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

              Monday, July 19, 2010, Vol. 11, No. 140

                            Headlines



A N T I G U A  &  B A R B U D A

CABLE & WIRELESS: LIME Loses Battle With Antigua Workers


A R G E N T I N A

ARGENTINA BALLET: Creditors' Proofs of Debt Due on September 30
AZYGA CHEMIST: Creditors' Proofs of Debt Due on September 2
BIG ONE: Creditors' Proofs of Debt Due on September 8
CANTUA SRL: Asks for Opening of Preventive Contest
CASA VINICOLA: Creditors' Proofs of Debt Due on August 20

CECOX SRL: Creditors' Proofs of Debt Due on September 2
EVEN CONSTRUTORA: Fitch Affirms 'B+' Issuer Default Ratings
FIDEICOMISO FINANCIERO: Moody's Assigns 'B3' Rating on Securities
IRSA INVERSIONES: Issues US$150 Million in Bonds
MATAMIM SA: Creditors' Proofs of Debt Due on September 9

MINICATA SA: Creditors' Proofs of Debt Due on October 5
TELEFONICA DE ARGENTINA: Gets US$7.6MM Fine Over Network Outages
TRANSPORTES CANADA: Creditors' Proofs of Debt Due on October 6
WORLD FABRICS: Creditors' Proofs of Debt Due on August 27


B R A Z I L

BANCO RURAL: Moody's Assigns 'E+' Bank Financial Strength Rating
BR MALLS: Equity International Sells Shares in Firm
COMPANHIA SIDERURGICA: To Invest US$5.5 Billion in New Steel Mills
CSN RESOURCES: Sells US$1-Billion in 10-Year Senior Notes
TAVEX MODAL: Moody's Assigns 'Ba2' Rating on Senior Notes


E C U A D O R

PETROECUADOR: Ecuador Starts US$400MM Esmeraldas Refinery Upgrade


J A M A I C A

AIR JAMAICA: S&P Raises Corporate Credit Rating to 'B-'
JPSCO: Invests JM$800 Million for Wind Power Plant


M E X I C O

COMERCIAL MEXICANA: Sees Court Okay of Restructuring in 6 Months
EMPRESAS ICA: S&P Changes Outlook to Positive; Keeps 'BB-' Rating


P U E R T O  R I C O

FIRST BANCORP: Commences Preferred Stock Exchange Offer


U R U G U A Y

* URUGUAY: Moody's Reviews 'Ba3' Local-Currency Bond Ratings
* URUGUAY: Moody's Reviews Ratings on Various Local Banks


X X X X X X X X

* BOND PRICING: For the Week July 12, to July 16, 2010




                         - - - - -


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


CABLE & WIRELESS: LIME Loses Battle With Antigua Workers
--------------------------------------------------------
Cable and Wireless' LIME Antigua lost its final appeal at the
Privy Council Court on a legal battle with former employees,
Tameika Malone at Jamaica Observer reports.

The report relates that the decision comes nine years after the
company made over 20 workers redundant and the affected employees,
represented by the Antigua & Barbuda Workers' Union lodged a
complaint in the Industrial Court and the Eastern Caribbean Court
of Appeal.  The company lost both appeals.

According to the report, Cable & Wireless had agreed to pay each
employee four weeks for each year; however, the union and the
affected employees disagreed, demanding at least six weeks for
each year worked.  The report relates that Cable & Wireless
disagreed, thus beginning the nine-year court battle.

The report notes that in a last-ditch effort to have the ruling
overturned, Cable & Wireless took the matter all the way to
England, to the Privy Council, where they lost yet again.

General Secretary of the ABWU David Massiah, the report says, said
the workers can now expect a pay-out from the telecommunications
company by some time this month.

                             About LIME

LIME (Landline, Internet, Mobile, Entertainment), is a
communications provider owned by the British based Cable &
Wireless Communications plc operating in Anguilla, Antigua &
Barbuda, Barbados, British Virgin Islands, Cayman Islands,
Dominica, Grenada, Jamaica, Montserrat, St. Kitts & Nevis, St.
Lucia, St. Vincent & the Grenadines and Turks & Caicos in the
Caribbean.

                     About Cable & Wireless

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

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1" senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.  The company continues to Standard & Poor's "BB-
"long-term foreign and local issuer credit ratings and "B" short-
term foreign and local issuer credit ratings.


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


ARGENTINA BALLET: Creditors' Proofs of Debt Due on September 30
---------------------------------------------------------------
The court-appointed trustee for Argentina Ballet S.R.L.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until September 30, 2010.

The trustee will present the validated claims in court as
individual reports on November 12, 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
December 27, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 1, 2011.


AZYGA CHEMIST: Creditors' Proofs of Debt Due on September 2
-----------------------------------------------------------
Juan Cavallieri, the court-appointed trustee for Azyga Chemist
SRL's bankruptcy proceedings, will be verifying creditors' proofs
of claim until September 2, 2010.

Mr. Cavallieri will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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 Cavallieri
         Avenida Cordoba 904
         Argentina


BIG ONE: Creditors' Proofs of Debt Due on September 8
-----------------------------------------------------
Olga Ester Fagnani, the court-appointed trustee for Big One SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 8, 2010.

Mr. Fagnani will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 22, 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:

         Olga Ester Fagnani
         Montevideo 596
         Argentina


CANTUA SRL: Asks for Opening of Preventive Contest
--------------------------------------------------
Cantua SRL asked for the opening of preventive contest.

The company stopped making payments last July 4, 2008.


CASA VINICOLA: Creditors' Proofs of Debt Due on August 20
---------------------------------------------------------
The court-appointed trustee for Casa Vinicola Don Mario S.A.'s
reorganization proceedings, will be verifying creditors' proofs of
claim until August 20, 2010.

The trustee will present the validated claims in court as
individual reports on October 1, 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 12, 2010.


CECOX SRL: Creditors' Proofs of Debt Due on September 2
-------------------------------------------------------
Jose Roubio, the court-appointed trustee for Cecox SRL's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until September 2, 2010.

