TCRLA_Public/101108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, November 8, 2010, Vol. 11, No. 220

                            Headlines



A R G E N T I N A

BANCO SAENZ: Moody's Changes Outlook on 'B2' Rating to Positive
BANCO SUPERVIELLE: Moody's Assigns B2 Currency Ratings
BLUEBERRY FIELDS: Creditors' Proofs of Debt Due November 22
BONOS X PESOS: Creditors' Proofs of Debt Due December 7
CONTACTO SUR: Creditors' Proofs of Debt Due December 28

ESTABLECIMIENTO DE: Creditors' Proofs of Debt Due December 10
LOCKWOOD Y COMPANIA: Creditors' Proofs of Debt Due December 7
MIR KEMICAL: Creditors' Proofs of Debt Due February 2
TRANSPORTADORA DE GAS: Enargas Extends Intervention


B R A Z I L

BANCO BVA: Fitch Assigns 'B-/RR4' Rating to US$250 Million Notes
BANCO BVA: Moody's Assigns 'B2' Rating to Senior Unsecured Notes
BANCO FIBRA: S&P Affirms 'BB-/B' Counterparty Credit Ratings
BANIF - BANCO: Moody's Cuts Bank Financial Strength Rating to 'E+'


C A Y M A N  I S L A N D S

ATLAS FINANCIAL: Shareholders' Final Meeting Set for November 26
BOWEN INDEMNITY: Shareholder to Hear Wind-Up Report on Nov. 19
CAPE INDEMNITY: Shareholder to Hear Wind-Up Report on Nov. 19
COMVEST CAPITAL: Shareholders' Final Meeting Set for November 26
KENMAR GLOBAL: Shareholders' Final Meeting Set for November 26

LEHMAN BROTHERS: Shareholders' Final Meeting Set for November 29
LEHMAN BROTHERS: Shareholders' Final Meeting Set for November 29
LEHMAN BROTHERS: Shareholders' Final Meeting Set for November 29
LEHMAN BROTHERS: Shareholders' Final Meeting Set for November 29
LEHMAN BROTHERS: Shareholders' Final Meeting Set for November 29

MARKET ADVANTAGE: Shareholders' Final Meeting Set for November 26
MAX NETWORK: Shareholders' Final Meeting Set for November 26
MICH FUND: Shareholder to Hear Wind-Up Report on November 22
MICH STRATEGIC: Shareholder to Hear Wind-Up Report on November 22
NB ALTERNATIVE: Shareholders' Final Meeting Set for November 29

NB ALTERNATIVE: Shareholders' Final Meeting Set for November 29
PHELPS INDEMNITY: Shareholder to Hear Wind-Up Report on Nov. 19
QBASIS MULTUS: Shareholder to Hear Wind-Up Report on Nov. 26
RMF ALPHA: Shareholders' Final Meeting Set for December 6
ROCKBAY CAPITAL: Shareholders' Final Meeting Set for November 26


C O L O M B I A

* COLOMBIA: Fitch Affirms 'BB+' Rating on Bogota's Debt


M E X I C O

PACIFIC RUBIALES: S&P Raises Corporate Credit Rating to 'BB-'


P A N A M A

PANAMA CANAL: S&P Affirms Corporate Credit Rating at 'B+'


T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Commission of Inquiry Head Replaced


V E N E Z U E L A

SIDERURGICA DEL TURBIO: Fitch Puts Ratings on Negative Watch


X X X X X X X X

* BOND PRICING: For the Week November 1 to November 5, 2010




                           - - - - -


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


BANCO SAENZ: Moody's Changes Outlook on 'B2' Rating to Positive
---------------------------------------------------------------
Moody's Investors Service changed the outlook on Banco Saenz
S.A.'s B2 global local currency deposits and debt ratings to
positive from stable.  At the same time, Moody's Latin America
upgraded the bank's Argentine national scale rating for local
currency deposits and debt to Aa3.ar, from A1.ar, and affirmed the
national scale rating for foreign currency deposits at Ba1.ar,
with stable outlooks.

Moody's also assigned a (P)B2 local currency debt rating with
positive outlook to Saenz's new debt program totaling Ar$100
million and B2 local currency rating to the expected first
issuance of Ar$50 million.  A rating of (P)B2 stable was assigned
to the program for foreign currency issuances, as this rating is
constrained by the Argentine foreign currency country ceiling for
bonds and notes that also carries a stable outlook.  Moody's Latin
America assigned a Aa3.ar national scale rating to both the
program and the first takedown.

These ratings of Banco Saenz were affected:

  -- Global local currency deposit rating: B2, outlook positive
     from stable

  -- National scale rating for local currency deposits: upgraded
     to Aa3.ar, from A1.ar

  -- Global local currency debt rating: B2, outlook positive, from
     stable

  -- National scale rating for local currency debt: upgraded to
     Aa3.ar, from A1.ar

These ratings were assigned to the new Ar$100 million senior debt
program:

  -- Global foreign currency debt rating: (P)B2, stable outlook
  -- National scale rating for local currency debt: Aa3.ar
  -- Global local currency debt rating: (P)B2, positive outlook
  -- National scale rating for local currency debt: Aa3.ar

These debt ratings were assigned to the new Ar$50 million
takedown:

  -- Global local currency debt rating: B2, positive outlook
  -- National scale rating for local currency debt: Aa3.ar

                        Ratings Rationale

The rating actions and outlook changes on Banco Saenz's ratings
reflect a similar action taken by Moody's corporate group on the
ratings of Fravega, a sister company of Banco Saenz and the source
of the majority of the bank's loan business and earnings.  Fravega
is rated B2, with a positive outlook, and Aa3.ar on the Argentine
National Scale.

Moody's said that the bank's financial fundamentals have been
improving as a result of solid growth in the SME portfolio which
is contributing to a stronger earnings performance.  Saenz's
problem loans have also been declining and its capital levels
appear sufficiently ample to withstand higher loan losses, per
Moody's stress tests.

Banco Saenz is headquartered in Buenos Aires and as of June 30,
2010, reported Ar$ 598.82 million in assets and Ar$ 374.52 million
in deposits.


