The company's liquidator is:

         Ogier
         c/o Bryant Terry
         Telephone: (345) 815-1803
         Facsimile: (345) 949-9877
         89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


TRANS PACIFIC: Appoints Silvia as Provisional Liquidator
--------------------------------------------------------
On April 23, 2009, Brian Raymond Silvia was appointed as
provisional liquidator of Trans Pacific Insurance Corporation.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

         Brian Raymond Silivia
         c/o Mark Goodman
         Turner & Roulstone, Attorneys-At-Law
         Strathvale House, George Town, 3rd Floor
         P.O. Box 2636, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 345-943-5555
         Facsimile: 345-943-9999


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


E-CL SA: S&P Raises Issuer Credit Rating From 'BB-'
---------------------------------------------------
On June 7, 2010, Standard & Poor's Ratings Services raised its
issuer credit rating on E-CL S.A. (formerly called Empresa
Electrica del Norte Grande S.A.) to 'BBB-' from 'BB-' and removed
it from CreditWatch with developing implications where it was
placed on Nov. 13, 2009.  The outlook is stable.

In December 2009, the company merged with several power
generation, transmission, and natural gas distribution assets that
belonged to its main shareholder Suez Energy Andino S.A. (not
rated) and its minority shareholder Chilean copper producer
Corporacion Nacional del Cobre de Chile S.A., (A/Stable/--).
Following the merger, the upgrade reflects the significant
improvement of E-CL's market position as the largest power
generator in the Chilean Northern Electric System with about 50%
market share in terms of installed capacity (1,795 megawatts).  In
addition, the upgrade reflects the expected greater stability of
its cash flow generation deriving from the increased contract base
and its higher pricing flexibility that better allows passing
through higher fuel costs to its customers.  These factors are
partly mitigated by volatile market conditions in the SING (mainly
resulting from high natural gas shortages and volatile diesel oil
prices), its exposure to construction risk related to its
relatively large power generation projects, and projected
significant increase in debt levels by 2011-2012.

Despite the significant increase in debt due to the merger, E-CL's
credit metrics were satisfactory, with debt to EBITDA of 2.2x
(including debt raised by projects under development) and funds
from operations to debt ratio of 37.7% in 2009.  S&P expects the
company to develop new projects associated with new power sale
contracts which are projected to result in a further increase
in debt by 2011-2012, with total debt to EBITDA of up to 4x
including Central Termica Andina and Hornitos projects.  However,
S&P expects this to be offset by the higher cash flow stability,
adequate debt structure, good liquidity level, and a flexible
dividend policy.

Suez EnergyAndino, a subsidiary of GDF Suez (A/Positive/A-1) owns
52.4% of E-CL and Codelco owns 40%.  The remaining 7.6% floats in
the Santiago Stock Exchange.

S&P believes that E-CL's liquidity position is adequate.  As of
March 31, 2010, the company had cash holdings of $202 million
compared with a $26 million in short-term debt and $722 million in
total debt (including debt with shareholding companies).  S&P
expects the company to refinance its relatively high $513 million
debt with shareholders due in 2011 with long-term bonds.  In
addition, S&P expects the company to maintain cash holdings of at
least $100 million and to enjoy a good financial flexibility.

The stable outlook reflects the company's strong market position
and projected higher stability in cash flow generation.  It also
incorporates the refinancing of its outstanding debt with
shareholders with long-term debt at favorable terms and
conditions, cash reserves of at least $100 million, with access to
the financial markets at favorable terms.  The ratings will
benefit from a significant consolidation in business risk profile
and much stronger debt service coverage ratios.  The ratings could
come under pressure from significant delays in the current and
future projects, a significant deterioration in operational
performance of efficient units and/or if the company assumes
higher-than-projected debt levels and presents a weaker-than-
expected liquidity position and financial flexibility.

               Upgraded; CreditWatch/Outlook Action

                             E-CL S.A.

                              To                 From
                              --                 ----
Corporate Credit Rating      BBB-/Stable/--     BB-/Watch Dev/--
Senior Secured               BBB-               BB-/Watch Dev


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


AIR JAMAICA: 'Business as Usual' After Takeover
-----------------------------------------------
Air Jamaica Limited President and Chief Executive Officer Bruce
Nobles has assured Jamaicans living in Canada that it remains
'business as usual' at the former national carrier, despite the
May 1, 2010, takeover by Trinidad-based Caribbean Airlines,
Jamaica Observer reports.  "Air Jamaica is still here.  The little
piece of Jamaica that flies still flies.  It is still the best
deal in town, still the best Lovebird hospitality and still the
most flights to Jamaica," the report quoted Mr. Nobles as saying.