Mr. Roubio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Jose Roubio
         Uruguay 618


EVEN CONSTRUTORA: Fitch Affirms 'B+' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has upgraded the national scale rating of Even
Construtora e Incorporadora S.A. to 'A-(bra)' from 'BBB+(bra)'.
The national scale ratings of the BRL100 million second issuance
of debentures due in 2012 and the BRL75 million third issuance of
debentures due in 2013 have also been upgraded to 'A- (bra).' In
conjunction with these rating actions, Fitch has affirmed the 'B+'
foreign and local currency Issuer Default Ratings of Even.  The
Rating Outlook is Stable.

The upgrades reflect Even's strong sales performance during 2009,
which allowed it to maintain margins in line with market averages
while dramatically lowering inventory levels, despite difficult
economic conditions.  The upgrades are also supported by the
company's solid growth prospects due to its recent equity
issuance.

Consistent Operating Results Despite Adverse Environment:

Even has consistently increased its net revenues and EBITDA
over the last three years.  Since 2007, net revenues have grown
by more than three times to BRL1.3 billion for the LTM ended
March 31, 2010.  During this time period, EBITDA grew by
approximately 3.5 times to BRL266 million, while margins improved
to 20.1% from 17.6%.  In the future, the company will be
challenged to maintain margins due to its increasing presence in
the low income housing segment.  The company responded to the
economic crisis by reducing its project launches to BRL927 million
in 2009 from BRL1.435 billion in 2008.  Strong demand, a result of
measures the government took to stimulate demand, and the creation
of Even's own brokerage firm contributed to a significant
reduction in inventory levels.  The company's ratio of total pre-
sales to supply was above the industry average at 46%.

Liquidity Strenghtened by Recent Capital Injection:

As of March 31, 2010, Even had BRL318 million of cash and
marketable securities and total debt was BRL950 million, of which
BRL208 million was short term.  Even's liquidity was enhanced
during April 2010 by an issuance of BRL314 million of new capital.
Liquidity was further supported by BRL26 million of receivables of
concluded units not linked to debt.  Following the capital
increase, pro-forma cash position increases to BRL632 million and
should be gradually consumed to support the growth to BRL1.5
billion in potential sales value of project launches in 2010 and
land bank acquisitions.  Debt maturities of BRL243 million in 2011
(excluding Brazilian Housing Financial System credit lines) will
likely be refinanced, as the company will likely keep its
liquidity position above BRL200 million.

Capital Structure Evolved:

Even's had BRL950 million of total debt as of March 31, 2010 an
increase from BRL570 million at the end of 2008.  Approximately
49% of this debt is related to SFH financing, an increase from 28%
at the end of 2008.  The increase in the participation of SFH is
positive as principal payments are liquidated by the delivery of
receivables of ready units to the banks and preserves cash flow.
Over the same period, the company's total debt/EBITDA ratio
decreased to 3.6 times from 4.3 times, while its net debt/EBITDA
ratio increased to a still adequate 2.4 times, from 1.9 times,
respectively.  Excluding SFH financing, Even had a total leverage
ratio of 1.8 times as of March 31, 2010.

Ramp-Up of Project Launches and Landbank Acquisition Could
Pressure Cash Flow:

The sharp ramp-up of project launches to BRL1.5 billion of PSV in
2010 and the acquisition of Landbank will pressure free cash flow
and could require additional equity issuances.  For the LTM ended
March 31, 2010, Even generated BRL266 million of EBITDA and
BRL206 million of funds from operations.  With BRL489 million of
working capital requirements and BRL14 million of dividends, the
company generated a negative free cash flow of BRL290 million.
Even has a Landbank with a PSV of BRL3.3 billion.  The company
cash flow will continue to remain under pressure during 2011 as it
will need to invest in land to support an investment plan that
calls for BRL6 billion in PSV of project launches in the next
three years.

Potential Rating or Outlook Drivers:

The ratings could be negatively impacted by a combination of these
factors: increased leverage; slower-than-expected sales that could
lead to price discounting; a weakening of the company's liquidity
position and a decreased access to financing.  Other factors that
could lead to consideration of a Negative Outlook or ratings
downgrade include a sharp economic downturn that would negatively
affect employment and income or a prolonged scarcity of long-term
funding sources.  Positive rating actions could be driven by a
reduction in growth and consistent generation of free cash flow.


FIDEICOMISO FINANCIERO: Moody's Assigns 'B3' Rating on Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of A3.ar (national
scale rating) and B3 (global rating, local currency) to the Class
A, Class B and Class C debt securities of Fideicomiso Financiero
Probolsa Serie I, a financial trust established under the
Argentine Law.  The debt securities were issued by Banco de
Valores S.A. (Argentina), acting as issuer and trustee.

The underlying assets of the trust are bonds issued by the
Province of Buenos Aires on December 15, 2009 in order to pay
debts to providers and public work's construction advances.
Several of the Province's contractors and service providers
assigned these bonds to the issuing trust.  The rated debt
securities will mirror the terms and conditions of the underlying
bonds.

                            Structure

The amortization schedule of the rated debt securities will
replicate that of the underlying bonds.  The Class A, Class B and
Class debt securities will bear a floating interest rate of BADLAR
plus 200, 300 and 450 bps. respectively, without a minimum floor
or cap.  The underlying bonds bear the same interest rate.

The interest and principal payment dates on the rated securities
will occur 3 business days after the payment date of the
underlying bonds.  Trust expenses have been sized at closing and
will be paid from issuance proceeds.

The promise to investors is to receive timely interest and
principal before legal final, which will occur on March 18, 2011.

                         Rating Rationale

The assigned ratings are primarily based in the rating of the
Province of Buenos Aires as the obligor under the underlying
bonds.  The Province of Buenos Aires is currently rated A3.ar
(national scale rating) and B3 (global rating, local currency).
Any future change in the rating of the Province of Buenos Aires is
likely to impact the rating of this transaction.  The ratings are
also based on the ability of Banco de Valores S.A. (Argentina)
(rated TQ1.ar) to act as trustee for the benefit of bondholders.

Since there is no excess spread or overcollateralization in this
transaction, any additional or unexpected taxes and/or expenses
can affect the repayment of the debt securities.  However, if
extraordinary expenses or taxes become due, investors will have
the right to vote for an early liquidation of the transaction and
receive the underlying bonds as payment in kind on a pro rata
basis.

Moody's notes that there is a risk that a court may declare the
assignment of some bonds to the issuing trust void if a Province's
contractor or service provider that assigned bonds to the issuing
trust files for bankruptcy shortly after the assignment date and
the price paid for the assets is not considered a "fair market
value".  However, this risk is mitigated by the fact that the
rated securities are publicly offered and all the transaction's
sellers will receive the same price for the underlying bonds, as
determined by the public offering.