BANCO SUPERVIELLE: Moody's Assigns B2 Currency Ratings
------------------------------------------------------
Moody's Latin America assigned Aa2.ar and a Aa3.ar national scale
local and foreign currency debt ratings to Banco Supervielle's
global debt program in the amount of US$200 million.  The program
allows for multicurrency debt issuances of both senior and
subordinated debt.  In addition, a national scale foreign currency
debt rating of Aa3.ar was assigned to the expected first issuance
of subordinated notes under the program, amounting to US$50
million.  Moody's indicated that the issuance will be governed by
the law of the State of New York.

At the same time, Moody's Investors Service assigned (P)Ba3 and
(P)B2 global local and foreign currency debt ratings to the
program.  Moody's also assigned a B2 global foreign currency
subordinated debt rating to the aforementioned expected first
issuance.

The outlook on all ratings is stable.

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

US$200 million (or its equivalent in other currencies) senior debt
program:

  -- (P)Ba3 Global Local Currency Debt Rating, with stable outlook

  -- (P)B2 Global Foreign Currency Debt Rating, with stable
     outlook

  -- Aa2.ar Argentina National Scale Local Currency Debt Rating

  -- Aa3.ar Argentina National Scale Foreign Currency Debt Rating

First Issuance of US$50 million:

  -- B2 Global Foreign Currency Subordinated Debt Rating, with
     stable outlook

  -- Aa3.ar Argentina National Scale Foreign Currency Subordinated
     Debt Rating

                        Ratings Rationale

Moody's noted that subordination was taken into consideration in
the assignment of the rating for the first issuance.  Subordinated
debt is usually rated one notch below the global local currency
senior rating (i.e. Ba3 for Supervielle).  The rating agency also
noted that the global foreign currency debt rating is capped by
Moody's B2 Argentinean country ceiling for foreign currency debt.

Banco Supervielle S.A. is headquartered in Buenos Aires, and it
had assets of Ar$ 5.1 billion and total loans of Ar$ 3.1 billion,
as of June 2010.


BLUEBERRY FIELDS: Creditors' Proofs of Debt Due November 22
-----------------------------------------------------------
Ana Pennacchio, the court-appointed trustee for Blueberry Fields
SA's reorganization proceedings, will be verifying creditors'
proofs of claim until November 22, 2010.

Ms. Pennacchio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of
Clerk No. 20, will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by the company and
its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on September 29, 2011.

The Trustee can be reached at:

         Ana Pennacchio
         Avenida Cramer 2175
         Argentina


BONOS X PESOS: Creditors' Proofs of Debt Due December 7
-------------------------------------------------------
Norberto M. Palmiero, the court-appointed trustee for Bonos X
Pesos SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until December 7, 2010.

Mr. Palmiero will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of
Clerk No. 24, 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:

         Norberto M. Palmiero
         Arcos 4033
         Argentina


CONTACTO SUR: Creditors' Proofs of Debt Due December 28
-------------------------------------------------------
Salvador Lamartina, the court-appointed trustee for Contacto Sur
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until December 28, 2010.

Mr. Lamartina will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of
Clerk No. 7, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

         Salvador Lamartina
         Esmeralda 847
         Argentina


ESTABLECIMIENTO DE: Creditors' Proofs of Debt Due December 10
-------------------------------------------------------------
Elisabet Zanaboni, the court-appointed trustee for Establecimiento
de Harina de Madera SRL's reorganization proceedings, will be
verifying creditors' proofs of claim until December 10, 2010.

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

Creditors will vote to ratify the completed settlement plan
during the assembly on September 22, 2011.

The Trustee can be reached at:

         Elisabet Zanaboni
         Vera 272
         Argentina


LOCKWOOD Y COMPANIA: Creditors' Proofs of Debt Due December 7
-------------------------------------------------------------
Susana Svetilza, the court-appointed trustee for Lockwood y
Compania SAIC's bankruptcy proceedings, will be verifying
creditors' proofs of claim until December 7, 2010.

Ms. Svetilza will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of
Clerk No. 41, 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:

         Susana Svetilza
         Cramer 2111
         Argentina


MIR KEMICAL: Creditors' Proofs of Debt Due February 2
-----------------------------------------------------
Felisa Tumulasci, the court-appointed trustee for Mir Kemical
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until February 2, 2010.

Ms. Tumulasci will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of
Clerk No. 43, 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:

         Felisa Tumulasci
         Avenida Callao 449
         Argentina


TRANSPORTADORA DE GAS: Enargas Extends Intervention
---------------------------------------------------
Argentina's national gas regulator, Enargas, has again extended
its intervention in Transportadora de Gas del Norte SA (TGN),
Global Insolvency reports, citing Dow Jones Daily Bankruptcy
Review.  The extension will last for another 45 days, according to
a statement TGN sent to the Buenos Aires Stock Exchange on
November 2, 2010.

According to the report, last year TGN said it would restructure
US$347 million in debt.  In late 2008, the report relates, TGN
defaulted on a US$22 million debt payment, leading the government
to accuse the company of "grave accounting irregularities" and
appoint a state comptroller to "co-manage" the company for 90
days.

Through Enargas, the report says, the government has continued to
intervene in TGN and has repeatedly extended its oversight of the
company.

Global Insolvency discloses that government officials said the
intervention was necessary to prevent TGN from declaring
bankruptcy, which, they said, could complicate its ability to
continue providing natural gas services to customers.

The report notes that a federal court later ruled Enargas had no
right to "co-manage" TGN, although it allowed state officials to
stay in the firm and oversee its activities.  Despite the court's
ruling, Enargas has said it plans to "co-administer" some aspects
of the company's work and continue monitoring its finances, the
report adds.

