TCRLA_Public/100729.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

              Thursday, July 29, 2010, Vol. 11, No. 148

                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba3' Global Scale Rating


B R A Z I L

ANHANGUERA EDUCACIONAL: Rated New 'Buy' at Banco BTG Pactual
BANCO BRADESCO: Net Profit Up 23% in Second Quarter
BRASKEM SA: To Begin Making "Green Plastics" in August
BR MALLS: Second Quarter Total Sales Up 17% to BRL3 Billion
GERDAU AMERISTEEL: To Reveal 2nd Quarter Results on August 5

MARFRIG ALIMENTOS: FTC Clears Way for Keystone Foods Acquisition


C O L O M B I A

BANCOLOMBIA SA: Names Sierra to Audit Panel & Yepes to Risk Panel


D O M I N I C A N  R E P U B L I C

BANCO BHD: Fitch Affirms Issuer Default Ratings at 'B'
BANCO MULTIPLE: Fitch Affirms Issuer Default Rating at 'B-'
CAP CANA: To Issue US$20 Million in Bonds


E C U A D O R

* ECUADOR: To Take Over All Oil Production


J A M A I C A

CABLE & WIRELESS: To Invest an Additional JM$620MM for Internet
NATIONAL COMMERCIAL BANK: Responds to Minimum Balance Fees Issue


M E X I C O

AXTEL SAB: Raises 2010 Capex Outlook on Subscriber Growth
CEMEX SAB: Second Quarter Net Sales Drop 3% to US$3.8 Billion
GEO SAB: 2nd Quarter Net Profit Fell 1.6% to MXN380.5 Million
TV AZTECA: Second Quarter Net Income Up 24% to MXN380 Million
* MEXICO: Moody's Withdraws 'B1' Ratings on Tlalnepantla


P E R U

DOE RUN PERU: Fails To Reopen Smelter by Deadline


P U E R T O  R I C O

FIRST BANCORP: Incurs US$90.6 Million Net Loss in Second Quarter


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


FIDEICOMISO FINANCIERO: Moody's Assigns 'Ba3' Global Scale Rating
-----------------------------------------------------------------
Moody's has assigned definitive ratings of Ba3 (Global Scale,
Foreign Currency) and Aa1.ar (Argentine National Scale) and of Ba2
(Global Scale, Local Currency) and Aaa.ar (Argentine National
Scale) to the VDF A and VDF B Notes of Fideicomiso Financiero
Chubut Regalias Hidrocarburiferas I, respectively.  The debt
securities were issued by Banco de Valores S.A. -- acting solely
in its capacity as Issuer Trustee.

The notes are backed primarily by hydrocarbon royalties to be paid
by Pan American Energy LLC, Argentine Branch, rated Ba2 (Foreign
Currency) and Ba1 (Local Currency).  PAE has been awarded the
production concession for certain areas in the Province of Chubut,
in accordance with the Argentine Hydrocarbon Law and an extraction
agreement.

                            Structure

The rated securities are obligations of the Fideicomiso Financiero
Chubut Regalias Hidrocarburiferas I, a financial trust constituted
in Argentina under Law 24.441.

Interest and principal on the notes is payable quarterly.
Principal payments have a grace period of one year.  The promise
on the rated notes is to receive timely interest and principal by
legal final maturity, which will occur on July 1, 2020.  However,
subject to the availability of funds, targeted payments of
principal will be made on each quarterly payment date beginning on
October 3, 2011.  If all scheduled principal payments are made on
time, the notes are expected to be paid in full on July 1, 2020.

                         Rating Rationale

The VDF B Notes, although denominated in US dollars, are payable
in Argentine pesos, therefore are considered to be local currency
obligations and not subject to convertibility and transfer risks.
However, the VDF A Notes, which are payable in US dollars, are
subject to foreign currency convertibility and transfer risk.  The
royalty payments will be made to a collection account in
Argentina; therefore, Moody's considered the risk that the
Argentine Government could limit the ability of the trustee to
exchange the royalty payment proceeds into US dollars or to
transfer the US dollars to the collection account outside of
Argentina, which currently has a foreign currency country ceiling
of B2.  The risk to the VDF A Notes is mitigated by: i) the
availability of a liquidity reserve account in the US covering two
quarterly principal and interest payments (or 15 months of
interest debt service if bondholders instruct the trustee to use
this reserve for interest payments only) , ii) a mechanism that
allows for the payment-in-kind of royalties, iii) the Bonex
clause, a mechanism available to the trustee to purchase foreign
currency denominate bonds in Argentina to be sold offshore, in
order to make payments to investors in foreign currency and iv)
the relative good performance of similar transactions during 2001-
2002's transferability and convertibility restrictions imposed by
the Argentine Central Bank.