Rating Action

* Debt Securities of Fideicomiso Financiero Probolsa Serie I,
  rated A3.ar (National Scale Rating) and B3 (Global Scale, Local
  Currency).


IRSA INVERSIONES: Issues US$150 Million in Bonds
------------------------------------------------
Drew Benson at Bloomberg News reports that IRSA Inversiones y
Representaciones SA's sale of international bonds ended a three-
month drought in offerings from Argentine companies after
benchmark borrowing costs fell to a two-month low.

According to the report, IRSA issued US$150 million of bonds due
in 2020 to yield 11.875% on July 16, 2010, the first overseas sale
since Pan American Energy LLC sold US$500 million of 11-year debt
on April 30.  The report, citing JPMorgan Chase & Co., relates
that yields on Argentine government dollar debt, a benchmark for
corporate borrowing costs, have dropped 82 basis points in the in
the past two weeks to 10.92% and touched the lowest since May 4 on
July 14.

The report notes that corporate rates are falling after the
country completed a restructuring of defaulted debt, paving the
way for the government's first international bond sale since 2001.

"There is good market momentum in general and especially for
Argentine corporate bond issuers," the report quoted Jim Harper,
director of corporate research at BCP Securities in Greenwich,
Connecticut, as saying.  The report notes that yields continue to
decline and corporate have begun tapping markets.

IRSA, the report recalls, last sold overseas bonds in 2007, when
it issued US$150 million worth of 10-year bonds to yield 8.5
percent.  Itau Unibanco Holding SA and Banco Santander SA managed
the sale.

                       About IRSA Inversiones

IRSA Inversiones y Representaciones S.A. invests in real estate in
Argentina.  The Company's portfolio consists of commercial
buildings, shopping centers, office space, residential properties,
and hotels.

                           *     *     *

As of May 27, 2010, the company continues to carry Moody's "B-"
long-term issuer credit ratings.  The company also continues to
carry Fitch Ratings' "B" long-term foreign currency issuer default
and senior unsecured debt ratings; and "B+" senior unsecured debt
rating.


MATAMIM SA: Creditors' Proofs of Debt Due on September 9
--------------------------------------------------------
The court-appointed trustee for Matamim S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
September 9, 2010.

The trustee will present the validated claims in court as
individual reports on October 21, 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
December 6, 2010.


MINICATA SA: Creditors' Proofs of Debt Due on October 5
-------------------------------------------------------
Silvia Jorgelina Zajac, the court-appointed trustee for Minicata
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 5, 2010.

Mr. Zajac will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 17
in Buenos Aires, with the assistance of Clerk No. 33, 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:

         Jorgelina Zajac
         Panama 984
         Argentina


TELEFONICA DE ARGENTINA: Gets US$7.6MM Fine Over Network Outages
----------------------------------------------------------------
Argentina's antitrust agency, the National Commission for the
Defense of Competition (CNDC), has fined Telefonica de Argentina
and its wireless subsidiary Telefonica Comunicaciones Personales
Argentina (Movistar) ARS30 million (US$7.61 million) for
disruption of fixed and mobile telephony services in the Buenos
Aires area, Telegeography reports.

According to the report, citing daily La Nacion, the cuts caused
problems for more than half a million subscribers between June 3
and June 5.  The report relates that around 140 base stations in
the Parral, Culpina, Vernet, Flores, Nazca and Rosario areas were
affected.

The report notes that the two companies have been fined a total of
ARS15 million each under Resolutions 2300 and 2301 of the
Telecommunications Act, after the CNDC found that Telefonica had
not reacted adequately to the situation, in order prevent or
resolve the problems experienced by its fixed and mobile
subscribers.

                     About Telefonica de Argentina

Headquartered in Buenos Aires, Argentina, Telefonica de Argentina
is the largest incumbent telephone service provider.  Reported
total revenues as of last twelve months ended June 30 2009,
amounted to ARS5.2 billion (US$1.5 billion using the average LTM
exchange rate).

                          *     *     *

As reported in the Troubled Company Reporter Latin America on
October 29, 2009, Moody's Latin America said that Telefonica de
Argentina's "B2" foreign currency senior unsecured bond rating
remain unchanged after Telefonica de Argentina concluded a tender
offer to repurchase up to about US$73 million (in pesos and
dollars), out of its total debt of about US$330 million in bonds
at nominal value plus a premium on October 22, 2009.


TRANSPORTES CANADA: Creditors' Proofs of Debt Due on October 6
--------------------------------------------------------------
Pedro Mazzola, the court-appointed trustee for Transportes Canada
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until October 6, 2010.

Mr. Mazzola will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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:

         Pedro Mazzola
         Cerrito 1136
         Argentina


WORLD FABRICS: Creditors' Proofs of Debt Due on August 27
---------------------------------------------------------
Rosa Alba Ramilo, the court-appointed trustee for World Fabrics
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until August 27, 2010.

Mr. Ramilo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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:

         Rosa Alba Ramilo
         Carabobo 91
         Argentina


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


BANCO RURAL: Moody's Assigns 'E+' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of E+ to Banco Rural S.A.  Moody's also assigned global
local- and foreign-currency deposit ratings of B1 and Not Prime,
long- and short-term, respectively; and Brazilian national scale
deposit ratings of Baa2.br and BR-3, long- and short-term,
respectively.  All ratings have a stable outlook.

Moody's said the E+ financial strength rating derives from a
banking franchise that is under transition following a lengthy
operational restructuring initiated in 2006 that has resulted in
substantial downsizing of the bank's balance sheet and
infrastructure.  Rural's financial metrics, therefore, largely
reflect its condition as a start-up operation, as indicated by
still volatile profitability, tight capitalization, and by asset
quality indicators that are yet to be tested in light of the fast
loan growth reported in 2009.  Moreover, both loans and deposits
have a high degree of concentration that may expose the bank's
balance sheet to sudden shifts in confidence.

The rating agency noted that Rural's main business focus is
commercial lending to small- and medium-sized companies, a segment
that has long been its core competency.  Lending to SMEs, however,
only regained force by mid 2009, the growth more than doubling the
bank's loan book from 2008 levels, while capital was quickly
consumed.  To ease funding and capital constraints, the bank has
also been engaged in the payroll lending business.  Accounting for
37% of Rural's origination in 2009, these loans have been for the
most part securitized to the bank's own investment fund.