                            About TGN

Headquartered in Buenos Aires, Transportadora de Gas del Norte
SA -- http://www.tgn.com.ar/-- is one of the two largest
transporters of natural gas in Argentina, delivering approximately
40% of the country's total gas consumption and more than 50% of
Argentine total gas exports.  The northern Argentine gas pipeline
system connects major gas fields in northern and central-western
Argentina.  The company benefits from an exclusive 35-year
concession contract, ending Dec. 28, 2027, which may be extended
for an additional 10 years.  The parent company is Gasinvest S.A.,
which has a 56.35% stake and comprises five companies:
Totalfinaelf (27.2%), Transcogas Inversora S.A. (22.3%), Compania
General de Combustibles (5%), Organizacion Techint (27.2%), and
Petroliam Nasional Berhad (18.3%).  In addition, CMS Gas Argentina
holds 23.5% of Transportadora Norte's shares, while the remaining
20% is traded on the Buenos Aires stock exchange.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
November 19, 2009, Fitch Ratings assigned Transportadora Gas del
Norte's proposed exchange note offering of US$247.3 million seven
year notes (new notes) a rating of the 'CCC' and a recovery rating
of 'RR4'.  The new notes have been assigned a long-term national
scale rating of 'BB(arg)'.  The Rating Outlook is Stable.  In
addition, Fitch has assigned preliminary local and foreign
currency Issuer Default Ratings of 'CCC', which would replace the
currently outstanding local and foreign currency IDRs of 'D' upon
completion of the debt restructuring.


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


BANCO BVA: Fitch Assigns 'B-/RR4' Rating to US$250 Million Notes
----------------------------------------------------------------
Fitch Ratings has assigned an expected Long-Term Foreign Currency
Rating of 'B-/RR4' to Banco BVA S.A.'s senior un-secured US$250
million three-year term notes.

These notes fall under the bank's US$500 million senior un-secured
issuance program, which currently has no outstanding issuances.
The interest rate will be set at time of issuance.  The proceeds
will be used to diversify the bank's funding structure and to
assist the bank's lending activities.  The final rating is
contingent upon the receipt of final documents which confirms the
information already received.

The expected rating assigned to BVA's new issuance corresponds to
the bank's 'B-' Foreign Currency Long-Term Issuer Default Rating,
and ranks equal with all other senior unsecured and unsubordinated
debt.  BVA's ratings reflect its growing yet relative small size
and the leveraging of its capital.  The rating also reflects BVA's
good credit control and its well-developed proprietary systems to
control guarantees, large expertise with its medium- and small-
sized customer as well as good liquidity.  Further, the rating
takes into consideration concentration of assets and liabilities,
which is common in small- and medium-sized banks, the bank's
modest product and geographical diversification with revenue
generation dependency on credit origination.

BVA has presented strong growth after the 2008 crisis, which has
been accompanied by capital injections from its shareholders to
maintain capitalization according to regulatory guidelines given
the rapid credit growth.  Credit standards and controls are
considered good and the bank avoids extending credits to industry
segments it considers riskier, however, the agency also highlights
that these credits and new borrowers have not yet been tested in a
downturn cycle.

BVA's ratings would be positively affected by a consistent and
lasting improvement of its capitalization ratio, such as the
recent capital injection of BRL130 million; lower dependency of
Time Deposits with Special Guarantee as funding for growth and
higher diversification of assets, funding, and sources of
revenues.  Ratings would be negatively affected by a further
increase in its leverage, deterioration on its asset quality, or
loss of its key concentrated depositors that might jeopardize
liquidity.


BANCO BVA: Moody's Assigns 'B2' Rating to Senior Unsecured Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B2 long-term foreign currency
senior debt rating to senior unsecured notes, due in November
2012, to be issued by Banco BVA S.A. The notes will be issued
under a new Short-Term Note Program in the amount of US$500
million, to which Moody's assigned provisional long and short-term
debt ratings of (P)B2 and Not Prime, respectively.  The outlook on
the debt ratings is positive.

These ratings were assigned to Banco BVA's R$500 million MTN
program:

  -- Senior Unsecured Regular Bond Ratings: (P)B2 and Not Prime,
     with positive outlook

This rating was assigned to Banco BVA's senior unsecured notes:

  -- Long-term Senior Unsecured Regular Bond Rating: B2, with
     positive outlook

                        Ratings Rationale

Moody's stated that the B2 debt rating incorporates BVA's
fundamental credit quality and all relevant country risks.  At the
same time, the outlook on the debt ratings is in line with the
outlook on BVA's deposit ratings.

The last rating action on Banco BVA was on November 12, 2009, when
Moody's affirmed BVA's bank financial strength rating at E+, the
long-term global local- and foreign-currency deposit ratings at
B2, and the long-term Brazilian national scale rating at Ba1.br.
Moody's also changed the outlook on deposit ratings to positive
from stable.

Banco BVA S.A. is headquartered in Sao Paulo Brazil and had total
assets of R$3.94 billion (US$2.2 billion) and equity of R$ 295.5
million (US$164.4 billion) as of June 30, 2010.


BANCO FIBRA: S&P Affirms 'BB-/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'BB-/B' global scale counterparty credit ratings on Banco Fibra
S.A. The outlook is stable.  At the same time, S&P also raised the
bank's national scale counterparty credit ratings to 'brA' from
'brA-'.  The outlook is stable.

"The ratings on Banco Fibra S.A. incorporate the bank's low
profitability, high concentration on the funding profile, and
reduced liquidity," said Standard & Poor's credit analyst Vitor
Garcia.  The bank's sound asset quality, financial flexibility,
and successful strategy in lending to middle market partially
offset these risks.

Banco Fibra's profitability is still a major constrain to its
financial profile.  The bank has historically been posting below-
average profitability when compared with its peers.  As of June
2010, the bank reported a low average return on average assets of
0.6% as a consequence of an adjustment made on the market value of
certain assets.  In S&P's view, the bank's business
diversification strategy will improve its profitability in the
short term.

Funding remains a vulnerability to Fibra and midsized banks
operating in Brazil.  Although the bank has improved its funding
profile after reaching international markets, S&P believes that it
still remains concentrated and dependent on institutional
investors.  The bank reduced its liquidity position as the effects
of the financial crisis on the Brazilian market eased, and, as of
June 2010, liquid assets were enough to cover 22% of deposits,
which reflects a reduction of liquid assets and increase in
deposits.  In S&P's opinion, given the bank's financial
flexibility, the current level is adequate and S&P expects the
bank to maintain its position.

