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

            Monday, February 28, 2011, Vol. 12, No. 41

                            Headlines



A R G E N T I N A

329 PIRAN: Creditors' Proofs of Debt Due May 2
ABC IMPRESORES: Applies for Reorganization Proceedings
ARTES GRAFICAS: Applies for Reorganization Proceedings
HOMERO AUTOMOTORES: Creditors' Proofs of Debt Due April 1
INDUSTRIA TEXTILES: Applies for Bankruptcy Proceedings

MICROTECLADOS SRL: Asks for Bankruptcy Proceedings
NENICA FOOD: Creditors' Proofs of Debt Due April 1
SGA SEMILLAS: Creditors' Proofs of Debt Due April 8
SKY BLUE: Creditors' Proofs of Debt Due May 2
TEYLO SA: Creditors' Proofs of Debt Due April 15


B E R M U D A

GEROVA FINANCIAL: NYSE Suspends Firm's Shares


B R A Z I L

EMPRESA CATARINENSE: Moody's Assigns 'Ba1' Issuer Ratings
EMPRESA NORTE: Moody's Assigns 'Ba1' Rating to Senior Bonds
MARFRIG ALIMENTOS: S&P Affirms 'B+' Global Scale Ratings
SUL AMERICA: S&P Affirms 'BB-' Senior Unsecured Debt Rating
TAM SA: Fitch Maintains Issuer Default Rating at 'B+'


J A M A I C A

JAMAICA PUBLIC SERVICE: Secures US$60-Million Loan From PROPARCO


M E X I C O

TUBO DE PASTEJE: IUSA Has Deal to Cover Tubo-Cambridge Lee Plans
VITRO SAB: Wins Delay of Bankruptcy Hearing for Mediation


P E R U

DOE RUN PERU: Renco Grp Offers US$50MM for Environment Clean-Up


V E N E Z U E L A

CRYSTALLEX INT'L: Seeks Arbitration of Dispute vs. Venezuela


X X X X X X X X

* S&P Updates Annual Study of Sovereign Defaults
* BOND PRICING: For the Week February 21, to February 26, 2011



                            - - - - -


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


329 PIRAN: Creditors' Proofs of Debt Due May 2
----------------------------------------------
Jorge Edmundo Sahade, the court-appointed trustee for 329 Piran
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until May 2, 2011.

Mr. Sahade 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. 8, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Jorge Edmundo Sahade
          Avenida de Mayo 1324
          Argentina


ABC IMPRESORES: Applies for Reorganization Proceedings
------------------------------------------------------
ABC Impresores SA applied for reorganization proceedings.

The company has defaulted on its payments due on June 3, 2010.


ARTES GRAFICAS: Applies for Reorganization Proceedings
------------------------------------------------------
Artes Graficas Negri SRL applied for reorganization proceedings.


HOMERO AUTOMOTORES: Creditors' Proofs of Debt Due April 1
---------------------------------------------------------
Silvia Pirraglia, the court-appointed trustee for Homero
Automotores SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until April 1, 2011.

Ms. Pirraglia will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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:

          Silvia Pirraglia
          Talcahuano 426
          Argentina


INDUSTRIA TEXTILES: Applies for Bankruptcy Proceedings
------------------------------------------------------
Industria Textiles Zuco's SA applied for bankruptcy proceedings.

The company has defaulted on its payments due on December 15,
2010.


MICROTECLADOS SRL: Asks for Bankruptcy Proceedings
--------------------------------------------------
Microteclados SRL asked for bankruptcy proceedings.

The company has defaulted on its payment due on July 16, 2010.


NENICA FOOD: Creditors' Proofs of Debt Due April 1
--------------------------------------------------
Adriana E. Torrado, the court-appointed trustee for Nenica Food
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until April 1, 2011.

Ms. Torrado will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Adriana E. Torrado
          Tucuman 1553
          Argentina


SGA SEMILLAS: Creditors' Proofs of Debt Due April 8
---------------------------------------------------
Stella Maris Diaz, the court-appointed trustee for SGA Semillas,
Granos y Agroquimicos SA's bankruptcy proceedings, will be
verifying creditors' proofs of claim until April 8, 2011.

Ms. Diaz will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in
Buenos Aires, with the assistance of Clerk No. 18, 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:

          Stella Maris Diaz
          Colombres 1070
          Argentina


SKY BLUE: Creditors' Proofs of Debt Due May 2
---------------------------------------------
Bernardo Mafer, the court-appointed trustee for Sky Blue SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 2, 2011.

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

The Trustee can be reached at:

          Bernardo Mafer
          Avenida Corrientes 4434
          Argentina


TEYLO SA: Creditors' Proofs of Debt Due April 15
------------------------------------------------
Jose Angel Sallon, the court-appointed trustee for Teylo SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until April 15, 2011.

Mr. Sallon will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Jose Angel Sallon
          Libertad 860
          Argentina


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


GEROVA FINANCIAL: NYSE Suspends Firm's Shares
---------------------------------------------
Jonathan Kent at The Royal Gazette Online reports that trading in
shares of Gerova Financial Group was suspended on the New York
Stock Exchange.

"After a discussion with the NYSE, we concur that the best
decision was to halt the trading of our securities.  The added
time will enable the company to disseminate to the market in an
orderly way a comprehensive update on recent developments and
strategic direction," The Royal Gazette Online quotes Michael
Hlavsa, chief financial officer of Gerova Financial, as saying.