Management is primarily focused on sourcing deposits from
corporate clients, although it has also relied on deposits
guaranteed by the deposit insurance fund as a way of attracting
institutional investors and increasing the duration of its funding
base; these sources, however, tend to bear high costs and could
affect the bank's margins.

Moody's views the profitability of the restructured operation as
challenged by operating efficiency that is still poor, which
reflects the large size of its network relative to the bank's size
and scope.  Since 2008, management has been taking actions to
enhance the bank's corporate governance and risk management
guidance; nevertheless, these structures and procedures have yet
to be proven effective.

Another key challenge for Rural's ratings is a small capital base,
which, paired with a limited financial flexibility, may constrain
the expansion of credit operations.  Moody's will monitor the
bank's recurring revenues generation capacity and its asset
quality, both vital for capital replenishment and sustainable
growth.

The global local currency rating of B1 assigned to Rural
incorporates the bank's baseline credit assessment of B1 and
Moody's assessment that the bank would receive no support should a
systemic stress occur because of its limited participation in the
deposits market.

Banco Rural S.A. is headquartered in Belo Horizonte, Brazil.  As
of December 2009, the bank had total assets of approximately
BRL3.44 billion (US$1.98 billion) and equity of BRL387 million
(US$223 million).

These ratings were assigned to Banco Rural S.A.:

Bank financial strength rating: E+, stable outlook

  -- Long-term global local-currency deposit rating: B1, stable
     outlook

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

  -- Long-term foreign-currency deposit rating: B1, stable outlook

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

  -- Long-term Brazilian national scale deposit ratings: Baa2.br,
     stable outlook

  -- Short-term Brazilian national scale deposit ratings: BR-3


BR MALLS: Equity International Sells Shares in Firm
---------------------------------------------------
Equity International has reduced its stake in shopping center
administrator BR Malls Participacoes SA to 5.97% from 14.93%,
Rogerio Jelmayer at Dow Jones Newswires reports.

Equity International is a privately held investment company
focused exclusively on real estate-related businesses operating
outside of the United States.  It was founded in 1999 by Sam Zell
and Gary Garrabrant.

Headquartered in Rio de Janeiro, Brazil, BR Malls Participacoes
S.A. -- http://www.brmalls.com.br-- is the largest integrated
shopping mall company in Brazil with a portfolio of 34 malls,
representing 985.2 thousand square meters in total Gross Leasable
Area (GLA) and 429.1 thousand square meters in owned GLA.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 14, 2009, Fitch Ratings affirmed the ratings of
BRMALLS Participacoes S.A.:

  -- foreign currency issuer default rating at 'BB-';
  -- local currency issuer default rating at 'BB-';
  -- long-term national scale rating at 'A(Bra)';
  -- US$175 million perpetual notes at 'BB-'.


COMPANHIA SIDERURGICA: To Invest US$5.5 Billion in New Steel Mills
------------------------------------------------------------------
Companhia Siderurgica Nacional SA is advancing with plans to
construct two large steel mills in the southern Brazilian states
of Rio de Janeiro and Minas Gerais.  The steel mill projects have
an estimated combined total investment value of US$5.5 billion.

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
currency long term debt ratings at "Ba1".  The company also
continues to carry Standard and Poor's issuer credit ratings at
"BB+".


CSN RESOURCES: Sells US$1-Billion in 10-Year Senior Notes
---------------------------------------------------------
CSN Resources SA sold US$1 billion of senior unsecured notes in
the 144a private placement market, Reuters reports, citing IFR, a
Thomson Reuters service.  The report relates that the notes are
guaranteed by Companhia Siderurgica Nacional.

BB Securities, HSBC, Itau, Morgan Stanley, and Santander were the
joint bookrunning managers for the sale.

BORROWER: CSN RESOURCES SA
AMT $1 BLN        COUPON 6.50 PCT     MATURITY 7/21/2020
TYPE SR NTS       ISS PRICE 99.096    FIRST PAY 1/21/2011
MOODY'S Ba1       YIELD 6.625 PCT     SETTLEMENT 7/21/2010
S&P BB-PLUS       SPREAD N/A          PAY FREQ SEMI-ANNUAL
FITCH BBB-MINUS   MORE THAN TREAS     MAKE-WHOLE CALL 50 BPS

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, Moody's assigned a "Ba1" foreign currency rating
and a stable rating outlook to the issuance of senior unsecured
notes due 2020 in the amount of between US$500 million and US$1
billion by CSN Resources S.A.


TAVEX MODAL: Moody's Assigns 'Ba2' Rating on Senior Notes
---------------------------------------------------------
Moody's America Latina has assigned provisional ratings of
(P)Aa3.br (Brazilian National Scale) and (P)Ba2 (Global Scale,
Local Currency) to the Senior Shares, and (P)Ba2.br (Brazilian
National Scale) and (P)B3 (Global Scale, Local Currency) to the
Mezzanine Shares to be issued by Tavex Modal Recebiveis
Performados II Fundo de Investimento em Direitos Creditorios, a
securitized transaction backed by a pool of trade receivables
originated by Tavex Brasil S.A.

The ratings are based on these factors, among others:

  -- Target and minimum subordination for the Senior Shares of 15%
     and 12%, respectively, to mitigate losses, dilution and
     potential interest rate mismatches;

  -- Target subordination of 5% for the Mezzanine Shares to
     mitigate losses, dilution and potential interest rate
     mismatches;

  -- The strict provisioning methodology to be employed by Banco
     Modal S.A., the trustee of the transaction, whereby
     receivables 90 days past due will be 100% provisioned;

  -- Maximum individual concentration limit of 5% per obligor,
     where the top ten clients cannot represent more than 25% of
     the fund's net assets and the remaining balance is
     distributed in at least 100 separate clients;

  -- The ability of Banco Bradesco S.A. (A1 Long-term Bank Deposit
     Rating in the Global Local Currency Scale & Aaa.br in the
     Brazilian National Scale) to act as master and back-up
     servicer for the transaction; and

  -- The legal structure of the transaction, including the
     bankruptcy remoteness of the issuer.