Banco Fibra S.A. is the 21st-largest private bank in Brazil with
total assets of R$9.5 billion as of June 2010.  It has been
primarily focused on lending to small and midsize enterprises in
which it has demonstrated consistent performance and represented
68% of the bank's credit operations.  Recently, Fibra has acquired
the retail operations from Banco Paulista and Banco Sofisa in a
strategy to diversify its portfolio mix, increase profitability,
and increase the number of smaller-sized loans.  In S&P's opinion,
entering in the retail segment while maintaining its conservative
risk management practices will improve the banks business profile.

Fibra has historically showed good and above-average asset
quality, which S&P believes is related to well-established lending
policies and processes.  S&P expects an asset quality
deterioration in the short term given the banks incursion in the
retail segment.  However, it will remain as one of the bank's
major strengths.  As of June 2010, nonperforming loans dropped to
1.58% in a continuous trend of improvement after the crisis, and
coverage ratio reached a high 197%.

S&P view capitalization as enough for short-term growth (13.3%
regulatory ratio and 7.4% adjusted total equity to adjusted
assets).  Although S&P does not incorporate any notches of support
from the shareholders into the bank, it benefits from Vicunha
Group and IFC financial flexibility, as seen in the capital
injection of R$100 million from the main shareholder to be
incorporated in the third quarter of 2010.

The outlook is stable.  S&P believes Banco Fibra will be able to
gradually increase its profitability, maintaining asset quality at
good levels while continuing to grow its credit portfolio.  S&P
could raise the ratings if the bank's profitability and funding
profile improve, and if S&P notice a better-than-expected decline
in credit quality or liquidity level deterioration, S&P could
downgrade the ratings.


BANIF - BANCO: Moody's Cuts Bank Financial Strength Rating to 'E+'
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Banif - Banco
Internacional do Funchal (Brasil), S.A.'s and Banif Banco de
Investimento (Brasil) S.A.'s.  The rating action concluded the
review for possible downgrade of all ratings of Banif Brasil and
Banif Investimento.

The ratings of Banif Brasil and of Banif Investimento downgraded
were: bank financial strength rating, to E+ from D-; long-term
global local-currency and foreign-currency deposit ratings, to B1
from Ba3; and Brazilian national scale deposit ratings, to Baa1.br
and BR-2 from A2.br and BR-1, long- and short-term respectively.
The outlook on the BFSRs is stable, and the outlook on the deposit
ratings is negative.

The short-term global local-currency and foreign-currency deposit
ratings of Not Prime of Banif Brasil and Banif Investimento were
not affected by this action.

These ratings were downgraded by Moody's:

Banif - Banco Internacional do Funchal (Brasil) S.A.:

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

  -- Long-term global local-currency deposit rating: to B1 from
     Ba3, with negative outlook;

  -- Long-term foreign-currency deposit rating: to B1 from Ba3,
     with negative outlook.

  -- Brazilian national scale deposit ratings: to Baa1.br and BR-2
     from A2.br and BR-1, with negative outlook.

Banif Banco de Investimento (Brasil) S.A.:

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

  -- Long-term global local-currency deposit rating: to B1 from
     Ba3, with negative outlook;

  -- Long-term foreign-currency deposit rating: to B1 from Ba3,
     with negative outlook.

  -- Brazilian national scale deposit ratings: to Baa1.br and BR-2
     from A2.br and BR-1, with negative outlook.

                        Ratings Rationale

Moody's said that the downgrade of Banif Brasil's and Banif
Investimento's BFSR reflects the low capitalization of the two
banks, and the modest prospects for earnings generation, which
also highlights their reasonably small franchises.  Moody's added
that the banks' limited capital cushion represents a challenge for
the expansion of the two banks' operations, and for the growth of
their balance sheets because of the intense competitive conditions
in their respective core markets: lending to small- and mid-sized
companies for Banif Brasil, and investment banking for Banif
Investimento.

Banif Investimento's persistent net losses in 2009 and into 2010
have negatively affected its equity base and are in part derived
from high carrying costs of an investment fund initially intended
for distribution.  Banif Brasil's profitability indicators, on the
other hand, have been positive but modest, and influenced by
relatively high funding costs, which also reflect the relatively
concentrated profile of its funding sources.  Moody's said margin
compression due to increasing competition is likely to have a
negative effect on earnings generation, as well as any potential
deterioration in asset quality.

The negative outlook on deposit ratings addresses Moody's view
that potential support from the Portuguese parent, the Banif
Group, may not be forthcoming in light of modest capital ratios
and low profitability at the Portuguese operation.

Moody's last rating action on both Banif Brasil and Banif
Investimento took place on May 10, 2010, when Moody's placed on
review for downgrade all ratings of Banif Brasil and Banif
Investimento.

Banif - Banco Internacional do Funchal (Brasil) S.A. is
headquartered in Sao Paulo, Brazil.  As of June 2010, the bank had
total assets of approximately R$1.9 billion (US$1.1 billion) and
equity of R$179 million (US$100 million).

Banif Banco de Investimento (Brasil) S.A. is headquartered in Sao
Paulo, Brazil.  As of June 2010, the bank had total assets of
approximately R$1.0 billion (US$576 million) and equity of R$124
million (US$69 million).


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


ATLAS FINANCIAL: Shareholders' Final Meeting Set for November 26
----------------------------------------------------------------
The shareholders of Atlas Financial Master Fund, Ltd. will hold
their final meeting on November 26, 2010, at 9:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


BOWEN INDEMNITY: Shareholder to Hear Wind-Up Report on Nov. 19
--------------------------------------------------------------
The sole shareholder of Bowen Indemnity Insurance Company, Ltd.
will receive on November 19, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ronald Sulisz
         c/o Broadhurst LLC
         P.O. Box 2503, 40 Linwood Street
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725
         Contact: Kyle Broadhurst


CAPE INDEMNITY: Shareholder to Hear Wind-Up Report on Nov. 19
-------------------------------------------------------------
The sole shareholder of Cape Indemnity Insurance Company, Ltd.
will receive on November 19, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ronald Sulisz
         c/o Broadhurst LLC
         P.O. Box 2503, 40 Linwood Street
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725
         Contact: Kyle Broadhurst