According to the report, Mr. Nobles explained that the agreement
signed between Air Jamaica and Caribbean Airlines on May 1 would
see the airline operating as normal throughout the six to 12-month
transition period.  The report relates Mr. Nobles said that the
combined airline would be "one larger, stronger, better
capitalized regional airline that can provide the kind of product
travelers to and from Jamaica and the Caribbean region can
benefit."

                        About Air Jamaica

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

                           *     *     *

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

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


JPSCO: Responds to Concerns on Impending Rate Increase
------------------------------------------------------
The Jamaica Public Service Company has responded to concerns being
expressed by the local business sector about an impending rate
increase, RadioJamaica news reports.

According to the report, business interests have been complaining
that another rate increase at this time would be burdensome for
operators already grappling with the ongoing economic slow-down
and high manufacturing costs.

The report notes Winsome Callum, Head of Corporate Communications
at the JPS, addressed the vexed issue of the inflation adjustment
granted to the utility.  "Each year, when it's not a year when a
comprehensive review of the JPSCO rates is done, the Office of
Utilities Regulation makes a determination on whether or not and
how the non fuel rates, that's the based electricity energy
charge, should be adjusted for inflation.  The JPSCO, unlike other
businesses, cannot arbitrarily adjusts its rates to reflect
inflation, this has to be done through the OUR.  Each year the JPS
presents its analysis to the OUR with its figures and the OUR
makes a determination," the report quoted Ms. Callum as saying.

Ms. Callum, the report notes, noted that this adjustment was made
in March of this year.

                            About JPSCO

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

                           *     *     *

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


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


GRUPO MEXICO: Enters Cananea After Police Break Rally
-----------------------------------------------------
Grupo Mexico SA de C.V. regained control of its Cananea copper
mine after police removed protesters and secured the facility that
has been shut periodically since July 2007 over a labor dispute,
Bloomberg News reports.  Police took over the mine at 4 p.m. local
time June 6, 2010, Mexico's Interior Ministry said in a statement
obtained by the news agency.

"We're already inside," Grupo Mexico spokesman Juan Rebolledo told
Bloomberg in a telephone interview.

The company is evaluating mine conditions to determine any work
required to reopen it, Mr. Rebolledo added.

According to the report, union workers at Cananea have been
striking on and off for about three years.  Union members
threatened to blow up the development in February when the workers
organization lost a legal appeal that allowed Grupo Mexico to fire
striking workers.  The report relates Grupo Mexico's Chief
Financial Officer Daniel Muniz said that the company has 2,000
contractors ready to start working in the mine once safety
conditions are met.  The mine is capable of producing 190,000 tons
a year of copper.

                       About Grupo Mexico

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                           *     *     *

As of August 14, 2009, Grupo Mexico continues to carry Fitch
Ratings' BB+ Issuer Default ratings.


GRUPO MEXICO: Raised to "Overweight" from "Neutral" at HSBC
-----------------------------------------------------------
Grupo Mexico SAB de CV was raised to "Overweight" from "Neutral"
on June 8, 2010, at HSBC by equity analyst Jordi Dominguez,
Bloomberg News reports.

According to the report, the target price is MXN 40.00 per share.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/-- through
its ownership of Asarco and the Southern Peru Copper Company,
Grupo Mexico is the world's third largest copper producer, fourth
largest silver producer and fifth largest producer of zinc and
molybdenum.

                           *     *     *

As of August 14, 2009, Grupo Mexico continues to carry Fitch
Ratings' BB+ Issuer Default ratings.


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


PETROTRIN: More State Board Members Quit
----------------------------------------
Four members of state-owned oil company Petrotrin has had
submitted their resignation letters, Trinidad Express reports,
citing Minister of Energy and Energy Industries Carolyn Seepersad-
Bachan.

According to the report, Malcom Jones resigned as chairman of
Petrotrin.  The report relates that Mr. Jones, who under the
previous PNM administration chaired the National Gas Company (NGC)
and the National Energy Skills Centre (NESC), also resigned from
the State boards.