We also evaluated the probability of a nationalization of
hydrocarbon-related assets in Argentina.  Although this could be a
possible scenario, the probability of occurrence is currently
deemed to be low; as such a policy would likely face a strong
opposition from the Argentine Provinces.  Also, the National
Constitution establishes that the Provinces are the original
owners of the natural resources, including hydrocarbons, located
within their territorial boundaries.  Moody's understand that a
nationalization of the hydrocarbon resources would require an
amendment to the National Constitution.

The sole obligor in this transaction is the designated
concessionaire, Pan American Energy LLC.  The current credit
quality and rating level of PAE is consistent with the ratings
assigned to the VDF A and B.  The Province should appoint a
successor concessionaire if the extraction agreement with PAE is
terminated.  The successor concessionaire will have the same
obligations in this transaction than PAE's.

We have evaluated the sufficiency of the estimated oil and gas
production of PAE during the life of the transaction.  Moody's
have also stressed the domestic oil and gas prices that are used
to calculate the royalties' payments.  Royalties cashflow is
robust and consistent with the ratings assigned to this
transaction.  Moody's notes that while the production is
concentrated in Cerro Drag˘n, the area consists of many different
fields that are in various states of exploitation maturity.  PAE
has a sound track record as an operator in the Cerro Drag˘n area.

The notes are a direct obligation of the issuing trust; therefore
there is no obligation or recourse to the assets of the Province
of Chubut, except for the assigned royalties.  Since the sale of
the royalties will be characterized as a true sale under Argentine
Law, the creditors of the Province, or the Province itself, will
have no rights to the assigned royalties.  However, if the credit
conditions of the Province deteriorate, Moody's believes that the
risk that the province would be willing to interfere with the
transaction will increase accordingly.  To date, there have been
no antecedents of reversals of royalty assignments to issuing or
guaranty trusts in Argentina.  However, there are some negative
precedents in terms of the assignment of other provincial revenues
(i.e. federal tax coparticipation revenues).

Moody's built a cash-flow model that reproduced many deal-specific
characteristics.  The main assumptions of the model are the oil
and gas estimated production levels (triangular distribution
centered around a mean value of 4.54 million m3 for oil and
2,499 million m3 for gas), the oil and gas estimated domestic
prices (triangular distribution centered around a mean value of
US$32/bbl for oil and US$70/thousand of m3 for gas), and the
royalties percentage to be paid by PAE (12% in most scenarios).

Royalties payments are made in Argentine pesos and the rated notes
are either payable in US dollars (VDF A) or in Argentine pesos but
linked to the US dollar (VDF B).  In both cases a devaluation of
the Argentine peso may reduce the amount of US dollars available
to repay the VDF.  Moody's have stressed the domestic hydrocarbon
prices to evaluate the sufficiency of the cashflows under higher
stress scenarios.  For example, the transaction can withstand a
drop of 60% in the price of oil and gas from Moody's base case of
US$32/bbl and still pay on a timely basis.

                          Rating Action

Originator: Province of Chubut

  -- VDF A Fixed Rate Debt Securities of "Fideicomiso Financiero
     Chubut Regalias Hidrocarburiferas I", rated Aa1.ar (Argentine
     National Scale) and Ba3 (Global Scale, Foreign Currency)

  -- VDF B Fixed Rate Debt Securities of "Fideicomiso Financiero
     Chubut Regalias Hidrocarburiferas I", rated Aaa.ar (Argentine
     National Scale) and Ba2 (Global Scale, Local Currency)


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


ANHANGUERA EDUCACIONAL: Rated New 'Buy' at Banco BTG Pactual
------------------------------------------------------------
Anhanguera Educacional Participacoes SA was rated new "Buy" on
July 28, 2010, at Banco BTG Pactual by equity analyst Joao Carlos
Santos, Bloomberg News reports.

According to the report, the target price is BRL 38.00 per share.

Anhanguera Educacional Participacoes SA --
http://www.unianhanguera.edu.br/-- is a Brazil-based private,
for-profit professional education company.  AESA is a holding
company which directly or indirectly controls and supports the
operations of all of its campuses and owns 100% of the capital of
Poona, Sapiens, Jacareiense, and AESA Publicacoes.  The company
operates three education networks, Microlins, providing vocational
training centers offering short-term programs in Information
Technology and Business Administration, Anhanguera/LFG, composed
by distance-learning centers, offering undergraduate, graduate and
extension programs, and Anhanguera, constituted by campuses
offering more than 90 undergraduate programs, in addition to on-
campus and distance-learning graduate and extension programs.  In
2008, the company acquired 30% of the share capital of Editora
Microlins Brasil Ltda and fully acquired LFG Business e
Participacoes Ltda.