The NYSE cited the need for more information from the company,
according to The Royal Gazette Online.

Bermuda insurer Argus Group Holdings Ltd said it had no direct
exposure to Gerova Financial, though the companies are fellow
investors in another insurance company, according to The Royal
Gazette Online.

The Royal Gazette Online discloses that Gerova Financial is
scheduled to merge with London firm Seymour Pierce in the coming
weeks in a deal reportedly worth more than US$60 million.  The
report relates that Keith Harris, the Seymour Pierce chief
executive best known for advising Premier League football clubs,
was reported on the Daily Telegraph's website to be sticking by
the deal as of February 24, 2011.  Other sources have reported
that the deal is likely to be scuppered, The Royal Gazette Online
notes.

The report says that documents shown to the U.S. Securities and
Exchange Commission last June had expressed doubts about some
asset values. The Royal Gazette Online relates that a boardroom
shake-up has done little to help the company's reputation and the
share price has plunged from a high of US$92.50 in June last year
to US$5.28 before the suspension took effect.

Gerova Financial Group is headquartered in Bermuda.


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


EMPRESA CATARINENSE: Moody's Assigns 'Ba1' Issuer Ratings
---------------------------------------------------------
Moody's America Latina assigned issuer ratings of Ba1 on the
global scale and Aa2.br on the Brazilian National Scale to Empresa
Catarinense de Transmissao de Energia S.A.  At the same time,
Moody's assigned a Ba1 global scale rating and Aa2.br rating on
the Brazilian National Scale to the 5-year BRL75 million senior
unsecured debentures to be issued by ECTE in the local market.
The outlook for all ratings is stable.  This is the first time
Moody's has rated ECTE.

The proceeds of the proposed BRL75 million debentures will be used
to replace around BRL43 million of existing long-term debt with
the BNDES and to support dividend distributions to the
shareholders in the near term.

Assignments:

Issuer: Empresa Catarinense de Transmissao de Energia S.A.

  -- Issuer Rating: Ba1 (global scale) / Aa2.br (Brazilian
     national scale)

  -- BRL75 million senior unsecured debentures: Ba1 / Aa2.br

                        Ratings Rationale

The Ba1 and Aa2.br issuer ratings reflect ECTE's predictable and
stable cash flows provided by its long-term regulated concession
agreement to operate an electricity network in the south of
Brazil.  The relatively long track record of operations,
management's expertise in the transmission business and the
company's strong credit metrics further support the ratings.

The high level of investment activity of its controlling
shareholders: Alupar (Ba1/Aa2.br Corporate Family Ratings, Outlook
stable) and Cemig (Ba1/Aa2.br Issuer Ratings, Outlook stable)
constrains the ratings, as does the limited structural provisions
embedded in the proposed debentures and ECTE's evolving corporate
governance practices.  ECTE's relative small scale and geographic
concentration further constrain the rating.

Moody's views the regulatory framework for transmission companies
in Brazil as well developed and highly predictable in terms of
cost recovery and return on invested capital.  The secure and
stable nature of the transmission segment stems from the Permitted
Annual Revenues (RAP), which are based on fixed capacity payments
throughout the concession period that have provisions for
automatic annual adjustments for inflation.  Nevertheless, the
track record of the current framework is rather limited and some
procedures are still untested, such as the indemnification of non-
depreciated assets upon the non-renewal or termination of an
existing concession.

ECTE operates a single transmission line under a 30-year
concession that was signed in November 2000; the line started
operations in March 2002.  The company largely benefits from a
concession granted prior to 2006 wherein the tariffs are not
subject to periodic reviews.  On the other hand, the Permitted
Annual Revenue for this concession is scheduled to step down 50%
starting in March 2018.  The current RAP authorized by the
regulator is BRL62 million, which is valid from July 2010 through
June 2011.

The inherently stable nature of its transmission services provides
ECTE predictable cash flows, while the high internal rate of
return and low investment requirements support its strong credit
metrics for the rating category.  The network availability has
been around 99.9% over the last three years and maintenance
capital expenditures represent less than 1% of its regulated asset
base.

As a result of its insignificant ongoing capital requirements,
ECTE's leverage is very low, which is evidenced by a Net Debt to
EBITDA ratio of just 1.1x in 2009.  This level is well below the
limitation included in the proposed debentures of a maximum Net
debt of BRL153.4 million representing approximately 3 times ECTE's
current EBITDA.  This maximum amount of net debt as defined in the
indenture will be adjusted annually by the general price index
(IGP-M).

Leverage as measured by the Funds from Operations to Net Debt
ratio averaged 43.5% from 2007 through 2009, while the FFO
interest coverage ratio was 4.0x in the same period.  Under normal
circumstances, Moody's would expect a gradual and consistent
improvement in ECTE's capital structure given its very stable and
predictable cash flows under the assumption that capital
expenditures are restricted to maintenance expenditures only.
Moody's believes that the lack of clarity with regard to expansion
capital expenditures, new concessions or possible acquisitions
represents a potential change to the above-outlined scenario.  A
dividend payout ratio estimated at 95% also tempers the view of an
improving capital structure.