As reported in the Troubled Company Reporter-Latin America on
June 8, 2010, Trinidad Express said that Petrotrin workers
picketed the residence of company chairman Malcolm Jones demanding
his immediate resignation.  The report related that some 30
Petrotrin workers accompanied by defeated People's Partnership
candidate and Trinmar OWTU branch president, Ernesto Kesar, stood
outside Mr. Jones's McLelland Street shouting for him to resign.

The Express notes that Ms. Seepersad-Bachan said that board
members Lawford Dupres, who chaired the National Petroleum board,
attorney Kerwin Garcia and Andrew McIntosh had also resigned.

Prime Minister Kamla Persad-Bissessar, the report relates, said
that Cabinet had ordered a forensic audit of Petrotrin as there
were "grounds for suspicion of misconduct" at Petrotrin similar to
what may have transpired at special-purpose State enterprise
UDeCOTT.

Ms. Persad-Bissessar, the report notes, said the company was
experiencing serious financial difficulties resulting in high cost
overruns of its refinery upgrade.  The situation was exacerbated
by a $12 billion lawsuit by World GTL Inc against Petrotrin, she
added.


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


* URUGUAY: To Buy More Dollars in Bid to Help Exporters
-------------------------------------------------------
Lucia Baldomir at Bloomberg News reports Economy Minister Fernando
Lorenzo said that Uruguay's government plans a more "active" role
in the foreign currency market in a bid to strengthen the
competitiveness of exports.

According to the report, Mr. Lorenzo said that the Economy
Ministry will make dollar purchases in addition to about US$13
million bought so far this month by the central bank.

"We hope this measure leads us in the short and medium term to a
weaker exchange rate as the engine of Uruguay's growth," the
report quoted Mr. Lorenzo as saying.  "We believe that if we want
to strengthen this process we have to intervene in the market," he
added.

Bloomberg News notes that the country's move comes after the US$32
billion soybean-exporting country saw its trade balance shrink to
US$93 million in March from US$152 million in February, the
country's trade promotion agency reported May 3.


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


* LATIN AMERICA: Fitch Issues List on Rating Actions for May
------------------------------------------------------------
This is a comprehensive list of Fitch Ratings 72 Latin America
National scale rating changes for the month of May 2010, which
include: new ratings, upgrades, downgrades, Rating Outlook and
Rating Watch revisions, and withdrawn ratings.  These rating
actions were previously announced via separate press releases in
Spanish or Portuguese.

Fitch has assigned these national ratings:

Departamento de Caldas (Colombia)

  -- National long-term rating 'A(col)';
  -- Rating Outlook is Stable;
  * (Rating action took place on May 3, 2010.)

Empresa Nacional de Telecomunicaciones S.A. (Entel) (Bolivia)

  -- National long-term rating 'AAA(gtm)';
  * (Rating action took place on May 3, 2010.)

Aseguradora Rural, S.A. (Guatemala)

  -- National long-term rating 'AA-(gtm)';
  * (Rating action took place on May 4, 2010.)

Banco BVA S.A. (Brasil)

  -- National long-term rating 'BB(bra)';
  -- National short-term rating 'B(bra)';
  * (Rating action took place on May 5, 2010.)

Banco Citibank de Costa Rica S.A. (Costa Rica)

  -- Bonos Deuda national long-term rating 'AAA(cri)';
  -- Bonos Estandarizados national long-term rating 'AAA(cri)';
  -- CP national short-term rating 'F1+(cri)';
  * (Rating action took place on May 6, 2010.)

Estado de Nayarit (Mexico)

  -- Estado de Nayarit Bank Loan FAFEF series 2010 national short-
     term rating at 'AA(mex)';
  * (Rating action took place on May 11, 2010.)

Brazilian Securities Companhia de Securitizacao (Brasil)

  -- Certificates series 2010-156 national long-term rating 'AA-
     (bra)';

  * (Rating action took place on May 11, 2010.)

Municipio de Villavicencio (Colombia)

  -- National long-term rating 'BBB+(col)';
  -- Rating Outlook is Positive;
  * (Rating action took place on May 12, 2010.)

Coppel, S.A.B.  de C.V. short-term debt (Mexico)

  -- Prog. de C.B. de C.P. series 2010 national short-term rating
     'F2(mex)';

  * (Rating action took place on May.  17, 2010.)

Factoring Corporativo, S.A. de C.V. (Mexico)

  -- Prog. de C.B. de C.P series 2010 national short-term rating
     at 'F2(mex)';

  * (Rating action took place on May 17, 2010.)