COMVEST CAPITAL: Shareholders' Final Meeting Set for November 26
----------------------------------------------------------------
The shareholders of Comvest Capital SPC Ltd. will hold their final
meeting on November 26, 2010, at 2:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1 9002, Cayman Islands


KENMAR GLOBAL: Shareholders' Final Meeting Set for November 26
--------------------------------------------------------------
The shareholders of Kenmar Global FX Fund Limited will hold their
final meeting on November 26, 2010, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


LEHMAN BROTHERS: Shareholders' Final Meeting Set for November 29
----------------------------------------------------------------
The shareholders of Lehman Brothers Asia Multi-Strategy Master
Fund, Ltd. will hold their final meeting on November 29, 2010, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


LEHMAN BROTHERS: Shareholders' Final Meeting Set for November 29
----------------------------------------------------------------
The shareholders of Lehman Brothers Asia Long/Short Master Fund,
Ltd. will hold their final meeting on November 29, 2010, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


LEHMAN BROTHERS: Shareholders' Final Meeting Set for November 29
----------------------------------------------------------------
The shareholders of Lehman Brothers Offshore Directional
Opportunities Master Fund, Ltd. will hold their final meeting on
November 29, 2010, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


LEHMAN BROTHERS: Shareholders' Final Meeting Set for November 29
----------------------------------------------------------------
The shareholders of Lehman Brothers Offshore Directional
Opportunities Fund, Ltd. will hold their final meeting on
November 29, 2010, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


LEHMAN BROTHERS: Shareholders' Final Meeting Set for November 29
----------------------------------------------------------------
The shareholders of Lehman Brothers Asia Long/Short Fund, Ltd.
will hold their final meeting on November 29, 2010, at 10:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


MARKET ADVANTAGE: Shareholders' Final Meeting Set for November 26
-----------------------------------------------------------------
The shareholders of Market Advantage (USD), Ltd. will hold their
final meeting on November 26, 2010, at 9:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


MAX NETWORK: Shareholders' Final Meeting Set for November 26
------------------------------------------------------------
The shareholders of Max Network Holdings Limited will hold their
final meeting on November 26, 2010, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


MICH FUND: Shareholder to Hear Wind-Up Report on November 22
------------------------------------------------------------
The sole shareholder of Mich Fund, Ltd. will receive on
November 22, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Joel Reid
         Telephone: (345) 815 1828
         Facsimile: (345) 949-9877


MICH STRATEGIC: Shareholder to Hear Wind-Up Report on November 22
-----------------------------------------------------------------
The sole shareholder of Mich Strategic Investors Offshore Fund,
Ltd. will receive on November 22, 2010, at 9:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         c/o Joel Reid
         Telephone: (345) 815 1828
         Facsimile: (345) 949-9877


NB ALTERNATIVE: Shareholders' Final Meeting Set for November 29
---------------------------------------------------------------
The shareholders of NB Alternative Asset Allocation Offshore Fund,
Ltd. will hold their final meeting on November 29, 2010, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


NB ALTERNATIVE: Shareholders' Final Meeting Set for November 29
---------------------------------------------------------------
The shareholders of NB Alternative Asset Allocation Offshore
Master Fund, Ltd. will hold their final meeting on November 29,
2010, at 10:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Finlay
         c/o Tania Dons
         Telephone: (345) 814 7766
         Facsimile: (345) 945 3902
         P.O. Box 2681, Grand Cayman KY1-1111
         Cayman Islands


PHELPS INDEMNITY: Shareholder to Hear Wind-Up Report on Nov. 19
---------------------------------------------------------------
The sole shareholder of Phelps Indemnity Insurance Company, Ltd.
will receive on November 19, 2010, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ronald Sulisz
         c/o Broadhurst LLC
         P.O. Box 2503, 40 Linwood Street
         Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949-7237
         Facsimile: (345) 949-7725
         Contact: Kyle Broadhurst


QBASIS MULTUS: Shareholder to Hear Wind-Up Report on Nov. 26
------------------------------------------------------------
The sole shareholder of Qbasis Multus Fund will receive on
November 26, 2010, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ogier
         Kane Yuk Wong
         Telephone: (852) 3120-9362
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


RMF ALPHA: Shareholders' Final Meeting Set for December 6
---------------------------------------------------------
The shareholders of RMF Alpha Strategies Reference Fund (2)
Limited will hold their final meeting on December 6, 2010, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Charmaine Cayasso
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P. O. Box 897, Windward 1
         Regatta Office Park Grand Cayman KY1-1103
         Cayman Islands


ROCKBAY CAPITAL: Shareholders' Final Meeting Set for November 26
----------------------------------------------------------------
The shareholders of Rockbay Capital Commitment Master Fund, Ltd.
will hold their final meeting on November 26, 2010, at 10:30 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Walkers Corporate Services Limited
         Walker House, 87 Mary Street
         George Town Grand Cayman KY1-9002
         Cayman Islands


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


* COLOMBIA: Fitch Affirms 'BB+' Rating on Bogota's Debt
-------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' long-term foreign currency
debt rating, including the 9.75% Colombian Peso denominated notes
due 2028 of COP$578.577 billion (equivalent to US$300 million at
issuance), and the 'BBB-' long-term local currency debt rating of
Bogota, Capital District of Colombia.  The Rating Outlook of all
ratings was revised to Positive from Stable following a similar
action recently taken by Fitch on Colombia's ratings.  Bogota's
international ratings are limited by Colombia's sovereign risk.

Bogota's ratings are based on these credit strengths:

-- Strong fiscal management;

-- Consistent budgetary surplus position;

-- Affordable debt, given the district's positive financial
    performance, high liquidity levels and favorable terms and
    conditions in its financial obligations;

-- Highly valuable assets that generate a consistent stream of
    capital revenues for the District, strengthening the entity's
    financial flexibility;

-- Strong socio-economic profile and weight in the national
    economy in terms of GDP contribution.

However, they also show these risks or limitations:

-- High unemployment rates;

-- Increasing social and infrastructure needs of a growing
    population, although these are being addressed through
    substantial and growing capital expenditures;

-- Contingent liabilities regarding pension and retirement
    payments of employees that have been funded partially.