ECTE has corporate governance standards that are below the average
of its peer group of electric utilities with investment grade
ratings.  Moody's view is that the entrance of CEMIG into the
capital structure of ECTE in August 2006 helped to enhance its
corporate governance practices and assures higher transparency,
given that CEMIG is a company with corporate governance standards
above the average; however, Moody's believe there is still room
for further improvement by the publication of audited and
consolidated cash flows on a quarterly basis.

The stable outlook reflects Moody's expectation that ECTE will
continue to prudently manage the capital expenditures and the
distribution of dividends in tandem with its cash flow capacity
while maintaining an adequate liquidity position.

The ratings could be upgraded if ECTE's corporate governance
practices improve along with a track record of continued strong
financial performance, such that the FFO interest coverage ratio
is greater than 4.5x along with a FFO to Net debt above 45% on a
sustainable basis.

The ratings or outlook could be downgraded if there is significant
increase in leverage and deterioration of the liquidity profile
driven, for example, by an unexpected sizeable investment program
or dividend distribution.  Quantitatively, the ratings or outlook
could come under downward pressure if the FFO interest coverage
ratio falls below 3.5x and the FFO to Net debt stays below 35% for
an extended period.  A material change in the regulatory framework
in Brazil could also cause a downgrade in the ratings or outlook.

Empresa Catarinense de Transmissao de Energia S.A., owns a 30-year
concession contract that expires in November 2030 to operate a 253
kilometer high-voltage transmission line in the state of Santa
Catarina.  Alupar Investimentos S.A. is ECTE major shareholder
with 40.01% of its voting and total capital.  The other
shareholders are Centrais Eletricas de Santa Catarina with 30.88%,
Companhia Energetica de Minas Gerais with 19.09% and MDU Resources
with 10.01%.  In 2009, ECTE posted consolidated net revenues of
BRL54 million (US$27million) and EBITDA of BRL50 million (US$25
million).


EMPRESA NORTE: Moody's Assigns 'Ba1' Rating to Senior Bonds
-----------------------------------------------------------
Moody's America Latina assigned issuer ratings of Ba1 on the
global scale and Aa2.br on the Brazilian National Scale to Empresa
Norte de Transmissao de Energia S.A.  At the same time, Moody's
assigned a Ba1 global scale rating and Aa2.br rating on the
Brazilian National Scale to the 5-year BRL190 million senior
unsecured debentures to be issued by ENTE in the local market.
The outlook for all ratings is stable.  This is the first time
Moody's has rated ENTE.

The proceeds of the proposed BRL190 million debentures will be
used to replace around BRL140 million of existing long-term debt
with the BNDES and to support dividend distributions to the
shareholders in the near term.

Assignments:

  -- Issuer: Empresa Norte de Transmissao de Energia S.A.

  -- Issuer Rating: Ba1 (global scale) / Aa2.br (Brazilian
     national scale)

  -- BRL190 million senior unsecured debentures: Ba1 / Aa2.br

                        Ratings Rationale

The Ba1 and Aa2.br issuer ratings reflect ENTE's predictable and
stable cash flows provided by its long-term regulated concession
agreement to operate an electricity network in the north of
Brazil.  The relatively long track record of operations,
management's expertise in the transmission business and the
company's strong credit metrics further support the ratings.

The high level of investment activity of its controlling
shareholders: Alupar (Ba1/Aa2.br Corporate Family Ratings, Outlook
stable) and Cemig (Ba1/Aa2.br Issuer Ratings, Outlook stable)
constrains the ratings, as does the limited structural provisions
embedded in the proposed debentures and ENTE's evolving corporate
governance practices.  ENTE's relatively small scale and limited
portfolio diversification further constrain the ratings.

Moody's views the regulatory framework for transmission companies
in Brazil as well developed and highly predictable in terms of
cost recovery and return on invested capital.  The secure and
stable nature of the transmission segment stems from the Permitted
Annual Revenues (RAP), which are based on fixed capacity payments
throughout the concession period that have provisions for
automatic annual adjustments for inflation.  Nevertheless, the
track record of the current framework is rather limited and some
procedures are still untested, such as the indemnification of non-
depreciated assets upon the non-renewal or termination of an
existing concession.

ENTE operates two transmission lines under a 30-year concession
that was signed in Dec. 2002; the lines started operations in
February 2005.  The company largely benefits from a concession
granted prior to 2006 wherein the tariffs are not subject to
periodic reviews.  On the other hand, the Permitted Annual Revenue
for this concession is scheduled to step down 50% starting in
Feb. 2021.  The current RAP authorized by the regulator is BRL142
million, which is valid from July 2010 through June 2011.

The inherently stable nature of its transmission services provides
ENTE predictable cash flows, while the high internal rate of
return and low investment requirements support its strong credit
metrics for the rating category.  The network availability has
been around 99.9% over the last three years and maintenance
capital expenditures represent less than 1% of its regulated asset
base.  ENTE's cash generation has been further boosted by fiscal
incentives that have lowered its income tax rate.  Moody's
estimates the effective tax rate to be around 15% over the next
five years, after which it would return to the regular 34% rate.

As a result of its ongoing insignificant capital requirements,
ENTE's leverage is low, which is evidenced by a Net Debt to EBITDA
ratio of just 1.4x in 2009.  This level is well below the
limitation included in the proposed debentures of a maximum Net
debt of BRL354.1 million representing approximately 3 times ENTE's
current EBITDA.  This maximum amount of net debt as defined in the
indenture will be adjusted annually by the general price index
(IGP-M).