                         *     *     *

As of July 26, 2010, the company continues to carry Standard and
Poor's "BB-" long-term issuer credit ratings.


BANCO BRADESCO: Net Profit Up 23% in Second Quarter
---------------------------------------------------
Helder Marinho and Laura Price at Bloomberg News report that Banco
Bradesco SA's second-quarter profit increased 23% as lending
expanded in Brazil.

According to the report, the company's adjusted net income, which
excludes one-time events, rose to BRL2.46 billion (US$1.39
billion), or BRL2.19 a share, from BRL2 billion, or BRL2.06 a
share, a year earlier.  That exceeds the mean estimate of BRL2.26
billion in a Bloomberg survey of four analysts.  The report notes
that net income rose 4.7% to BRL2.41 billion.

The report says that Banc Bradesco's loans expanded 15% to
BRL244.8 billion in the quarter, while total assets increased 16%
to BRL558.1 billion.

Banco Bradesco's preferred stock has risen 2.5% this year, the
report adds.

                      About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2010, Fitch Ratings affirmed ratings of Banco Bradesco
S.A.'s Support Rating Floor at 'BB'.


BRASKEM SA: To Begin Making "Green Plastics" in August
------------------------------------------------------
Braskem S.A. will start producing "green plastics" using ethanol
at its new plant in Triunfo, Rio Grande do Sul, Tony Danby at Dow
Jones Newswires reports.

According to the report, Manoel Carnauba, Braskem's vice president
of petrochemicals, said the plant's annual production capacity of
200,000 metric tons of ethanol-based plastics is already
practically sold.  The report relates Braskem SA will sell the
plastics to customers such as local cosmetics company Natura, U.S.
company Johnson & Johnson, and European packaging company Tetra
Pak, Estado reported.

                        About Braskem SA

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

                          *     *     *

As of May 20, 2010, the company continues to carry Moody's "Ba1"
rating.  The company also continues to carry Fitch Ratings'
"BB+" long-term issuer default and senior unsecured debt ratings.


BR MALLS: Second Quarter Total Sales Up 17% to BRL3 Billion
-----------------------------------------------------------
Robin Stringer at Bloomberg News reports that BR Malls
Participacoes SA reported second-quarter total sales of BRL3
billion, an increase of 17% compared with the same period last
year from stores in its malls in preliminary results.

According to the report, citing a regulatory filing, same-store
sales for the period rose 13%.

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-'.


GERDAU AMERISTEEL: To Reveal 2nd Quarter Results on August 5
------------------------------------------------------------
Gerdau Ameristeel Corporation will host a conference call to
discuss its 2010 second quarter financial results for the three-
month period ended June 30, 2010, on Thursday, August 5, 2010, at
2:30 p.m., Eastern Time.

    DIAL-IN NUMBER:       1-647-427-7450 or 1-888-231-8191

    LIVE WEBCAST:         http://www.gerdauameristeel.com
                          Please connect to this Web site at least
                          15 minutes prior to the conference
                          call to ensure adequate time for any
                          software download that may be needed to
                          hear the webcast.

    TAPED REPLAY:         Available until Thursday, August 12,
                          2010 at midnight.

    REFERENCE NUMBER:     90661223

Mario Longhi, President and CEO of Gerdau Ameristeel, and Barbara
Smith, Vice President and CFO, will co-chair the call. A question-
and-answer session will follow, at which time the operator will
direct participants as to the correct procedure for submitting
questions.

                     About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's "Ba1"
Long-term corporate family rating, senior unsecured debt rating,
and probability of default rating.  The company also continues to
carry Standard and Poor's "BB+" Issuer Credit ratings.


MARFRIG ALIMENTOS: FTC Clears Way for Keystone Foods Acquisition
----------------------------------------------------------------
The Federal Trade Commission has cleared Marfrig Alimentos S.A. to
acquire Keystone Foods LLC in the U.S.

As reported in the Troubled Company Reporter-Latin America on
June 16, 2010, Bloomberg News said that Marfrig Alimentos agreed
to pay US$1.26 billion for Keystone Foods.  The report related
that Marfrig Alimentos signed an agreement with Lindsay Goldberg
LCC to buy all the shares in Keystone.  According to the report,
Marfrig Alimentos said that buying Keystone gives the company
access to a supplier to international food and restaurant
companies such as McDonald's Corp. and Campbell Soup Co.  The
company, the report noted, said that it plans to sell BRL2.5
billion (US$1.38 billion) of five-year convertible-local bonds "to
finance this acquisition and at the same time maintain the
flexibility in its balance sheet."  Current shareholders will have
priority to buy the bonds, the company added.

Keystone produces more than 1.6 billion pounds of poultry products
and 388 million pounds of beef products a year and distributes
them to about 30,000 restaurants in 13 countries including the
U.S., France, Australia, South Korea and Israel.