Bogota's current revenues amounted to COP$6.4 billion in 2009
(approximately US$2.976 billion) and COP$3.9 billion as of June of
2010.  Fiscal revenues account for the most part of total revenues
with a share higher than 60% while national transfers represent
approximately 30%.  Fiscal growth was relatively flat in 2009
largely due to the economic stagnation but results for the first
semester of 2010 have shown improvement, standing out real estate
property tax revenues from the revision of cadastral values.  The
Fitch-adjusted operating surplus before interest expenses has
remained high as percentage of current revenues, maintaining
margins in excess of 30% over the last years, with no indication
of a declining trend in the near future.  Such operating margins
are remarkably high compared to international standards, denoting
the district's strong fiscal flexibility and payment capacity of
financial commitments.

Regarding debt, Bogota's direct debt balance has been declining
over the last two years registering COP$1.7 billion as of Aug. 31,
2010.  Of such balance 29% is internal debt and 71% is external
debt.  Most external debt is hedged to currency risk, leaving only
20.6% of total debt without protection from exchange rate
volatility.  Furthermore, 58% of Bogota's debt has a fixed
interest rate, a percentage that has been increasing year over
year (18% in 2002).  In 2009, interest payments over operating
surplus showed a ratio of 4.4%, which is much lower than the 40%
maximum established in the terms of Colombian Law 358.  The total
debt-to-current revenues ratio reached 29.4%, which is also below
the 80% limit established by the same law.  Finally, management is
not considering a substantial increase in debt in the short term.
Although the projected construction of the metro project may lead
to an increase in the District's debt (funding participation is
expected 70% from the nation and 30% from Bogota), the plan
remains in an early stage to assess its effect on Bogota's
finances.

Indirect debt of the District corresponding to decentralized
bodies is relatively low and closed the second quarter of 2010
with a balance of COP$590.987 billion; corresponding to the water
utility company Empresa de Acueducto y Alcantarillado de Bogota.
As for pension and retirement payments of government personnel,
the latest information estimates an accumulated contingent
liability of approximately COP$6.6 billion, of which the district
has already created a reserve account of 31.4%; this percentage of
coverage is expected to increase over time as per legal
requirements.

On the economic side, Bogota continues to be the largest regional
economy in the country, contributing approximately 25% of
Colombia's Gross Domestic Product.  The district's economy,
following the same trend as the nation practically remained flat
in 2009, but growth prospects reach rates above 4% for 2010 and
2011.  With approximately 7.3 million inhabitants, Bogota's
population represents 16% of Colombia's total.  Unemployment has
improved but remains high at 11.5%.  Finally, regarding public
services, education and health care coverage, Bogota stands out
among Colombian cities with the highest indicators.


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


PACIFIC RUBIALES: S&P Raises Corporate Credit Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on Pacific Rubiales Energy Corp. to 'BB-'
from 'B+'.  The outlook is stable.

S&P also raised its rating on Pacific Rubiales' $450 million
senior unsecured notes due 2016 to 'BB-'.

"The upgrade is based on the company's improved financial
performance because of a strong growth in its production," said
Standard & Poor's credit analyst Fabiola Ortiz.  Pacific Rubiales'
exploration and investment program have led to a significant
increase its production volume.  During second-quarter 2010,
Pacific Rubiales' gross production averaged 138,382 barrels of oil
equivalent per day, representing an increase of 96% compared with
the same period of 2009.  Moreover, the company's revenues almost
doubled that of the last 12 months ended June 30, 2009, reaching
$1.1 billion, mainly as a result of a substantial increase in the
production volume, and oil and gas price increases.

The ratings assigned to Pacific Rubiales Energy Corp. reflect
S&P's view of a weak business profile given its short track
record, a growth strategy requiring significant investments, and
concentration in heavy oil.  Recent and expected strong growth in
production and reserves, an experienced management team, and a
significant financial profile support the rating.

Pacific Rubiales produces heavy crude oil and natural gas.  As of
June 30, 2010, it had a net production of approximately 60,000
barrels of oil equivalent per day, with working interests in 38
blocks--35 in Colombia and three in Peru.  The company has
significantly increased its production volume based on the
continuous growth in the production of heavy oil in its fields.
The company's production is concentrated on the Rubiales/Piriri
and Quifa fields, which produce heavy oil, requiring the company
to incur additional costs by purchasing diluents in the market.
Finally, Pacific Rubiales' track record is short.  It is still a
small exploration and production company, although growing, when
compared with other large regional and local players.

Pacific Rubiales' credit measures have improved as a result of a
combination of higher production volume and higher oil and gas
prices.  Debt to EBITDA, funds from operations to-total debt and
EBITDA interest coverage ratios were 1.3x, 55%, and 8.4x,
respectively, for the last twelve months ended June 30, 2010
compared with 1.8x, 45.5%, and 7.9x for the same period of 2009.
EBITDA margins also improved to 46.2% from 40.4%.  Results were
also supported by the completion and start of operations of the
ODL (Oleoducto de los Llanos) pipeline, which led to a significant
reduction on transportation costs.  The company's four-year
strategic plan includes investments of $3 billion to $4 billion in
development drilling, exploration, and production facilities,
among others.  Based on S&P's working assumptions for WTI, S&P
expects the company to fund these expenditures with internally
generated funds and additional debt reaching a debt to EBITDA, FFO
to total debt, and EBITDA interest coverage ratios of around 1.0x,
70%, and 8.0x in 2011, respectively.

The company's liquidity is adequate under S&P's criteria.  As of
June 30, 2010, Pacific Rubiales had a cash position of $584.1
million, which compares favorably with maturities of $17.9 million
for the next 12 months.  The company has not been able to generate
free operating cash flow in the past years as a result of its
significant capital expenditures.  S&P expects that the company
will generate free operating cash flow until 2013.  However, its
smooth debt profile (next major debt maturity is in 2013), and
strong cash flow from operations will continue to provide
flexibility to cover its financial obligations.  As of June 30,
2010, the company has ample headroom under its financial
covenants.