Leverage as measured by the Funds From Operations to Net averaged
27% from 2007 through 2009, while the FFO interest coverage ratio
was 3.2x in the same period.  Under normal circumstances, Moody's
would expect a gradual and consistent improvement in ENTE's
capital structure given its very stable and predictable cash flow
under the assumption that capital expenditures are restricted to
maintenance expenditures only.  Moody's believes that the lack of
clarity with regard to possible expansion capital expenditures,
new concessions or acquisitions represents potential changes to
the above-outlined scenario.  A dividend payout ratio estimated at
95% also tempers the view of an improving capital structure.

ENTE has corporate governance standards that are below the average
of its peer group of electric utilities with investment grade
ratings.  Moody's view is that the entrance of CEMIG into the
capital structure of ENTE in August 2006 helped to enhance its
corporate governance practices and assures higher transparency,
given that CEMIG is a company with corporate governance standards
above the average; however, Moody's believe there is still room
for further improvement by the publication of audited and
consolidated cash flows on a quarterly basis.

The stable outlook reflects Moody's expectation that ENTE will
continue to prudently manage capital expenditures and the
distribution of dividends in tandem with its cash flow capacity
while maintaining an adequate liquidity position.

The ratings could be upgraded if ENTE's corporate governance
practices improve along with a track record of continued strong
financial performance, such that FFO interest coverage is greater
than 4.5x along with FFO to Net debt above 45% on a sustainable
basis.

The ratings or outlook could be downgraded if there is significant
increase in leverage and deterioration of the liquidity profile
driven, for example, by an unexpected sizeable investment program
or dividend distribution.  Quantitatively, the ratings or outlook
could come under downward pressure if the FFO interest coverage
ratio falls below 3.0x and the FFO to Net debt stays below 30% for
an extended period.  A material change in the regulatory framework
in Brazil could also cause a downgrade in the ratings or outlook.

Empresa Norte de Transmissao de Energia S.A., owns a 30-year
concession contract that expires in December 2032 to operate a 464
kilometer high-voltage transmission network in the states of
Maranhao and Para.  ENTE is controlled by Alupar Investimentos
S.A., which has 50.01% of ENTE's voting and total capital.  The
other major shareholder is Companhia Energetica de Minas Gerais
with 49.99% of ENTE's voting and total capital.  In 2009, ENTE
posted consolidated net sales of BRL 124 million (US$62 million)
and EBITDA of BRL115 million (US$57 million).


MARFRIG ALIMENTOS: S&P Affirms 'B+' Global Scale Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed the 'B+'
global scale and 'brBBB+' national scale ratings on Brazil-based
food producer Marfrig Alimentos S.A.  The outlook is stable.

"S&P believes Marfrig has limited capacity to reduce debt levels,
even though recent acquisitions have improved the company's
business profile," said Standard & Poor's credit analyst Flavia
Bedran.  Marfrig's improved asset portfolio and geographic
diversification should bring more stable cash flow generation, but
the company's deleveraging may be lengthy because of the lower
EBITDA contribution of acquired businesses coupled with
unfavorable market fundamentals in some countries where Marfrig
operates, such as Argentina and Uruguay.

The ratings on Marfrig reflect the company's highly leveraged
financial profile, which is a result of several acquisitions in
the past few years, as well as potential margin volatility because
of the exposure to global commodity prices, and still-limited
benefits from its stronger business portfolio.

S&P assess Marfrig's business profile as fair because of its well-
diversified portfolio that includes protein, industrialized
processed food, and food distribution; its efficient distribution
network in Brazil and in operations abroad; the economies of scale
in cattle and grain sourcing, and large retail chain negotiations;
and the maintenance of adequate liquidity to cushion against
market volatility.  S&P believes that favorable demand
fundamentals, mostly in Brazil, will allow the company to pass on
the increased cost of raw materials to clients, which occurred
recently with the hike in cattle and grain prices.  However,
Marfrig might face problems integrating Keystone's operations and
merging the expected benefits of its asset portfolio.
Consolidated EBITDA margin is expected to be lower than the
historical average (projected at 6%-7%), given Keystone's
traditionally lower margin businesses, although Keystone's more
predictable and consistent cash flow somewhat offsets the high
volatility of commodity-type fresh meat sales.

As Marfrig integrates its assets and increases the utilization
capacity of its plants, it should face some working capital needs,
which, combined with high capital expenditure and sizable interest
payments, should lead to negative free operating cash flow this
year, limiting capacity to significantly reduce its leverage
parameters.  S&P expects adjusted debt to EBITDA to improve very
gradually from S&P's projection of about 6.7x by December 2011.

S&P views Marfrig's liquidity as adequate.  Cash reserves
accounted for Brazilian reais (BRL)5.3 billion as of Sept. 30,
2010, out of which BRL1.52 billion was disbursed in fourth-quarter
2010 to pay down Keystone's acquisition.  Total adjusted debt
amounted to BRL12 billion in Sept. 2010, from which BRL2.2 billion
matures in the short term.  According to S&P's criteria, S&P
adjust the company's debt to include the BRL2.5 billion
convertible debentures issued to fund Keystone's acquisition,
renegotiated taxes, discounted trade receivables, and operating
leases.  S&P considers Marfrig to have some refinancing risks to
roll over short-term debt (mainly export finance operations) at
the same time it invests in working capital to increase the
capacity of slaughtering plants and to integrate acquired assets.
However, S&P views the company's access to equity and credit
markets, and long-term relationship with banks as positive, which
has enabled it to refinance loans and gradually extend its debt
profile.  S&P expects free operating cash flow to remain negative
in 2011, given the company's sizable capital expenditure and
working capital needs.  Financial covenants are calculated based
on balance sheet debt and are very comfortable.