                     About Marfrig Alimentos

Marfrig Alimentos SA processes food.  The Company processes beef,
pork, lamb, and poultry; and produces frozen vegetables, canned
meats, fish, ready meals, and pasta.  Marfrig operates in South
American, the United States, and Europe.

                          *     *     *

As of July 24, 2010, the company continues to carry Moody's "B1"
long-term rating and long-term corp. family rating.  The company
also continues to carry Standard and Poor's "B+" long-term issuer
credit ratings.


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


BANCOLOMBIA SA: Names Sierra to Audit Panel & Yepes to Risk Panel
-----------------------------------------------------------------
Bancolombia S.A. has appointed Ricardo Sierra as the new member of
its Audit Committee and Carlos Raul Yepes as new member of the
company's Risk Committee.

Both personnel are to replace Juan Camilo Restrepo who resigned
from the said post following his appointment as Minister of
Agriculture.

Mr. Sierra was elected by the General Shareholders Meeting as an
independent member of the Board of Directors of Bancolombia for
the term of April 2009-March 2011.  Mr. Yepes is currently a
member of the Board of Directors of Bancolombia SA.

                     About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.  Bancolombia
is the only Colombian company with an ADR level III program in the
New York Stock Exchange.

                          *     *     *

As of July 29, 2010, the company continues to carry Moody's "Ba2"
long-term and foreign long-term bank deposits ratings.  The
company also continues to carry Fitch Ratings' "B+" subordinate
debt rating.


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


BANCO BHD: Fitch Affirms Issuer Default Ratings at 'B'
------------------------------------------------------
Fitch Ratings has affirmed the ratings of the Dominican-based
Banco BHD:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'B';

  -- Short-term foreign and local currency rating at 'B';

  -- Individual at 'D';

  -- Support at '5';

  -- Long-term National rating at 'AA-(dom)';

  -- Short-term National rating at 'F1+(dom)';

  -- Support Floor at 'NF'.

BHD's ratings reflect its diversified retail deposit base,
adequate market share, good liquidity, improved asset quality and
profitability, sound capital base, competent management, and
robust shareholder structure.  The volatility of the operating
environment remains the main challenge for the bank, while further
improvement on its efficiency levels will benefit its
profitability in times of fierce competition.  The Rating Outlook
is Stable.

BHD's IDR is at the country ceiling.  Future upgrades may be
limited by such caps and the need to further diversify its
business model.  As for its individual rating, it would be
benefited by the preservation of its current strong operating
performance and capital in a relatively volatile environment.

BHD's revamped credit risk control tools and conservative approach
toward lending have benefited BHD's asset quality metrics in the
last three years, allowing the bank to post relatively low
impairment figures and strong loan loss coverage, which compared
better than its peer, and it is expected to be preserved in the
short and medium terms.  As of May 2010, past due loans represent
just 2% of total loans, while loan loss reserve coverage is strong
at 233%.  Restructured loans are limited, and the overall
performance of all business segments is sound.

A significant increase on net interest revenue, the positive
results of its growing trading activity (fixed income securities)
and resilient but still small fee income were more than enough to
compensate a slight deterioration of its weak efficiency ratio and
higher voluntary loan loss provisions.  As such, operating profit
to average assets remained about 3% in FY09 and improved to 3.75%
during the first five months of FY10.  Although, the current
operating profits can be in a peak, it is expected that the bank
will be able to post operating results of about 3% during FY10.

Capitalization ratios compare better than the market average.  As
of May 2010, Fitch's eligible capital to risk weighted assets
equaled almost 16%, higher than the market average and comparable
with the median of adequate capitalized banks in the region;
however, the volatility of the operating environment and the
current business plan of the bank require such an additional
cushion.

As of May 2010, BHD ranked third among 12 commercial banks, with a
12.2% market share by total system assets.  At Dec. 30, 2009,
Grupo BHD controlled 51% of Centro Financiero BHD, the sole
shareholder of BHD, with Banco de Sabadell of Spain and Banco
Popular de Puerto Rico together holding 40% and International
Finance Corporation controlling 9%.


BANCO MULTIPLE: Fitch Affirms Issuer Default Rating at 'B-'
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of the Dominican-based
Banco Multiple Leon:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'B-';

  -- Short-term foreign and local currency rating at 'B';

  -- Individual at 'D/E';

  -- Support at '5';

  -- Long-term National rating at 'BBB+(dom)';

  -- Short-term National rating at 'F2(dom)';

  -- Long-term National subordinated debt at 'BBB-(dom)';

  -- Support Floor at 'NF'.

The Rating Outlook is Stable.