AF Banregio, S.A. de C.V., SOFOM (Mexico)

  -- Prog. Dual L.P. series 2010 national long-term rating
     'A+(mex)';

  -- Prog. Dual C.P series 2010 national short-term rating
     'F1(mex)';

  * (Rating action took place on May 18, 2010.)

CGM Leasing Argentina S.A. (Argentina)

  -- National long-term rating 'BBB(arg)';
  * (Rating action took place on May 21, 2010.)

Centrales Electricas del Norte de Santander S.A. E.S.P (Colombia)

  -- National long-term rating 'AA+(col)';
  -- Rating Outlook is Stable;
  * (Rating action took place on May 24, 2010.)

Empresa Electrificadora de Santander S.A. E.S.P.  (Colombia)

  -- National long-term rating 'AA+(col)';
  -- National short-term rating 'F1+(col)';
  -- Rating Outlook is Stable;
  * (Rating action took place on May 24, 2010.)

Sonda S.A. (Chile)

  -- National Equity Rating at Primera Clase Nivel 2(cl);
  * (Rating action took place on May 25, 2010.)

Interforest Limited commercial paper (Guatemala)

  -- National long-term rating 'CC(gtm)';
  -- Commercial paper national short-term rating 'C(gtm)';
  -- Rating Outlook is Stable;
  * (Rating action took place on May 26, 2010.)

El Puerto de Liverpool, S.A.B. de C.V. (Mexico)

  -- LIVEPOL10 ser 2010 national long-term rating 'AAA(mex)';
  -- LIVEPOL10U ser 2010 national long-term rating 'AAA(mex)';
  * (Rating action took place on May 27, 2010.)

Maxi Prenda, S.A. de C.V. SOFOM, E.N.R. (Mexico)

  -- Prog. de C.B. de C.P. series 2010 national short-term rating
     at 'F3(mex)';

  * (Rating action took place on May 28, 2010.)

Benemerita Universidad Autonoma de Puebla (Mexico)

  -- National long-term rating 'A+(mex)';
  * (Rating action took place on May 28, 2010.)

Municipio de Corregidora, Qro. (Mexico)

  -- National long-term rating A(mex)';
  * (Rating action took place on May 28, 2010.)

Fitch has upgraded these national ratings:

Caja de Compensacion de Asignacin Familiar Los Heroes (Chile)

  -- National long-term rating to 'A(chl)' from 'A-(chl)';
  -- Rating Outlook revised to Stable from Positive;
  * (Rating action took place on May 3, 2010.)

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

  -- National long-term rating to 'A-(mex)' from 'BBB(mex)';

  -- Rating Outlook is Positive;

  -- National short-term rating to 'F2(mex)' from 'F3(mex)';

  -- Senior unsecured short-term rating to 'F2(mex)' from
     'F3(mex)';

  * (Rating action took place on May 10, 2010.)

Eurocapital S.A. (Chile)

  -- National long-term rating to 'A-(chl)' from 'BBB+(chl)';

  -- Commercial paper long-term rating to 'A-(chl)' from
     'BBB+(chl)';

  -- Rating Outlook is Stable;
  * (Rating action took place on M
ay 13, 2010.)

Factorline S.A. (Chile)

  -- National long-term rating to 'A(chl)' from 'A-(chl)';

  -- Rating Outlook is Stable;

  -- Commercial paper long-term rating to 'A(chl)' from 'A-(chl)';

  -- Commercial paper short-term rating to 'F1(chl)' from
     'F2(chl)';

  -- Senior unsecured long-term rating to 'A(chl)' from 'A-(chl)';

  * (Rating action took place on May 13, 2010.)

Municipio de Ahome, Sin. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'BBB+(mex)';

  -- Rating Outlook revised to Stable from Positive;

  -- Banobras 07 series 2007 national long-term rating to 'AA-
      (mex)' from 'A+(mex)';

  -- Banobras 07-2 series 2007 national long-term rating to 'AA-
      (mex)' from 'A+(mex)';

  * (Rating action took place on May 13, 2010.)

Provincia de Chaco (Argentina)

  -- Federal Coparticipation Guaranteed Notes US$ 40,444,100
     national long-term rating to 'BBB(mex)' from 'BBB-(mex)';

  * (Rating action took place on May 14, 2010.)