The stable outlook reflects S&P's expectation that Marfrig will
deliver more stable cash flows with higher participation of
branded products and distribution services in consolidated
revenues.  S&P also believe that positive growth fundamentals in
most markets in which it is present will allow Marfrig to
gradually increase cash generation to help it deleverage.  S&P
could raise the ratings if the company reduces adjusted leveraged
ratios, including a total adjusted debt to EBITDA consistently
below 6x coupled with maintaining adequate liquidity.  If the
company lags deleveraging because of additional debt to fund
further acquisitions or if unfavorable market conditions occur,
including higher raw material prices that would hurt operating
margins or weaken liquidity, S&P could lower the ratings.


SUL AMERICA: S&P Affirms 'BB-' Senior Unsecured Debt Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its long-
term counterparty credit rating on holding company Sul America
S.A. and its 'BB-' senior unsecured debt rating on the company's
senior notes.  S&P also affirmed the rating on subsidiary Sul
America Companhia Nacional de Seguros at 'BB+'.  At the same time,
S&P revised the outlook on both companies to positive from stable.

"The outlook revision reflects S&P's view that the company's
strong franchise and its established relationship with brokers--
Sul America has the largest brokerage network in the country--will
help the group sustain its relevant competitive position in the
local market and continue to post good profitability in its core
business lines," said Standard & Poor's credit analyst Ricardo
Brito.

The counterparty credit rating on Sul America is based on the
stiff competition for insurance companies in Brazil and the
difficulties to sustain its market share in the auto insurance
segment after the termination of its bancassurance agreement,
where an insurance company uses a bank sales channel to sell
products, with Banco do Brasil.  The company's significant
position in the country's health and auto insurance markets as
well as its good operating performance, which S&P views as a
rating strength, support the ratings.  In addition, the company
has sound capitalization and good cash position, which makes it,
in S&P's opinion, well placed for consolidation opportunities in
the Brazilian insurance market.

Sul America is the largest independent insurance company in
Brazil, holding a strong position in number of policies issued and
more than 6.7 million clients.  The company is among the three
largest insurers in health and auto insurance segments.  These two
segments represent more than 87% of the company's total premiums.

Sul America's operating performance continues to be satisfactory,
and for the first nine months of 2010, Sul America reported gross
premiums written of Brazilian reais (BRL)6.2 billion and recurring
profit of BRL268 million, which correspondents to a good return on
revenues of 10.2% in the same period.

The positive outlook indicates that S&P may raise the ratings if
Sul America maintains its satisfactory financial performance
despite facing more challenging competition over the next 12
months.  In particular, S&P is looking to see if the company
preserves its auto insurance business by keeping its competitive
position in that market, and maintaining its adherence to
underwriting policies to keep its adequate operating performance.


TAM SA: Fitch Maintains Issuer Default Rating at 'B+'
-----------------------------------------------------
Fitch Ratings maintains the Rating Watch Positive on TAM S.A.'s
ratings:

  -- Foreign currency Issuer Default Rating 'B+';
  -- Local currency IDR at 'B+';
  -- Long-term national scale rating at 'BBB+(bra)'.
  -- US$300 million senior unsecured note due to 2020 at 'B+/RR4';
  -- US$300 million senior unsecured note due 2017 at 'B+/RR4';
  -- BRL500 million debentures issuance due 2012 at 'BBB+(bra)'.

On Aug. 16, 2010, Fitch placed TAM's ratings on Rating Watch
Positive and LAN's 'BBB' IDR on Rating Watch Negative.  These
rating actions followed the announcement by TAM and LAN that they
had reached an agreement to combine their holdings under a single
parent entity.  The Rating Watch Positive on TAM's ratings
reflects the view that the combined credit profile of the two
companies would be stronger than TAM's current credit profile.

The merger of the two airlines has been delayed by anti-trust
authorities.  The ratings of TAM remain on Rating Watch Positive
to reflect the possibility the transaction will ultimately be
approved, and that the transaction, if approved would benefit
TAM's creditors.

TAM's 'B+' and 'BBB+ (bra)' ratings reflect the company's high
leverage and volatile cash flow generation during the last few
years.  They factor in the company's solid liquidity position and
its strong market presence in the domestic air-passenger
transportation sector, with a market share of approximately 42%.
TAM's ratings also factors in the company's solid market position
as the sole Brazilian airline operator in long-haul routes to
Europe and the U.S., which is strengthened by several code share
agreements.

Industry-related risks such as fuel cost volatility, high
operating leverage, and cyclicality are factored into the ratings,
as is the company's high degree of sensitivity to changes in the
macroeconomic scenario.