The originator and seller of the trade receivables is Tavex Brasil
S.A. (formerly Santista Textil), a subsidiary of the Spain-based
Tavex Group that resulted from the 2006 merger of Santista Textil
(founded in 1929) and Tavex Algodonera (founded in 1846).
Approximately 49.7% of Tavex Group's shares (voting / total) are
owned by Camargo Correa, a large Brazilian industrial group (not
rated by Moody's).

The transfer of receivables from the originators to the issuer is
structured as a true sale and a definitive assignment of the
contracts as set forth in the assignment of transferred credits
under the Brazilian civil code.

Tavex Modal FIDC II will have a tenor of 24 months with an
optional 6 month extension period.  Extension occurs automatically
if any senior and/or mezzanine shares remain outstanding at the
end of the amortization period in month 24.  The senior and
subordinated mezzanine shares will accrue interest over the first
12 months of the transaction, and will be amortized in 12 monthly
installments from month 13 to month 24.  Principal and interest
payments during the amortization period will be done pari-passu as
long as no early liquidation event has occurred and subordination
of senior shares is above 15%.

In order to rate the transaction, Moody's has received pool
performance data covering the time period April 2007 through March
2010 from Tavex and audited by KPMG.  Key data reviewed by Moody's
included dilutions, delinquencies, losses, receivable turnover and
volume of eligible receivables.

Moody's observed a historical average of BRL130 million for
monthly outstanding receivables balance over this period, 2.15%
monthly dilutions, 0.61% monthly losses and an average turnover of
109 days.  For Moody's modeling input assumptions, a central
stressed mean of 4.30% monthly dilutions and 1.22% monthly losses
over outstanding balance was used.

The complete rating action is:

Issuer: Tavex Modal Recebiveis II Fundo de Investimento em
Direitos Creditorios

* Senior Shares -- rated (P)Aa3.br (National Scale) & (P)Ba2
  (Global Scale, Local Currency)

* Mezzanine Shares -- rated (P)Ba2.br (National Scale) & (P)B3
  (Global Scale, Local Currency)


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


PETROECUADOR: Ecuador Starts US$400MM Esmeraldas Refinery Upgrade
-----------------------------------------------------------------
Ecuador started a US$400 million upgrade program at state-led
Petroecuador's Esmeraldas refinery, Platts reports, citing
government news agency ANDES.

According to the report, the project is being carried out by South
Korean engineering firm SK Engineering and Construction, which is
aimed to restore full capacity of the plant to 110,000 b/d.  The
report relates that the plant is currently operating at 86%
capacity and prone to accidents and emergency shutdowns.

The report notes that work at Esmeraldas is expected to begin
August 2011, with the refinery shut for 180 days.

During the Esmeraldas turnaround, the report relates, Petroecuador
is likely to import roughly nearly 5 million barrels of 0.5%
sulfur diesel, 3 million barrels of gasoline, 1 million barrels of
cutter stock, and 480,000 barrels of vacuum gasoil.

Petroecuador, the report adds, is also planning to build a 300,000
b/d refinery near Manta, south of Esmeraldas, to end its reliance
on imported refined fuels.

                         About Petroecuador

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil company
owned by the Ecuador government.  It produces crude petroleum and
natural gas.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
December 28, 2009, Dow Jones Newswires said that Ecuadorian
President Rafael Correa authorized naval forces to extend its
control of Petroecuador until March as more time was needed for an
orderly handover of the company to a new management structure. The
report recalled that Petroecuador was declared in a state of
emergency two years ago, and the navy has been put in charge of
its restructuring.


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


AIR JAMAICA: S&P Raises Corporate Credit Rating to 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on Jamaican national airline Air Jamaica
Ltd. to 'B-' from 'CCC', and removed it from CreditWatch, where it
was placed with developing implications on Feb. 24, 2010.  The
outlook is stable.

Immediately thereafter, S&P withdrew the corporate credit rating
at the issuer's request.

At the same time, S&P affirmed its 'B-' rating on Air Jamaica's
notes due 2015 and 2027, guaranteed by the government of Jamaica
(B-/Stable/C).

The upgrade followed the public announcement that Jamaica will
assume all the debt of the Air Jamaica, as a result of the
divestiture of the airline to the national carrier of the Republic
of Trinidad and Tobago (foreign currency: A/Stable/A-1; local
currency: A+/stable/A-1), Caribbean Airlines Ltd. (CAL; not
rated).

With Air Jamaica now divested, the Jamaican government assumed
$532.5 million of its debt.

According to the divestiture agreement, on May 1, 2010, CAL
assumed full financial responsibility for the future operations of
Air Jamaica, on certain preagreed terms, for a transition period
expected to last up to one year.  The Jamaican government also
assumed certain obligations related to severance payments,
termination of contracts, payment of advance ticket sales,
nonguaranteed credit obligations, and others.

After the transition period, Air Jamaica will cease to provide air
services, and CAL will take over its routes.

"Although S&P don't rate CAL, S&P notes that it is majority owned
by Trinidad and Tobago," said Standard & Poor's credit analyst
Carolina Duran.  "S&P understands that Trinidad and Tobago doesn't
guarantee the obligations of CAL, and S&P has insufficient
information to determine the stand-alone credit profile of the
airline or the likelihood of support from the government of
Trinidad and Tobago."


JPSCO: Invests JM$800 Million for Wind Power Plant
--------------------------------------------------
Jamaica Public Service Company Ltd will invest around JM$800
million for its Wind Power Plant at Munro in St. Elizabeth,
Jamaica Observer reports.  The report relates that the company has
erected the first of four wind turbines for its Wind Power Plant.

According to the report, the construction of the wind power plant
comes as part of the electric utility's fuel diversification
effort, which will see a reduction in the company's dependence on
imported fuel.  The report notes that the other three turbines
will be erected during this month, while construction continues on
the Power Plant's substation.  The project will add 3 megawatts of
power to the national grid, the report adds.