BML's ratings reflect adequate liquidity ratios and improved asset
and income diversification.  The operational support of its sole
shareholder, the Leon family, is also reflected.  On the other
hand, BML's ratings are still limited by its relatively volatile
asset quality, burden of operating costs, and still low
profitability levels.

BML's ratings would be positively affected by sustainable
improvements to its asset quality metrics and profitability.  A
reversion of the bank's capital ratios or further deterioration of
its profitability could negatively affect its ratings.

Despite the advances on credit risk control and clean up of most
of the legacy problem loans, asset quality metrics are still
volatile and lag the average of BML's competitors.  At May 31,
2010, past-due loans represented 5.3% of total loans, above the
market average, with loan-loss reserves representing just 88% of
the impaired figure.  Past-due loans are somewhat concentrated as
well.  Restructured loans decreased to slightly less than 1% as of
May 2010.  Given BML's burden of some legacy issues, the need to
enhance its overall risk control tools, and the challenges of the
operating environment, asset quality metrics are expected to
remain volatile in the short term.

Contrary to the challenges on the credit risk area, BML has been
successful enhancing its revenue source, improving its net
interest margin, and slowly diluting its burden of operating
expenses into a larger balance sheet.  Loan-loss provisions remain
less controlled due to the aforementioned issues regarding credit
quality.  As such, after several years with very low or negative
operating profits, BML was able to post an operating profit to
average assets ratio of almost 1% during 2009, a trend that may
continue through 2010, barring further deterioration of the loan
portfolio.

BML's capital base has steadily improved since 2006.  As such, no
cash dividends have been paid since 2004; during 2009, a new
minority shareholder injected US$12 million into BML's capital
base.  As a consequence, BML's equity-to-assets ratio stood at
8.2% at May 31, 2010 (versus 6.5% in 2004), while the Fitch
eligible capital to adjusted weighted risks ratio was 12.4%, in
line with its peers and considered reasonable, given the current
business plan of the bank.

As of May 2010, BML ranked fifth out of 12 commercial banks, with
a 5.22% market share by total assets.  At the same date, the Leon
family controlled 88.3% of BML, while Darby Probanco Holding L.P.
(a subsidiary of Franklin Templeton Investments) controlled the
remaining 11.7%.


CAP CANA: To Issue US$20 Million in Bonds
-----------------------------------------
Dominican Republic Securities Superintendence authorized Cap Cana
S.A. to issue US$20 million of new corporate bonds, The Dominican
Today reports.  The report relates that the SIV authorized the
registry of the Cap Cana Corporative Bonds offer for local and
foreign investors.

According to the report, citing Fitch Rating Dominicana, the risk
for the issuer is "B- (Dom)" and "B (Dom)" for the issue, which
show a capital and interests payment capacity in the stipulated
terms and dates, though subject only to sustained and favorable
conditions of the business and the economy.

The SIV, the report notes, said the Cap Cana bond issue will be
made up of four US$5 million sections, with a minimum investment
of US$1,000 each, which will earn a variable rate.  The bonds are
in a sole series with a three year maturity from the date of
issue, to be determined in the Simplified Prospectus and Public
Offer Notices and by each section, it added, the report relates.

                          About Cap Cana

Cap Cana, S.A., a privately owned company, is a corporation that
was organized under the laws of the Dominican Republic.  Its
principal activity is the development, construction, operation and
administration of a tourist and leisure resort community project
known as Cap Cana.  Cap Cana is being developed as a multi-use
luxury Caribbean resort with world-class beaches, championship
golf courses, yachting facilities and similar leisure amenities.
The property consists of over 119.9 square kilometers of land,
including an eight kilometer coastline and 3.5 kilometers of
pristine beach.  Cap Cana is located on the easternmost tip of the
Dominican Republic, and is a few minutes drive from Punta Cana
International Airport, which receives nonstop flights from large
metropolitan centers in Europe, Canada and the USA.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2009, Moody's Investors Service confirmed Cap Cana's "Ca"
senior secured debt and corporate family rating, which will be
subsequently withdrawn.  Cap Cana has undergone a debt
restructuring on approximately 96% of its $250 million senior
notes due 2013, in a distressed exchange transaction.  Cap Cana's
"Ca" ratings continue to reflect the potential for above average
loss severity in the future as a result of significant
deterioration in global capital markets, which severely
constrained Cap Cana's financial flexibility and business
viability.


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


* ECUADOR: To Take Over All Oil Production
------------------------------------------
Ecuador will take control of all oil production within its borders
with the introduction of reforms by its socialist government,
Agence France Press reports.  "The entire oil production will be
owned by the state," the report quoted Natural Resources Minister
Wilson Pastor as saying.  Oil is Ecuador's main source of foreign
exchange.

According to the report, since coming to power in January 2007,
President Rafael Correa has repeatedly questioned the contracts
between the state and foreign oil companies, arguing they have
monopolized too large a share of profits from their ventures.