Provincia de Formosa (Argentina)

  -- Federal Coparticipation Guaranteed Notes US$ 43,530,211
     series Titulos de Deuda guaranteed national long-term rating
     to 'BBB(mex)' from 'BBB-(mex)';

  * (Rating action took place on May 14, 2010.)

Cooperativa Nacional de Productores de Leche (Uruguay)

  -- National long-term rating to 'AA-(ury)' from 'A+(ury)'
     Outlook Stable;

  -- Senior unsecured long-term rating to 'AA-(ury)' from
     'A+(ury)';

  * (Rating action took place on May 21, 2010.)

Banco Pine S.A. (Brasil)

  -- National long-term rating to 'A(bra)' from 'A-(bra)';
  -- National short-term rating to 'F1(bra)' from 'F2(bra)';
  -- Rating Outlook revised to Stable from Positive;
  * (Rating action took place on May 24, 2010.)

GOL Linhas Aereas Inteligentes S.A. (Brasil)

  -- National long-term rating to 'A-(bra)' from 'BBB(bra)';
  -- Rating Outlook revised to Stable from Positive;
  * (Rating action took place on May 27, 2010.)

Maxi Prenda, S.A. de C.V. SOFOM, E.N.R. (Mexico)

  -- National long-term rating to 'BBB(mex)' from 'BBB-(mex)';
  -- Rating Outlook revised to Stable from Positive;
  * (Rating action took place on May 28, 2010.)

Municipio de Navojoa, Son. (Mexico)

  -- National long-term rating to 'BBB+(mex)' from 'BBB(mex)';
  -- Rating Outlook is Stable;
  * (Rating action took place on May 28, 2010.)

Fitch has also downgraded these ratings:

GMAC MXABSCB06_062 (F#324) (Mexico)

  -- Construction bridge loan series MXABSCB 06 national long-term
     rating to 'A(mex)' from 'AA-(mex)';

  -- Construction bridge loan series MXABSCB 062 national long-
     term rating to 'B(mex)' from 'BB(mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 5, 2010.)

Banco Nacional de Credito C.A. (Venezuela)

  -- National long-term rating to 'BB(ven)' from 'BBB-(ven)';

  -- National short-term rating to 'B(ven)' from 'F3(ven)';

  -- Senior unsecured long-term rating to 'BB(ven)' from 'BBB-
      (ven)';

  * (Rating action took place on May 7, 2010.)

Municipio de Santa Catarina, N.L.  (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A+(mex)';
  -- Placed on Rating Watch Negative;
  * (Rating action took place on May 7, 2010.)

Axtel, S.A.B. de C.V. (Mexico)

  -- National long-term rating to 'A-(mex)' from 'A+(mex)';
  -- Rating Outlook revised to Negative from Stable;
  * (Rating action took place on May 14, 2010.)

Sare Holding S.A. de C.V. (Mexico)

  -- National long-term rating to 'BB+(mex)' from 'BBB(mex)';

  -- Senior unsecured long-term rating to 'BB+(mex)' from
     'BBB(mex)';

  -- Rating Outlook is Negative; removed from Rating Watch
     Negative;

  * (Rating action took place on May 14, 2010.)

Union National Agro+ Fundo de Investimento em Direitos Creditorios
Financeiros Agropecuarios (Brasil)

  -- Securities series Seniores national long-term rating to
     'BBB(bra)' from 'A(bra)';

  -- Placed on Rating Watch Negative;

  * (Rating action took place on May 14, 2010.)

Deutsche Bank DBCB07U_072U_073U (F#314) (Mexico)

  -- Construction bridge loan series DBCB 07U national long-term
     rating to 'A-(mex)' from 'AA(mex)';

  -- Construction bridge loan series DBCB 07-2U national long-term
     rating to 'A-(mex)' from 'AA(mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 17, 2010.)

Intervalores Casa de Bolsa C.A. (Venezuela)

  -- National long-term rating to 'B-(ven)' from 'BB-(ven)';
  * (Rating action took place on May.  21, 2010.)

BBO Financial Services Inc.  (Venezuela)

  -- National long-term rating to 'BBB(ven)' from 'A(ven)';
  -- National short-term rating to 'F3(ven)' from 'F1(ven)';
  * (Rating action took place on May 21, 2010.)