The stable outlook reflects S&P's view that the company will
successfully continue to increase its production during these
years, which should allow it to generate sufficient operating cash
flow to finance most of its required investments.  If the company
continues to implement its growth strategy successfully improving
its business profile and maintains its current financial
performance, S&P could raise the ratings.  If production decreases
and financial performance is weak relative to S&P's expectations,
S&P could lower the ratings.


===========
P A N A M A
===========


PANAMA CANAL: S&P Affirms Corporate Credit Rating at 'B+'
---------------------------------------------------------
Standard and Poor's Ratings Services said that it affirmed its
'B+' corporate credit rating on the Panama Canal Railway Co. and
its $100 million senior secured notes due 2026.  The outlook is
stable.

"A weak business profile, which considers the company's highly
concentrated customer mix; its dependence of international trade
volumes and Panamanian port's operating performance; and the
company's risk of operating a single-track system limit the
ratings on the company," said Standard & Poor's credit analyst
Veronica Yanez.  The ratings also considered PCRC history of high
leverage and its reliance on debt to finance capacity expansions.

PCRC's strategic geographic location parallel to the Panama Canal,
and favorable concession terms that limit potential new
competition and enable PCRC to establish rate structure support
the ratings.

PCRC faces the risk of a highly concentrated customer base, with
the main customer representing 62% of the company's total
container transportation volume.  Even though the concentration
has decreased as a result of the company's efforts to diversify
its customers, PCRC remains particularly exposed to a single
shipper line's adjustments to shipping schedules and routes.
Also, PCRC faces the risk of operating a single-track system that
could suffer from temporary service interruptions because of
railroad damage or an obstruction to the right-of-way.

PCRC's performance is highly correlated to the international trade
and Panamanian ports' performance.  As a result of the world
economic and global trade recovery, transshipping and port
activities continue to expand and PCRC volumes have nearly
doubled.  As of Sept. 30, 2010, PCRC moved 272,826 containers,
(78% above the same period last year) and S&P expects that by the
end of the year it will have transported more than 300,000
containers.

The Panama Canal is undertaking a significant expansion program to
be finished in the coming four years.  The entrance of larger
post-Panamax ships, which carry more containers, will require more
transshipment operations along the main shipping routes, which
should benefit PCRC's operation.

The improvement in PCRC's key financial ratios reflects its strong
top-line growth, driven by increased container volume.  For the
last 12 months ending September 2010, the issuer posted debt-to-
EBITDA of 3.2x, funds from operations to total debt of 24.9% and
EBITDA interest coverage ratio of 4.2x, which compare favorably
with the last 12 months ended September 2009.  Over the next few
years, S&P expects the company to gradually deleverage, resulting
in an improvement on its key financial ratios.  Therefore, PCRC
could post total debt-to-EBITDA and funds from operations-to-total
debt ratios of around 3.0x and 26.7%, respectively, by the end of
2011.

PCRC's liquidity is adequate.  Its short-term debt maturities
totaled $5.4 million and it held about $7 million in cash as of
Sept. 30, 2010.  S&P believes PCRC should be able to generate
sufficient operating cash flow to meet its scheduled debt
amortizations and capital expenditures program.  S&P expects free
operating cash flow to be around $20 million at the end of 2010.
PCRC has additional sources of liquidity in the form of a six-
month debt-service reserve of $4.65 million to offset
unanticipated revenue shortfalls.  As of Sept. 30, 2010, they had
ample headroom with respect to its financial covenants.

The stable outlook reflects S&P's opinion that PCRC's key
financial ratios will continue to improve over the next 12 months
and that the company will maintain an adequate liquidity position.
S&P could lower the ratings if lower-than-expected volumes
pressure PCRC's key financial ratios, or if debt is higher than
expected.  S&P could raise the ratings if PCRC shows a material
improvement on its business risk profile through a material
diversification of its customer base, and key financial ratios
continue to improve.


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


CL FIN'L: CLICO Commission of Inquiry Head Replaced
---------------------------------------------------
Attorney Sir Gavin Lightman, the former British judge who was
chosen as the sole commissioner of an inquiry into the
circumstances leading to the financial problems at Colonial Life
Insurance Company (Trinidad) Limited (CLICO), has been replaced
after he admitted that he represented the insurance company in a
legal matter two decades ago, Caribbean360.com reports.  CLICO is
a unit of CL Financial Limited.

According to the report, General Anand Ramlogan disclosed that
Cabinet had approved the nomination of chartered arbitrator and
deputy chief justice of the Dubai International Financial Centre
(DIFC), Sir Anthony Colman, to replace Sir Lightman.  The report
relates that the decision to find a new chair for the Commission
of Inquiry that will also look into the collapse of the Hindu
Credit Union, following checks made into statements by an
opposition People's National Movement Senator Pennelope Beckles-
Robinson, that Sir Gavin appeared for CLICO in a court matter
involving the purchase of Republic Bank shares by the insurance
company in 1991.

The report notes that Senator Beckles-Robinson and Opposition
Leader Keith Rowley presented documents to support the claims.
According to the Trinidad Guardian newspaper, the report notes,
they showed that Sir Gavin had petitioned the local court in April
1991 to represent CLICO in the matter in May of the same year.  A
work permit was granted and he appeared in the matter in which
Republic Bank and CLICO were the plaintiffs and Money ManagerLs
Limited and T&T Stock Exchange were the defendants, the report
discloses.

Mr. Ramlogan, the report relates, said that he had spoken to Sir
Gavin after the concerns were first raised a few weeks ago and he
initially dismissed the allegation.  However, the report notes,
the Attorney General said that after subsequent discussions with
Senator Beckles-Robinson as well as others involved in the court
matter he was satisfied that the eminent jurist did, in fact,
represent CLICO.  He said Sir Gavin has since acknowledged that he
erred, the report adds.

Mr. Ramlogan, the report discloses, said that while the retired
judge's involvement in the CLICO court matter was not an
indication of a conflict, he felt it was best not to "taint the
Commission of Inquiry" because of the importance of the inquiry to
the nation.

British Queen's Counsel Peter Carter will perform the role of
counsel to the Commission, with local attorneys Kelvin Ramkissoon
and Celeste Jules working alongside him, Caribbean360.com relates.