The report notes that Strategic Sectors Minister George Glass said
that those companies that "do not wish to accept the new
conditions should prepare to leave the country shortly."

With the new agreement, the report says, the companies have 120
days to accept the new contract with the state, under penalty of
having their wells confiscated.  The report relates that in that
event, the government would repay the firms' investment.

                          *     *     *

As of June 28, 2010, the country continues to carry Moody's "Caa2"
CC LT foreign bank deposit ratings, and "Caa3" FC currency issuer
rating and foreign currency LT debt rating.


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


CABLE & WIRELESS: To Invest an Additional JM$620MM for Internet
---------------------------------------------------------------
Cable & Wireless plc's LIME plans to invest an additional JM$620
million to upgrade and expand its existing Internet network during
the current fiscal year, Jamaica Observer reports.  The report
relates Geoff Houston, LIME managing director for Jamaica and
Cayman, said that the expansion boosts what is already the
Internet service which covers most communities in Jamaica.

According to the report, the investment follows last year's JM$500
million investment which included upgrades and a new 8 megabyte
per second service for residential customers in high density
population areas including in Kingston, St Andrew, Portmore and
Montego Bay.  The report relates that the 8 Mbs service is to be
extended to several more communities in the Corporate Area, St
James and St Catherine.

                           About LIME

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- provides national and international
fixed line services.  The company is owned 82% by Cable & Wireless
plc. Cable & Wireless Jamaica also owns Jamaica Digiport
International Limited, a company which provides high speed data
and other telecommunications services exclusively to freezone and
offshore companies.

                      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.


NATIONAL COMMERCIAL BANK: Responds to Minimum Balance Fees Issue
----------------------------------------------------------------
Alicia Roache at Jamaica Observer reports that National Commercial
Bank Jamaica Limited Group Managing Director Patrick Hylton has
responded to criticism that the firm has been charging its
customers a fee for holding small balances in their accounts.

According to the report, the Business Observer reported that NCB
charged for balances that fell below JM$5,000.  The report, citing
the Business Observer, relates that criticism of the institutions
have been strident.

However, the report notes Mr. Hylton said that the fees are not
peculiar to NCB or to Jamaica for that matter, adding that it is a
way of recovering some of the cost of administering the accounts
on behalf of the account holders.  The report says that NCB
currently charges JM$153 plus tax (179.78) on accounts that fall
below the minimum balance.

"The reason for it is because there is a cost associated with
maintaining an account," the report quoted Mr. Hylton as saying.
"What we charge does not recover that cost," Mr. Hylton added.

                        About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial and
retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2010, Fitch Ratings upgraded the ratings of Jamaica-based
National Commercial Bank Jamaica Limited's Long-term foreign and
local currency Issuer Default Rating to 'B-' from 'CCC'; Short-
term foreign and local currency IDR to 'B' from 'C'; and Support
floor to 'B-' from 'CCC'.


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


AXTEL SAB: Raises 2010 Capex Outlook on Subscriber Growth
---------------------------------------------------------
Axtel S.A.B. de C.V. raised its capital expenditure forecast for
2010 by about 10% to US$220 million as the carrier signs up more
clients than it originally expected at the beginning of the year,
Ken Parks at Dow Jones Newswires reports.

"Most of the overrun in capex is related to customer premise
equipment both in the mass market and the business segment," the
report quoted Axtel SAB Chief Financial Officer Felipe Canales as
saying.  "We expect significant growth in our mass-market business
as well as in our corporate business," he added.

The company, the report notes, expects to report negative free
cash flow of about US$15 million and Ebitda of around US$290
million this year.

                         About Axtel SAB

Axtel S.A.B. de C.V. is the second largest fixed-line integrated
services telephony company in Mexico and is one of the primary
virtual private network operators in the country.  AXTEL SAB
provides comprehensive telecommunications services to every
sector, from residential and small and medium businesses to large
corporations, financial institutions, and government entities.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2010, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Mexican telecommunications
company Axtel S.A.B de C.V. to 'B+' from 'BB-'.  At the same time,
S&P lowered the rating on the company's senior unsecured notes to
'B+' from 'BB-' and affirmed the recovery rating of '3' on the
notes (indicating the expectation of meaningful (50%-70%) recovery
in the event of payment default).  The outlook is stable.


CEMEX SAB: Second Quarter Net Sales Drop 3% to US$3.8 Billion
-------------------------------------------------------------
CEMEX, S.A.B. de C.V.'s consolidated net sales decreased 3% in the
second quarter of 2010 to approximately US$3.8 billion from the
same period in 2009.  Operating EBITDA decreased 13% in the second
quarter of 2010 to US$664 million versus the same period of 2009.
Consolidated cement sales volume increased 3% versus the same
period in 2009, while ready-mix and aggregates sales volumes
decreased 5% and 4%, respectively.