Credito y Casa CREYCB06_062 (Mexico)

  -- Construction bridge loan series 2006-2 national long-term
     rating to 'BB(mex)' from 'BBB(mex)';

  -- Construction bridge loan series 2006-3 national long-term
     rating to 'CCC(mex)' from 'B(mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 21, 2010.)

Credito y Casa CREYCB07_072 (F#637) (Mexico)

  -- Construction bridge loan series 2007 national long-term
     rating to 'BB(mex)' from 'BBB(mex)';

  -- Construction bridge loan series 2007-2 national long-term
     rating to 'CCC(mex)' from 'B(mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 21, 2010.)

Universidad Tecnologica del Choco (Colombia)

  -- National long-term rating to 'E(col)' from 'BB(col)';
  -- Rating Outlook is Stable;
  * (Rating action took place on May 26, 2010.)

Econoinvest Casa del Bolsa C.A.  (Venezuela)

  -- National long-term rating to 'CC(ven)' from 'B(ven)';
  -- National short-term rating to 'C(ven)' from 'B(ven)';
  * (Rating action took place on May 27, 2010.)

TAM S.A. (TAM) (Brasil)

  -- National long-term rating to 'BBB+(bra)' from 'A-(bra)';

  -- Senior unsecured long-term rating to 'BBB+(bra)' from 'A-
      (bra)';

  -- Rating Outlook revised to Stable from Negative;

  * (Rating action took place on May 27, 2010.)

GMAC MXMACFW06U_062U (F#232017) (Mexico)

  -- Residential mortgage-backed securitization series 2006
     MXMACFW06U national long-term rating to 'B(mex)' from
     'BB(mex)';

  -- Residential mortgage-backed securitization series 2006
     MXMACFW 062U national long-term rating to 'CCC(mex)' from 'B-
     (mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 27, 2010.)

GMAC MXMACFW06U_062U (F#232017) (Mexico)

  -- Residential mortgage-backed securitization series 2006
     MXMACFW06U national long-term rating to 'B(mex)' from
     'BB(mex)';

  -- Residential mortgage-backed securitization series 2006
     MXMACFW 062U national long-term rating to 'CCC(mex)' from 'B-
      (mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 27, 2010.)

Metrofinanciera METROCB06U (F#529) (Mexico)

  -- Residential mortgage-backed securitization ser 2006
     METROCB06U national long-term rating to 'AA-(mex)' from
     'AAA(mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 28, 2010.)

BACS I (Argentina)

  -- Debt TD class AF national long-term rating to 'D(arg)' from
     'CCC(arg)';

  -- Debt TD class AV national long-term rating to 'D(arg)' from
     'CCC(arg)';

  * (Rating action took place on May 31, 2010.)

Fitch has made these Outlook and Rating Watch revisions:

Banco Autofin Mexico, S.A. (Mexico)

  -- National long-term rating at 'BBB-(mex)';
  -- Rating Outlook revised to Negative from Stable;
  * (Rating action took place on May 3, 2010.)

BRC Securitizadora S.A. (Brasil)

  -- Commercial mortgage-backed securitization series 2009-11
     national long-term rating at 'AAA(bra)';

  -- Commercial mortgage-backed securitization series 2009-12
     national long-term rating at 'AAA(bra)';

  -- Rating Outlook revised to Stable from Negative;

  * (Rating action took place on May 4, 2010.)

HSBC HSBCCB073_074 (F#685) (Mexico)

  -- Residential mortgage-backed securitization series 2007-2
     HSBCCB07-4 national long-term rating at 'A(mex)';

  -- Residential mortgage-backed securitization series 2007-2
     HSBCCB07-3 national long-term rating at 'AAA(mex)';

  -- Placed on Rating Watch Negative;

  * (Rating action took place on May 5, 2010.)

Estado de Nayarit (Mexico)

  -- National long-term rating at 'A-(mex)';
  -- Placed on Rating Watch Negative;
  * (Rating action took place on May 11, 2010.)

La Empresa de Luz y Fuerza Electrica Cochabamba S.A. (Elfec)
(Bolivia)

  -- Senior unsecured national long-term rating at 'AA-(bol)';
  -- Placed on Rating Watch Evolving;
  * (Rating action took place on May 12, 2010.)

Colombia Movil S.A. E.S.P (Colombia)

  -- National long-term rating at 'BB(col)';
  -- Rating Outlook revised to Positive from Stable;
  * (Rating action took place on May 16, 2010.)