                            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
===========


COMERCIAL MEXICANA: Sees Court Okay of Restructuring in 6 Months
----------------------------------------------------------------
Cyntia Barrera Diaz at Reuters reports that Controladora Comercial
Mexicana SAB de CV a.k.a Comerci expects its restructuring to
finish in about six months as it lines up cash to meet debt
payments and open more stores than analysts forecast.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2010, Bloomberg News said that Comerci filed for pre-
approved bankruptcy on July 14, 2010.  Operations will continue
normally, the company said in an e-mailed statement obtained by
the news agency.  According to Dow Jones Newswires, Comercial
Mexicana has submitted its prepackaged US$1.54 billion debt-
restructuring agreement to a Mexican court with 98% of its
creditors on board.  The report related that the restructuring
agreement, which was announced in late May, has the support of all
of its derivatives counterparties and bank creditors, and 88% of
its bond creditors.  The restructuring already has been approved
by the company's shareholders, the report said.

According to Reuters, Comerci expects a Mexican judge to give the
final approval to the restructuring by year end.  The report
relates that Jose Calvillo, which has overseen the restructuring
for nearly two years, said that Comerci will generate at least
MXN4.3 billion (US$335 million) in free cash flow in 2010 and the
figure will expand in line with sales growth in coming years.

The report says that Comerci same-store sales, which measure
performance at stores that have been open for at least 12 months,
are seen rising as much as 2% in 2010 and 3% next year.

Analysts were concerned the company would use most of its cash to
serve its debt obligations, leaving it with little money to open
two new stores per year in a competitive market, the report adds.

                        About Comerci

Controladora Comercial Mexicana SAB de CV a.k.a Comerci
(MXK:COMERCIUBC) -- http://www.comerci.com.mx/-- is a Mexican
holding company that, through its subsidiaries, operates several
chains of retail stores, as well as a chain of family restaurants
under the Restaurantes California brand name.  In addition, CCM
owns a 50% interest in the Costco de Mexico, a joint venture with
Costco Wholesale Corporation, which operates a chain of membership
warehouses in Mexico.  The company's store chains include
Comercial Mexicana, City Market, Mega, Bodega CM, Sumesa and
Alprecio, among others.  As of December 31, 2007, CCM operated 214
commercial units and 71 restaurants across Mexico.  The company's
retail outlets sell a variety of food items, including basic
groceries and perishables, and non-food items, which include
electronics, home furnishings, personal hygiene products and
clothing.  CCM is a parent of Tiendas Comercial Mexicana SA de CV,
Tiendas Sumesa SA de CV, Restaurantes California SA de CV and
Costco de Mexico SA de CV, among others.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's "D" LT
issuer credit ratings.  The company also continues to carry Fitch
ratings' "D" long-term issuer default ratings.


EMPRESAS ICA: S&P Changes Outlook to Positive; Keeps 'BB-' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Empresas ICA S.A.B de C.V. to positive from stable.  At
the same time, S&P affirmed the 'BB-' long-term corporate credit
rating and the 'mxBBB+' national scale rating on the company.

"The outlook revision reflects ICA's adequate operating
performance as demonstrated by its current construction backlog,"
said Standard & Poor's credit analyst Fabiola Ortiz.  The backlog
results from recent projects awarded to ICA despite the more
challenging economic environment in Mexico during 2009.  The
company increased its consolidated revenues by 35% and 11% during
2009 and first-quarter 2010, respectively.  S&P believes that ICA
will benefit from the sector activity given the Mexican
government's high investments in infrastructure, which will
increase ICA's backlog.

Our rating on ICA continues to reflect the company's aggressive
financial profile, the inherent cyclicality of the construction
industry in Mexico, and ICA's dependence on Mexican government
infrastructure spending to sustain its backlog.

The ratings benefit from ICA's fair business profile and its being
the largest engineering, procurement, and construction company in
Mexico.  ICA has investments in road and water concessions as well
as in airports, and a financial policy that favors project debt
over corporate debt.  S&P does not expect the company's future
investments to lead to a significant increase in its consolidated
debt leverage.  In S&P's view, ICA is now better positioned to
take advantage of its current business position and the improving
infrastructure sector.

The positive outlook reflects S&P's expectation that ICA's credit
measures will improve during the next couple of years thanks to a
likely increase in revenues of around 15% each year.  A
significant improvement in ICA's financial performance, evidenced
by a total debt-to-EBITDA ratio between 3x and 4x and a positive
FOCF generation, would have to precede an upgrade.  On the other
hand, a negative rating action could result if ICA's financial
policy deviates from S&P's expectations, or if the company's
inability to generate consolidated FOCF leads to an increase in
ICA's consolidated debt leverage.


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


FIRST BANCORP: Commences Preferred Stock Exchange Offer
-------------------------------------------------------
First BanCorp has commenced an offer to exchange up to 256,401,610
newly issued shares of its common stock, par value US$1.00 per
share, for any and all of the issued and outstanding shares of
Noncumulative Perpetual Monthly Income Preferred Stock, Series A
through E.

The Exchange Offer will expire at 11:59 p.m., New York City Time,
on August 24, 2010, unless extended or earlier terminated by the
Corporation.  Holders of shares of Preferred Stock must validly
tender their shares for exchange in the Exchange Offer on or prior
to the expiration date to receive shares of Common Stock.

The Corporation will issue a number of shares of Common Stock in
exchange for each share of Preferred Stock accepted for exchange
based on an exchange value of US$13.75 per share of Preferred
Stock divided by the higher of (1) the average Volume Weighted
Average Price, or "VWAP," of a share of Common Stock, during the
five trading-day period ending on the second business day
immediately preceding the expiration date of the Exchange Offer
and (2) the "Minimum Share Price" of US$1.18 per share of Common
Stock, referred to as the Minimum Share Price.  No more than
11.6525 shares of Common Stock will be issued in exchange for each
share of Preferred Stock that the Corporation accepts for tender
in the Exchange Offer.  The price per share for purposes of
determining the number of shares of the Corporation's Common Stock
that will be issued for each share of Preferred Stock accepted in
the Exchange Offer will be fixed at 4:30 p.m., New York City Time,
on the second business day immediately preceding the expiration
date of the Exchange Offer and will be announced prior to 9:00
a.m., New York City Time, on the immediately succeeding business
day. Depending on the trading price of the Common Stock, the
market value of the Common Stock issued in exchange for each share
of Preferred Stock that the Corporation accepts for exchange may
be less than, equal to or greater than the applicable Exchange
Value.

Based on the Exchange Values and the Minimum Share Price, the
Corporation will accept tenders of all shares of Preferred Stock.