Net income from continuing operations was a loss of US$301 million
in the second quarter of 2010 from income of US$173 million in the
second quarter of 2009 due to lower operating income, higher
financial expenses, a higher loss on financial instruments and a
foreign exchange loss, which was partially mitigated by a gain in
financial income.

Total debt plus perpetual notes decreased US$1,581 million,
reflecting prepayments under the Financing Agreement, a positive
conversion effect during the quarter, as well as a reduction in
debt resulting from the exchange of a substantial portion of our
perpetual debentures for new senior secured notes.

A full-text copy of the earnings report is available for free at:

     http://ResearchArchives.com/t/s?672a

                         About CEMEX SAB

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

                          *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B" long-term issuer credit ratings.  The company also
continues to carry Fitch Ratings' "B" long-term issuer default
ratings and "B+" currency long-term debt ratings.


GEO SAB: 2nd Quarter Net Profit Fell 1.6% to MXN380.5 Million
-------------------------------------------------------------
Corporacion GEO Sab de CV's second-quarter net profit fell 1.6% to
MXN380.5 million (US$29.4 million) from the same period last year
due to lower gross margin and a one-time charge, Laurence Iliffat
Dow Jones Newswires reports.

According to the report, in a filing with the Mexican stock
market, Geo SAB said that April-to-June revenue increased 13% to
MXN5.21 billion.  The report relates that home sales were 14,919
units, a 13% increase compared with the second quarter of 2009.

The company, the report notes, said that 91% of its mortgage
credits came through two government housing entities, Infonavit
and Fovissste.  The report relates that Ebitda rose 6.4% to
MXN1.13 billion.

The report discloses that Geo SAB said that its net profit
decrease from MXN386.5 million in the second-quarter of last year
came mostly as a result of a decline in gross margin and a MXN47
million charge from its participation in mortgage-related
companies.

                          About Corp Geo

Corporacion GEO Sab de CV, through its subsidiaries, designs and
constructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets housing developments.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 29, 2010, Standard & Poor's Ratings Services said that it has
affirmed its 'BB-' long-term corporate credit rating on
Corporacion Geo S.A.B. de C.V. with a negative outlook.  At the
same time, S&P assigned its 'BB-' senior unsecured long-term debt
rating to Geo's proposed up to US$250 million fixed-rate notes, to
which S&P has also assigned a recovery rating of '4', indicating
S&P's expectation of average (30%-50%) recovery in the event of a
payment default.  Geo will use proceeds of the issuance mainly to
refinance short-term notes.


TV AZTECA: Second Quarter Net Income Up 24% to MXN380 Million
-------------------------------------------------------------
TV Azteca, S.A. de C.V.'s net sales for second quarter of 2010
were MXN2,859 million, 16% above the MXN2,475 million of the same
quarter of 2009.  Total costs and expenses were MXN1,814 million,
compared to MXN1,532 million in the same period of the previous
year.

As a result, TV Azteca reported EBITDA of MXN1,045 million, 11%
above the MXN944 million in the second quarter of 2009.  The
EBITDA margin was 37%.  The company registered net income of
MXN380 million, 24% higher than the MXN307 million from the
previous year.

Second quarter revenue includes sales at Azteca America -- the
company's wholly-owned broadcast television network focused on the
U.S. Hispanic market -- of MXN205 million, 5% higher than the
MXN195 million a year ago.  Revenue from barter sales was MXN108
million in the period, from MXN92 million in the previous year.

As of June 30, 2010, TV Azteca's outstanding debt -- excluding
MXN1,516 million debt due in 2069 -- was MXN7,622 million,
compared to MXN7,144 million a year ago.

Net sales in the first six months of the year were MXN5,081
million, 14% superior from the MXN4,470 million of the same period
of 2009.  Total costs and expenses were MXN3,274 million, from
MXN2,921 million in the same period a year ago, mainly derived
from costs related to the World Cup transmission this year.

A full-text copy of the earnings report is available for free at:

     http://ResearchArchives.com/t/s?672b

                        About TV Azteca SA

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

                           *     *     *

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


* MEXICO: Moody's Withdraws 'B1' Ratings on Tlalnepantla
-------------------------------------------------------
Moody's de Mexico has withdrawn debt ratings for the Municipality
of Tlalnepantla.  Moody's has withdrawn these ratings for business
reasons.