Fundo de Investimento em Direitos Creditorios Panamericano
Veiculos I (Brasil)

  -- Senior Shares 2007-1 national long-term rating at 'AA-(bra)';

  -- Subordinated shares class A national long-term rating at
     'BBB(bra)';

  -- Removed from Rating Watch Negative; Assigned a Stable Rating
     Outlook;

  * (Rating action took place on May 18, 2010.)

AF Banregio, S.A. de C.V., SOFOM (Mexico)

  -- National long-term rating at 'A+(mex)';
  -- National short-term rating at 'F1(mex)';
  -- Removed from Rating Watch Negative;
  * (Rating action took place on May 18, 2010.)

Fideicomiso Financiero Municipalidad General Pueyrredon
(Argentina)

  -- VRD national long-term rating at 'A-(arg)';
  -- Rating Outlook revised to Negative from Stable;
  * (Rating action took place on May 21, 2010.)

BMG Fundo de Investimento em Direitos Creditorios Veiculos
(Brasil)

  -- Consumer loans series Cotas national long-term rating at
     'AAA(bra)';

  -- Rating Outlook revised to Stable from Negative;

  * (Rating action took place on May 25, 2010.)

Estado de Veracruz (Mexico)

  -- VRZCB 06 series 2006-2 national long-term rating at 'AA-
      (mex)';

  -- VRZCB 06 series 2006-1 national long-term rating at 'AA-
      (mex)';

  -- Assigned Negative Rating Outlook;

  * (Rating action took place on May 25, 2010.)

Banco del Bajio, S.A. (Mexico)

  -- National long-term rating at 'A+(mex)';
  -- Rating Outlook revised to Stable from Positive;
  * (Rating action took place on May 28, 2010.)

Metrofinanciera METROCB073_074 (F#689) (Mexico)

  -- Construction bridge loan series 2007-2 METROCB 07-3 national
     long-term rating at 'CC(mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 28, 2010.)

Metrofinanciera METROCB07_072 (F#590) (Mexico)

  -- Construction bridge loan series 2007-2 METROCB 07 national
     long-term rating at 'CC(mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 28, 2010.)

Metrofinanciera MTROCB07U (F#297) (Mexico)

  -- Residential mortgage-backed securitization series MTROCB 07U
     national long-term rating at 'BBB-(mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 28, 2010.)

Metrofinanciera MTROCB08U (F#339) (Mexico)

  -- Residential mortgage-backed securitization series MTROCB 08U
     national long-term rating at 'BBB-(mex)';

  -- Rating Watch is Negative;

  * (Rating action took place on May 28, 2010.)

Fitch has affirmed and withdrawn these ratings:

Creditel I (Uruguay)

  -- TDE Subordinados national long-term rating at 'A(ury)';
  * (Rating action took place on May 4, 2010.)

Hospital La Buena Esperanza de Yumbo E.S.E.  (Colombia)

  -- National long-term rating at 'BB-(col)';
  * (Rating action took place on May 11, 2010.)

La Equidad Seguros Generales OC (Colombia)

  -- National Insurer Financial Strength at 'A(col)';
  * (Rating action took place on May 13, 2010.)

Bavaria S.A. (Colombia)

  -- First Bond Issuance $150 billions national long-term rating
     at 'AAA(col)';

  * (Rating action took place on May 13, 2010.)

Electrificadora de Meta S.A. E.S.P. (Colombia)

  -- National long-term rating at 'AA(col)';
  * (Rating action took place on May 13, 2010.)

PAPSA and CEPSA for Armeria-Manzanillo and Ecatepec Piramides Toll
Roads (Mexico)

  -- Toll road securitization (partial guarantee) (insured: MBIA
     Insurance Corp.) ARMEC03U national long-term rating at
     'AAA(mex)';

  * (Rating action took place on May 19, 2010.

Gobierno del Estado de Veracruz Autopista Cardel-Veracruz (Mexico)

  -- Toll road securitization VCZ 03U national long-term rating at
     'AAA(mex)';

  * (Rating action took place on May 19, 2010.)

Banco de Occidente (Colombia)

  -- National long-term rating at 'AAA(col)';
  -- National short-term rating at 'F1+(pan)';
  * (Rating action took place on May 25, 2010.)

Banco Universal, S.A. y Subsidiarias (Panama)

  -- National long-term rating at 'BB(pan)';
  -- National short-term rating at 'B(pan)';
  * (Rating action took place on May 28, 2010.)


                            ***********

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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