TAM is expected to continue to benefit from positive traffic
trends in Brazil's domestic and international markets.  With the
Brazilian economy growing 6.5% during 2010, the total number of
transported passengers (arrivals and departures) in Brazil's
domestic and international segments were 138 million and 16
million, respectively, representing increases of 20.35% and 21.17%
over the levels reached in 2009.  The company's revenue for the
LTM September 2010 was BRL10.7 billion (US$6.3 billion), an
increase of 4% over the company's revenue for the latest 12 months
ended September 2009 of BRL10.3 billion (US$5.9 billion).  TAM
ended up September 2010 with a fleet of 148 aircrafts, 72 of which
were under operating leases.

Considering that the Brazilian economy is expected to grow by 4.5%
during 2011, Fitch expects demand in the domestic and
international markets to increase in the 12%-15% range during
2011, which is in line with expected increases in TAM's capacity
of between 10% and 14% in the domestic market and by about 10% in
the international segments.  Yields are expected to remain
relatively flat during 2011, pressured by increasing competition
primarily from small players.

TAM's net leverage is expected to decline by the end of fiscal
year 2010 as the company continues to improve its cash flow
generation, measured by EBITDAR and reduce moderately its level of
total adjusted debt.  During 2009 and the LTM period ended
September 2010, TAM generated BRL 1.4 billion and BRL1.6 billion
of EBITDAR, respectively.  These EBITDAR levels represented
EBITDAR margins of 14.3% and 14.6%.  Further improvement in cash
flow generation is expected, with EBITDAR margin around 15% for
full year 2010.

TAM's on balance sheet debt was BRL7.7 billion at the end of
September.  Lease expenses for the LTM ended Sept. 30, 2010 were
BRL445 million, resulting in an off balance sheet debt adjustment
of BRL3.1 billion.  This gives TAM a total debt adjusted for
operating leases of BRL10.8 billion, which is moderately lower
than the company's total adjusted debt at the end of 2009 (BRL11.2
billion).  This level of debt compares with a cash and marketable
securities balance of BRL2.2 billion, resulting in an adjusted net
debt-to-EBITDAR ratio of 5.5x for the LTM ended Sept. 30, 2010.
This ratio compares favorably with the company's net leverage for
2009 of 6.5x.


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


JAMAICA PUBLIC SERVICE: Secures US$60-Million Loan From PROPARCO
----------------------------------------------------------------
RadioJamaica reports that the Jamaica Public Service Company (JPS)
has received a US$60 million loan from the French financing
institution, PROPARCO.  The report relates that the loan agreement
was signed on Feb. 24, 2011.

The money will go towards JPSCO' renewable energy projects and
initiatives to reduce electricity theft, according to
RadioJamaica.

The report notes that the loan will be repaid over 10 years, in
semi-annual installments.

RadioJamaica says that JPSCO has been given up to one year to
access the loan funds, and repayment will begin a year after.

JPSCO President and Chief Executive Officer Damian Obiglio said
the loan was received at very attractive rates, RadioJamaica
notes.

                             About JPSCO

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

                           *     *     *

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


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


TUBO DE PASTEJE: IUSA Has Deal to Cover Tubo-Cambridge Lee Plans
----------------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
Industrias Unidas SA, a Mexico City-based manufacturer of copper
and electrical products, said it has an agreement in principle
with creditors for a US$371 million debt swap.

According to Mr. Rochelle, the bankruptcy court on Feb. 22
extended the exclusive rights of IUSA units Tubo de Pasteje SA and
Cambridge-Lee Holdings Inc. to propose a Chapter 11 plan until
March 7.

In requesting the exclusivity extension, the companies said there
exists a "term sheet outlining the terms of a consensual
restructuring."  Tubo said it hoped the plan would be filed in the
"near term."

Holders of US$200 million in 11.5% senior notes due 2016 are to
receive new secured notes, according to the statement.

                       About Tubo de Pasteje

Tubo de Pasteje SA and subsidiary Cambridge-Lee Holdings Inc.
filed Chapter 11 petitions (Bankr. D. Del. Case No. 09-14353) on
Dec. 7, 2009 following a Nov. 15 payment default on US$200 million
in 11.5% senior notes due 2016.  Tubo and its subsidiary sought
bankruptcy protection when the 30-day grace period was nearing its
end.

Tubo is a subsidiary of Mexico City-based Industrias Unidas SA de
CV, a manufacturer of copper and electrical products.  The
U.S. subsidiary Cambridge-Lee is based in Reading, Pennsylvania.
IUSA is the issuer of the notes which were secured by a pledge of
Cambridge-Lee stock.


VITRO SAB: Wins Delay of Bankruptcy Hearing for Mediation
---------------------------------------------------------
David McLaughlin at Bloomberg News reports that Vitro, S.A.B. de
C.V. won a court delay to allow mediation to take place with
bondholders seeking to force U.S. units of the Mexican glassmaker
into bankruptcy.

U.S. Bankruptcy Judge Russell Nelms in Fort Worth, Texas, granted
a request by Vitro SAB to postpone a hearing on creditors'
involuntary bankruptcy petition against the subsidiaries,
according to Bloomberg.  The report relates that the company asked
for the delay so it can mediate with creditors.

Judge Nelms has put off the hearing until March 31.

Bloomberg notes that the postponement comes as Vitro SAB is
battling hedge funds over its default, grappling with litigation
in Texas, New York and Mexico.

Vitro stopped making interest payments on its notes in February
2009, according to a court filing, Bloomberg recounts.