These debt ratings have been withdrawn:

  -- Global Scale Rating of B1 assigned to MXN397 million
     Interacciones loan: withdrawn

  -- Mexico National Scale Rating of Baa1.mx assigned to
     MXN397 million Interacciones loan: withdrawn

  -- Global Scale Rating of B1 assigned to MXN166.5 million
     Interacciones loan: withdrawn

  -- Mexico National Scale Rating of Baa1.mx assigned to
     MXN166.5 million Interacciones loan: withdrawn

  -- Global Scale Rating of B1 assigned to MXN40 million
     Interacciones loan: withdrawn

  -- Mexico National Scale Rating of Baa1.mx assigned to
     MXN40 million Interacciones loan: withdrawn

The last rating action with respect to Tlalnepantla was taken on
October 29, 2009, when the B1 (global scale, local currency) and
Baa1.mx (Mexican national scale) issuer ratings were confirmed and
the outlook on the ratings was revised to stable, from under
review with uncertain implications.


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


DOE RUN PERU: Fails To Reopen Smelter by Deadline
-------------------------------------------------
Alex Emery at Bloomberg News reports that Doe Run Peru failed to
reopen its smelter by a government-set deadline on July 27, 2010.

According to the report, Peru Energy & Mines Regulator Osinergmin
will decide what action to take against the company.

"It"s a real social problem as out-of-work employees may block
highways in protest," Fernando Martinot, a specialist in
bankruptcies at Lima-based law firm Estudio Muniz, told the news
agency in a telephone interview.  "It's not clear whether the
smelter will find companies willing to supply concentrates," he
added.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2010, Mining Weekly said that Doe Run Peru been given
until end of July to prepare for a restart of its La Oroya
smelter, but the government of Peru warned that there would be
penalties if the new deadline is not met.  According to a TCRLA
report on January 26, 2010, Bloomberg News said that Doe
Run Peru filed for a government-monitored financial restructuring
because it was worried creditors might try to freeze its assets or
operations.  Reuters related that Doe Run Peru owes some US$100
million to its suppliers and needs to spend another US$150 million
to clean up La Oroya.  A separate TCRLA report on July 27, 2010,
related that Reuters said Peru's mining ministry said that Doe Run
Peru has failed to submit proof it has financial guarantees that
will allow it to reopen its sprawling metals smelter.  According
to Reuters, the Peruvian government gave Doe Run Peru until July
22, 2010, to prove it has sufficient financing to restart its
metals smelter, and to submit signed agreements with its suppliers
and creditors.

                      About Doe Run Peru

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

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

                           *     *     *

As of June 21, 2010, the company continues to carry Moody's bank
financial strength at "D-" and Fitch Ratings' individual rating at
D.


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


FIRST BANCORP: Incurs US$90.6 Million Net Loss in Second Quarter
----------------------------------------------------------------
First BanCorp reported a net loss for the second quarter of 2010
of US$90.6 million, or US$(1.05) per diluted share, compared to a
net loss of US$107.0 million, or US$(1.22) per diluted share for
the first quarter of 2010 and a net loss of US$78.7 million, or
$(1.03) per diluted share for the second quarter of 2009.

The provision for loan and lease losses for the second quarter of
2010 was US$146.8 million, down 14% from US$171.0 million for the
first quarter of 2010 and down 38% from US$235.2 million for the
second quarter of 2009.  The lower provision compared to the first
quarter of 2010 was mainly a result of reduced net charge-offs,
improved delinquency trends, lower charges to specific reserves
for impaired loans and loan portfolio deleverage.  Net loss for
the six-month period ended June 30, 2010 was US$197.6 million, or
US$(2.27) per diluted share, compared to a net loss of US$56.8
million, or US$(0.95) per diluted share for the same period in
2009.

Total assets decreased by US$734.9 million to US$18.1 billion as
of June 30, 2010 from US$18.9 billion as of March 31, 2010.  Non-
accrual loans decreased by US$88.7 million, or 5%, to US$1.55
billion as of June 30, 2010 from US$1.64 billion as of March 31,
2010.  Meanwhile, the allowance to total loans ratio increased to
4.83% as of June 30, 2010 from 4.33% as of March 31, 2010.

A full-text copy of the earnings report is available for free at:

     http://ResearchArchives.com/t/s?672d

                       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.

As reported by the Troubled Company Reporter on June 21, 2010,
FirstBank Puerto Rico has agreed to a Consent Order with the
Federal Deposit Insurance Corporation and the Office of the
Commissioner of Financial Institutions of Puerto Rico and that
First BanCorp has agreed to enter into a written agreement with
the Federal Reserve Bank of New York.  FirstBank and the
Corporation have agreed to take certain actions intended to
address various matters, including among others, the development
and adoption of a plan to attain certain capital levels, and the
reduction of non-performing and classified assets that have
impacted FirstBank's financial condition and performance.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            ***********

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

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

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

                            ***********


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

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


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

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

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

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


           * * * End of Transmission * * *