UBS Investment Bank is acting as the dealer manager and BNY Mellon
Shareowner Services is acting as exchange agent and information
agent for this transaction.  For further details, please contact
UBS Investment Bank at (888) 719-4210 (toll-free) or (203) 719-
4210 (collect) or BNY Mellon Shareowner Services at (800) 777-3674
(toll-free) or (201) 680-6579 (collect).

                       About First BanCorp

First BanCorp is the parent corporation of FirstBank Puerto Rico,
a state-chartered commercial bank with operations in Puerto Rico,
the Virgin Islands and Florida, and of FirstBank Insurance Agency.
First BanCorp and FirstBank Puerto Rico operate under U.S. banking
laws and regulations.  The Corporation operates a total of 175
branches, stand-alone offices and in-branch service centers
throughout Puerto Rico, the U.S. and British Virgin Islands, and
Florida.  Among the subsidiaries of FirstBank Puerto Rico are
First Federal Finance Corp., a small loan company; First Leasing
and Rental Corp., a leasing company; FirstBank Puerto Rico
Securities, a broker-dealer subsidiary; First Management of Puerto
Rico; and FirstMortgage, Inc., a mortgage origination company. In
the U.S. Virgin Islands, FirstBank operates First Insurance VI, an
insurance agency, and First Express, a small loan company.  First
BanCorp's common and publicly-held preferred shares trade on the
New York Stock Exchange under the symbols FBP, FBPPrA, FBPPrB,
FBPPrC, FBPPrD and FBPPrE.

                          *     *     *

As of June 18, 2010, the bank continues to carry Standard & Poor's
"CCC+" long-term issuer credit ratings.



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


* URUGUAY: Moody's Reviews 'Ba3' Local-Currency Bond Ratings
------------------------------------------------------------
Moody's Investors Service has placed the government of Uruguay Ba3
local- and foreign-currency bond ratings on review for possible
upgrade.

Moody's decision to initiate this review was prompted by
(1) evidence that the global crisis has had a limited impact on
the country's economic and financial outlooks; (2) a track record
of declining government debt ratios which have become aligned with
peer group medians; (3) signs that economic policy continuity will
be preserved by the incoming Mujica administration; and
(4) Uruguay's reduced exposure to regional shocks.

The review will also consider upgrades to Uruguay's country
ceiling for foreign currency bonds (Ba1) and the foreign currency
bank deposits ceiling (B1).

                    Rationale For The Review

"The impact of the global crisis on Uruguay was relatively mild
and short-lived," said Mauro Leos, vice president and senior
credit officer in Moody's Sovereign Risk Group.  "The country
avoided a recession last year as GDP increased 2.9% during 2009,
and revised growth projections anticipate a better-than-expected
economic performance in the near term."

He said Uruguay's fiscal performance has been defined by a process
of debt reversibility associated with declining government debt
ratios.  After a brief interruption last year, the trend is
expected to resume during 2010 given indications that the Mujica
administration will seek to preserve moderate fiscal deficits, a
decision that denotes an intent to maintain policy continuity.

"To date, the fiscal accounts continue to benefit from higher-
than-expected revenues as the ongoing recovery has exceeded
initial estimates," said Leos.  "Looking ahead, conditions are
likely to be less favorable and the authorities may face
additional pressures to maintain the fiscal stance."

Efforts directed to assure increased diversification of the
economic base have proven effective in reducing external
vulnerabilities related to the country's exposure to regional
trade and financial shocks, particularly those coming from
Argentina

             Factors to Be Considered In The Review

The review will appraise the government's medium-term fiscal
framework to determine if it will conducive to conditions
consistent with declining government debt ratios over time.

During the review process Moody's will also evaluate the potential
implications of economic scenarios that incorporate lower GDP
growth in the coming years relative to that observed in previous
years, when the country experienced an extended period of above-
trend growth.

Finally, the review will assess the country's ability to manage
still-present vulnerabilities associated to both relatively high
levels of financial dollarization and its exposure to fluctuations
in commodity markets.

The last rating action on the government of Uruguay was
implemented on January 12, 2009, when Moody's upgraded the
sovereign ratings to Ba3 from B1 with a stable outlook.


* URUGUAY: Moody's Reviews Ratings on Various Local Banks
---------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the foreign currency deposit ratings of B1 on the global scale,
and A2.uy on the national scale, of Banco Santander, S.A.
(Uruguay), Banco Itau Uruguay S.A., Credit Uruguay Banco S.A., and
Lloyds TSB Bank plc (Uruguay).  Moody's also placed on review for
possible upgrade the foreign currency deposit ratings of Ba3 on
the global scale, and A1.uy on the national scale, of Banco de la
Republica Oriental del Uruguay and Banco Hipotecario del Uruguay.
Finally, Moody's placed on review for possible upgrade the A1.uy
national scale foreign currency debt rating for BHU's
US$80 million issuance of Bonos Hipotecarios en Dolares EE. UU. --
Serie H1.

The rating actions on Santander Uruguay, Itau Uruguay, Credit
Uruguay, Itau Uruguay, and Lloyds Uruguay are in line with a
similar action taken by Moody's on the B1 Uruguayan foreign
currency country ceiling for deposits, given that the foreign
currency deposit ratings of these banks are constrained.  The
review for upgrade on the foreign currency ratings of the two
government owned banks, BROU and BHU, and the review on BHU's
national scale foreign currency bond rating, reflect the review
for possible upgrade placed on the Uruguayan government's Ba3
foreign currency bond rating.  The Uruguayan government fully and
unconditionally guarantees the obligations of both banks.

These bank ratings were placed on review for possible upgrade:

Banco de la Republica Oriental del Uruguay

  -- Foreign currency deposit rating of Ba3
  -- Foreign currency national scale deposit rating of A1.uy

Banco Hipotecario del Uruguay

  -- Foreign currency deposit rating of Ba3
  -- Foreign currency national scale deposit rating of A1.uy
  -- Foreign currency national scale debt rating of A1.uy

Banco Santander, S.A. (Uruguay)

  -- Foreign currency deposit rating of B1
  -- Foreign currency national scale deposit rating of A2.uy

Banco Itau Uruguay S.A.

  -- Foreign currency deposit rating of B1
  -- Foreign currency national scale deposit rating of A2.uy

Credit Uruguay Banco S.A.