Bloomberg says that the company couldn't negotiate a restructuring
deal with bondholders, a group of which filed the involuntary case
against the U.S. units in November.  Its effort to pursue a
restructuring plan through a Mexican proceeding failed after a
judge dismissed the proposal, Bloomberg relates.

The report notes that creditors, including hedge funds Elliott
Management Corp. and Davidson Kempner Capital Management LLC,
opposed delaying the hearing on the involuntary bankruptcy
petition.

Bloomberg discloses that John Cunningham, a lawyer for a group
that says it holds more than US$700 million in notes, told Judge
Nelms that a delay hurts creditors that haven't been paid on their
debt for more than two years.  There is "no prospect for a quick
resolution and settlement," Bloomberg quotes Mr. Cunningham as
saying.

                          About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and is now seeking to
restructure around US$1.5 billion in debt, including US$1.2
billion in notes.

Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.
The offer was to expire December 7.

Noteholders who oppose the exchange, namely Knighthead Master
Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P. -- which hold US$75 million, or approximately 6% of the
outstanding bond debt -- commenced involuntary bankruptcy cases
under Chapter 11 of the U.S. Bankruptcy Code against Vitro Asset
Corp. (Bankr. N.D. Tex. Case No. 10-47470) and nine other
affiliates on November 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
Counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

Vitro SAB on December 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, thereby commencing
its voluntary concurso mercantil proceedings.  Vitro SAB believes
that, as a result of the implementation of the Concurso Plan
through the Mexican Proceeding, the holders of the Restructured
Debt will recover 68% to 75% of the face value of their respective
claims.

Vitro SAB also commenced parallel proceedings under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in
Manhattan on December 13, 2010, to seek U.S. recognition and
deference to its bankruptcy proceedings in Mexico.

Alejandro Francisco Sanchez-Mujica, as foreign representative of
Vitro, has asked the U.S. Bankruptcy Court to enter an order
recognizing the Mexican Proceeding as "foreign main proceeding"
pursuant to 11 U.S.C. Sections 1515 and 1517.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.


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


DOE RUN PERU: Renco Grp Offers US$50MM for Environment Clean-Up
---------------------------------------------------------------
Alex Emery at Bloomberg News reports that Doe Run Peru said parent
company Renco Group Inc. offered to lend its unit up to US$50
million to finance an environmental cleanup.

The loan offer is "contingent" on the restart of negotiations with
the Peruvian government, including agreeing on a plan to
restructure the company's debt, Doe Run Peru said in an e-mailed
statement obtained by Bloomberg.

As reported in the Troubled Company Reporter-Latin America on
July 29, 2010, Bloomberg News said that Doe Run Peru failed to
reopen its smelter by a government-set deadline of July 27, 2010.
A separate TCR-LA report on July 27, 2010, related that Reuters
said Peru's mining ministry said that Doe Run Peru 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.
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.

                           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 rating at "D-" and Fitch Ratings' individual
rating at "D".


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


CRYSTALLEX INT'L: Seeks Arbitration of Dispute vs. Venezuela
------------------------------------------------------------
Crystallex International Corporation announced that it has filed a
Request for Arbitration before the Additional Facility of the
World Bank's International Centre for Settlement of Investment
Disputes against the Bolivarian Republic of Venezuela pursuant to
the Agreement between the Government of Canada and the Government
of the Republic of Venezuela for the Promotion and Protection of
Investments.

The arbitration has been commenced following the failure of the
Venezuelan Government to propose any resolution to the dispute
notified by Crystallex on Nov. 24, 2008 and the subsequent
unlawful termination on Feb. 3, 2011, of the Mine Operation
Contract it had entered into with Corporacion Venezolana de
Guayana.  The claim is for breach of the Treaty's protections
against expropriation, unfair and inequitable treatment and
discrimination.

Crystallex seeks the restitution by Venezuela of Crystallex's
investments, including the MOC, and the issuance of the Permit and
compensation for interim losses suffered, or, alternatively full
compensation for the value of its investment in an amount in
excess of US$3.8 billion.

                  About Crystallex International

Based in Toronto, Canada, Crystallex International Corporation
(TSX: KRY) (NYSE Amex: KRY) -- http://www.crystallex.com/-- is a
Canadian-based company, which has been granted the Mine Operating
Contract to develop and operate the Las Cristinas gold properties
located in Bolivar State, Venezuela.

The Company's balance sheet at Sept. 30, 2010, showed US$63.62
million in total assets, US$108.10 million in total liabilities,
and a stockholders' deficit of US$44.48 million.

"As at Sept. 30, 2010, the Company had working capital of US$12.50
million, including cash of US$21.47 million.  Management estimates
that these funds will be sufficient to meet the Company's
obligations and budgeted expenditures for the foreseeable future,
but will not be sufficient to repay the US$100.00 million notes
payable due on December 23, 2011."


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


* S&P Updates Annual Study of Sovereign Defaults
------------------------------------------------
Standard & Poor's Ratings Services' sovereign ratings have been
effective indicators of default risk of governments worldwide on
relative and absolute bases, according to the latest annual study
on the performance and default rates of its global sovereign
ratings, published Feb. 23.  The study, titled "Sovereign Defaults
And Rating Transition Data, 2010 Update," shows that since 1975,
on average only 1.0% of investment-grade sovereigns (those rated
'BBB-' and above) have defaulted on their foreign-currency
obligations within 15 years compared with 28.6% of those in the
speculative-grade category.