The Commission will investigate the causes, reasons and
circumstances leading to the deterioration of the financial
conditions and health of CL Financial, CLICO, CLICO Investment
Bank, British American Insurance Company (BAICO) and HCU and
determine whether there was civil or criminal liability, the
report adds.  It is expected to complete its work within four to
six months.

                        About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to "ccc"
from "bb" of Colonial Life Insurance Company (Trinidad) Limited
(CLICO) (Trinidad & Tobago).  The ratings remain under review with
negative implications.  CLICO is an insurance member company of CL
Financial Limited (CL Financial), a diversified holding company
based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


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


SIDERURGICA DEL TURBIO: Fitch Puts Ratings on Negative Watch
------------------------------------------------------------
Fitch Ratings has placed the ratings of Siderurgica del Turbio
S.A. on Rating Watch Negative.  The Negative Watch follows the
announcement made by the Venezuelan government on Oct. 31, 2010
that it is taking swift action to nationalize Sidetur and its
subsidiaries.  Sidetur is a 100% owned subsidiary of Siderurgica
Venezolana S.A.  Fitch rates Sidetur's US$100 million 10% senior
unsecured notes due 2016 issued through its wholly-owned
subsidiary Sidetur Finance B.V. 'B+/RR4'.  A full list of
Sidetur's ratings is listed below.

The Negative Watch reflects the uncertainty regarding the exact
time by which the nationalization will be completed and its impact
on the company's operations during this process.  This uncertainty
will negatively affect labor productivity and the fluidity of day-
to-day relationships with the company's suppliers, customers and
banking institutions that provide it with working capital
financing.

Based on Fitch's experience, the government of Venezuela has not
prevented payment of debt obligations of strategically important
nationalized companies and nothing has occurred so far to suggest
that the government will act differently in this case.  However,
Fitch will closely monitor the unfolding of Sidetur's
nationalization process to ascertain whether full government
support is forthcoming to resolve the Negative Watch.  Sidetur is
a relatively small long-steel company, albeit with a 40% market
share in the domestic rebar market, and may not receive the same
level of government support as previously nationalized, more
strategic companies.

Sidetur's next interest and amortization payment is due Jan.  20,
2011.  During the third quarter of 2010, Sidetur paid US$2.5
million of principal.  During the nine month period to June 30,
2010, the company also paid US$6.8 million in interest.  The
company has a debt service reserve account in place for the amount
of US$7.6 million to meet the next two amortization payments due
in January and April 2011.

Fitch places these Sidetur ratings on Rating Watch Negative:

Sidetur S.A.

  -- Foreign currency Issuer Default Rating 'B+';

  -- Local currency IDR 'B+';

  -- US$100 million unsecured notes due 2016 issued by Sidetur
     Finance B.V., a wholly owned subsidiary of Sidetur, 'B+/
     RR4';

  -- National scale rating 'A+(ven)';

  -- National short-term rating 'F1(VEN)'.


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


* BOND PRICING: For the Week November 1 to November 5, 2010
-----------------------------------------------------------

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

ARGENTINA
---------
ARGENT- DIS           5.83   12/31/2033  ARS            44.75
ARGENT-PAR            1.18   12/31/2038  ARS             92.5
ARGENT-?DIS           4.33   12/31/2033  JPY               42
ARGENT-?PAR&GDP       0.45   12/31/2038  JPY                8
BOGAR 2018               2     2/4/2018  ARS             38.5
PRO12                    2     1/3/2016  ARS              128

CAYMAN ISLAND
-------------
BANCO BPI (CI)        4.15   11/14/2035  EUR           64.438
BANIF FIN LTD            3   12/31/2019  EUR           62.625
BCP FINANCE CO       4.239               EUR         70.03409
BCP FINANCE CO       5.543               EUR             73.9
BES FINANCE LTD       5.58               EUR         70.97254
BES FINANCE LTD      6.984     2/7/2035  EUR         63.42565
DUBAI HLDNG COMM         6     2/1/2017  GBP         72.76823
EFG ORA FUNDING        1.7   10/29/2014  EUR         69.19499
ESFG INTERNATION     5.753               EUR         72.95357
PUBMASTER FIN        6.962    6/30/2028  GBP          66.3868
SHINSEI FIN CAYM     6.418               USD         70.96576
SHINSEI FINANCE       7.16               USD               69


CHILE
-----
AGUAS NUEVAS           3.4    5/15/2012  CLP           1.6304
ESVAL S.A.             3.8    7/15/2012  CLP         49.87821
MASISA                4.25   10/15/2012  CLP         38.11955


PUERTO RICO
-----------
PUERTO RICO CONS       6.5     4/1/2016  USD           42.625


VENEZUELA
---------
PETROLEOS DE VEN       4.9   10/28/2014  USD         64.07045
PETROLEOS DE VEN         5   10/28/2015  USD         59.16499
PETROLEOS DE VEN     5.125   10/28/2016  USD         56.62819
PETROLEOS DE VEN      5.25    4/12/2017  USD         58.64957
PETROLEOS DE VEN     5.375    4/12/2027  USD         48.34653
PETROLEOS DE VEN       5.5    4/12/2037  USD         46.57195
PETROLEOS DE VEN       8.5    11/2/2017  USD         70.08081
VENEZUELA             5.75    2/26/2016  USD            70.25
VENEZUELA                6    12/9/2020  USD             59.5
VENEZUELA                7    12/1/2018  USD               67
VENEZUELA                7    3/31/2038  USD             56.5
VENEZUELA                7    3/31/2038  USD            55.85
VENEZUELA             7.65    4/21/2025  USD            60.25
VENEZUELA             7.75   10/13/2019  USD               67
VENEZUELA             8.25   10/13/2024  USD             64.5
VENEZUELA                9     5/7/2023  USD            68.25
VENEZUELA             9.25    9/15/2027  USD           72.875
VENEZUELA             9.25     5/7/2028  USD            67.25
VENEZUELA             9.25    9/15/2027  USD            72.85
VENZOD - 189000      9.375    1/13/2034  USD            67.25



                            ***********

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. Agravante, 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 * * *