  -- Foreign currency deposit rating of B1
  -- Foreign currency national scale deposit rating of A2.uy

Lloyds TSB Bank plc (Uruguay)

  -- Foreign currency deposit rating of B1
  -- Foreign currency national scale deposit rating of A2.uy


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


* BOND PRICING: For the Week July 12, to July 16, 2010
------------------------------------------------------

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


ANTIGUA

NOBEL BIOCARE IN         1   11/8/2011     CHF          99.82912
TEVA PHARM FIN        1.75   2/1/2026      USD               120
CARNIVAL CORP            2   4/15/2021     USD               100


ARGENTINA

ARGENT-$DIS           8.28   12/31/2033    USD            72.875
ARGENT-$DIS           8.28   12/31/2033    USD                60
ARGENT-$DIS           8.28   12/31/2033    USD                72
ARGENT-PAR            1.18   12/31/2038    ARS             71.25
ARGENT-?DIS           7.82   12/31/2033    EUR             61.25
ARGENT-?DIS           7.82   12/31/2033    EUR             61.75
ARGNT-BOCON PR13         2   3/15/2024     ARS              70.8
BANCO MACRO SA       10.75   6/7/2012      USD          68.14786
BUENOS AIRE PROV     9.625   4/18/2028     USD         73.077936
MENDOZA PROVINCE       5.5   9/4/2018      USD         77.351176
XSTRATA CAPITAL          4   8/14/2017     USD         107.50376


BRAZIL

BNDES PARTICIP           6   1/15/2012     BRL                20
CESP                  9.75   1/15/2015     BRL         66.397489


CAYMAN ISLAND

BANCO BPI (CI)        4.15   11/14/2035    EUR            62.409
BANIF FIN LTD            3   12/31/2019    EUR            51.125
BARION FUNDING        1.44   12/20/2056    GBP          31.35551
BARION FUNDING        0.63   12/20/2056    GBP          17.76799
BCP FINANCE CO       4.239                 EUR         62.857143
BCP FINANCE CO       5.543                 EUR         65.134939
BES FINANCE LTD       5.58                 EUR         64.643713
BES FINANCE LTD      6.984   2/7/2035      EUR         63.933789
BES FINANCE LTD      1.625   4/15/2013     USD           87.9482
BES FINANCE LTD       1.25   2/26/2011     USD          96.02417
BES FINANCE LTD          3   5/19/2015     EUR          89.10373
CHINA MED TECH         3.5   11/15/2011    USD                88
CHINA MED TECH           4   8/15/2013     USD              65.5
COUNTRY GARDEN         2.5   2/22/2013     CNY           110.198
DUBAI HLDNG COMM         6   2/1/2017      GBP            70.788
EFG ORA FUNDING        1.7   10/29/2014    EUR          60.66678
ESFG INTERNATION     5.753                 EUR         64.571428
FAIR VANTAGE LTD         1   6/3/2013      HKD          115.8433
FAR EAST CONSORT     3.625   3/5/2015      HKD            96.625
FERTINITRO FIN        8.29   4/1/2020      USD              69.5
FUFENG GROUP LTD       4.5   4/1/2015      CNY            97.975
HIDILI INDUSTRY        1.5   1/19/2015     CNY          92.96667
INDEPENDENCIA IN        12   12/30/2016    USD             29.25
JA SOLAR HOLD CO       4.5   5/15/2013     USD             85.05
KEYSTONE CAPITAL       0.1   4/4/2011      JPY           98.5491
KEYSTONE CAPITAL       0.1   4/4/2013      JPY          97.35834
LDK SOLAR CO LTD      4.75   4/15/2013     USD            82.875
MAZARIN FDG LTD       1.44   9/20/2068     GBP         28.737541
MELCO PBL SPV          2.4   9/10/2012     USD            99.675
PUBMASTER FIN        6.962   6/30/2028     GBP                71
SHANDA INTERACT          2   9/15/2011     USD             109.4
SHINSEI FIN CAYM     6.418   #N/A Field NotUSD              63.3
SHINSEI FIN CAYM     6.418   #N/A Field NotUSD         63.973797
SHINSEI FINANCE       7.16   #N/A Field NotUSD                65
SOHO CHINA LTD        3.75   7/2/2014      HKD          104.1475
SOLARFUN POWER H       3.5   1/15/2018     USD            67.465
SUNTECH POWER            3   3/15/2013     USD            79.175
TRANSOCEAN INC         1.5   12/15/2037    USD                93
TRANSOCEAN INC         1.5   12/15/2037    USD                89
TRANSOCEAN INC       1.625   12/15/2037    USD             98.25
TRINA SOLAR LTD          4   7/15/2013     USD           135.833
AGUAS NUEVAS           3.4   5/15/2012     CLP            0.6943
ESVAL S.A.             3.8   7/15/2012     CLP         50.404121


   PANAMA

WILLBROS GROUP        2.75   3/15/2024     USD             96.89


  PUERTO RICO

PUERTO RICO CONS       6.2   5/1/2017      USD                48
PUERTO RICO CONS       6.5   4/1/2016      USD                57


VENEZUELA

PETROLEOS DE VEN         5   10/28/2015    USD         52.770915
PETROLEOS DE VEN       4.9   10/28/2014    USD         57.456901
PETROLEOS DE VEN      5.25   4/12/2017     USD          56.89125
PETROLEOS DE VEN     5.375   4/12/2027     USD         45.839455
PETROLEOS DE VEN       5.5   4/12/2037     USD         44.724242
PETROLEOS DE VEN     5.125   10/28/2016    USD          51.13993
SIDETUR FINANCE         10   4/20/2016     USD              68.5
VENEZUELA             7.75   10/13/2019    USD            63.125
VENEZUELA                6   12/9/2020     USD             55.91
VENEZUELA                9   5/7/2023      USD            63.925
VENEZUELA             8.25   10/13/2024    USD            59.825
VENEZUELA             7.65   4/21/2025     USD            57.625
VENEZUELA             9.25   9/15/2027     USD              69.5
VENEZUELA             9.25   9/15/2027     USD         65.209631
VENEZUELA                7   12/1/2018     USD              61.5
VENEZUELA             9.25   5/7/2028      USD                64
VENEZUELA             5.75   2/26/2016     USD             65.25
VENEZUELA                7   3/31/2038     USD              53.5
VENEZUELA                7   3/31/2038     USD         51.307847
VENZOD - 189000      9.375   1/13/2034     USD              63.5


                            ***********

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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