"Default rates rise as sovereign ratings decline across time
horizons," said John Chambers, chairman of Standard & Poor's
sovereign rating committee.

"For example, since 1975, the average 15-year cumulative default
rates for sovereign foreign-currency ratings are zero for the
'AAA', 'AA', and 'A' categories and 5.6%, 17.5%, and 42.8% for the
'BBB' through 'B' categories."

Jamaica was the only rated sovereign to default in 2010.  Standard
& Poor's revised its ratings on Jamaica to 'SD' (selective
default) from 'CCC' on Jan. 14, 2010, following its announced
exchange for foreign-currency and local-currency government debt
governed under domestic law.  After its debt restructuring, S&P
assigned 'B-' sovereign ratings to Jamaica on Feb. 24, 2010.

The study uses transition matrices, Lorenz curves, and cumulative
default statistics to examine the correlation between Standard &
Poor's sovereign ratings and actual sovereign defaults.  The study
also concludes that:

   -- Sovereign ratings have been more stable at higher rating
      levels.

   -- Over the last 15 years, SY&P has raised more foreign-
      currency sovereign credit ratings than S&P has lowered,
      though downgrades far outnumbered upgrades in 2008 and 2009,
      and the ratio of negative to positive rating outlooks
      suggest they could again in 2011.

   -- Sovereign ratings are no more volatile than other credit
      ratings; large rating movements in either direction are the
      exception and not the rule, even over several years.

   -- The relative rank ordering of sovereign ratings is
      consistent.

   -- The sovereign rating default experience is in line with
      reference default rates proposed under the Basel II
      guidelines, even though default rates for individual years
      vary widely.

The article tracks the incidence of default and rating changes for
sovereign governments between 1975 and 2010. First published in
March 1999 and updated annually, the report includes rating data
on the 126 sovereigns Standard & Poor's rated at year-end 2010. It
also includes data on the autocorrelation of rating actions.


* BOND PRICING: For the Week February 21, to February 26, 2011
--------------------------------------------------------------

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


ARGENTINA
---------

ARGENT- DIS             5.83   12/31/2033    ARS            165.8
ARGENT-PAR              1.18   12/31/2038    ARS             62.5
ARGENT-DIS             7.82   12/31/2033    EUR              70.25
ARGENT-DIS             7.82   12/31/2033    EUR              72
ARGENT-DIS             4.33   12/31/2033    JPY              42
ARGENT-PAR&GDP         0.45   12/31/2038    JPY               8
BODEN 2014                 2   9/30/2014     ARS            162
BOGAR 2018                 2   2/4/2018      ARS            151


CAYMAN ISLAND
-------------

BANCO BPI (CI)          4.15   11/14/2035    EUR           49.121
BANIF FIN LTD              3   12/31/2019    EUR            18.75
BCP FINANCE BANK        5.01   3/31/2024     EUR           56.783
BCP FINANCE BANK        5.31   12/10/2023    EUR           59.599
BCP FINANCE CO         5.543                 EUR         59.83186
BCP FINANCE CO         4.239                 EUR               58
BES FINANCE LTD        5.772   2/7/2035      EUR         58.15221
BES FINANCE LTD         5.58                 EUR         61.01657
BES FINANCE LTD          4.5                 EUR         60.46845
CHINA FORESTRY          7.75   11/17/2015    USD               62
CHINA FORESTRY          7.75   11/17/2015    USD               55
DUBAI HLDNG COMM           6   2/1/2017      GBP         76.14821
EFG ORA FUNDING          1.7   10/29/2014    EUR         65.36897
ESFG INTERNATION       5.753                 EUR           59.725
IMCOPA INTL CAYM      10.375   12/16/2014    USD               38
PUBMASTER FIN          6.962   6/30/2028     GBP         53.09666
PUBMASTER FIN           8.44   6/30/2025     GBP           55.724
THPA FINANCE LTD       8.241   3/15/2028     GBP         72.93495


CHILE
-----

AGUAS NUEVAS             3.4   5/15/2012     CLP           1.0996
CGE DISTRIBUCION        3.25   12/1/2012     CLP         39.74357
ESVAL S.A.               3.8   7/15/2012     CLP         37.65094
MASISA                  4.25   10/15/2012    CLP          40.4049


VENEZUELA
---------

PETROLEOS DE VEN       12.75   2/17/2022     USD         76.51667
VENEZUELA                  7   3/31/2038     USD            55.25
VENEZUELA                  7   3/31/2038     USD         54.07785
VENEZUELA                  6   12/9/2020     USD            57.35
VENEZUELA               7.65   4/21/2025     USD             59.6
VENEZUELA               8.25   10/13/2024    USD            62.15
VENEZUELA               9.25   5/7/2028      USD            65.75
VENEZUELA               7.75   10/13/2019    USD            66.25
VENEZUELA                  9   5/7/2023      USD               67
VENEZUELA                  7   12/1/2018     USD            66.75
VENEZUELA               9.25   9/15/2027     USD         68.94757
VENEZUELA               9.25   9/15/2027     USD             71.5
VENEZUELA               5.75   2/26/2016     USD             71.1
VENZOD - 189000        9.375   1/13/2034     USD            66.25


                            ***********


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 T.
Fernandez, Valerie U. Pascual, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  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 * * *