/raid1/www/Hosts/bankrupt/TCRLA_Public/020624.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, June 24, 2002, Vol. 3, Issue 123

                           Headlines

* A R G E N T I N A *

BANCO BISEL/SUQUIA/BERSA: Administrator Reveals Sale Plans
REPSOL YPF: Solution to Legal Woes Draws Nearer

* B E R M U D A *

TYCO INTERNATIONAL: CIT Announces Redemption of Exchangeable
Shares

* B R A Z I L *

ABN AMRO: Moody's Changes Ratings Outlook to Negative
BANCO BARCLAYS: Ratings Outlook Reduced to Negative
BANCO BILBAO: Moody's Reveals Changes in Foreign Debt Outlook
BANCO BOZANO: Moody's Assigns Negative Outlook on Foreign Debt
BANCO BRADESCO: Moody's Assigns Negative Outlook to Ratings
BANCO CIDADE: Moody's Assigns Neg Outlook on Foreign Deposits
BANCO DE INVESTIMENTOS: Moody's Revises Foreign Debt Outlook
BANCO DO BRASIL: Moody's Assigns Negative Outlook on Debt Ratings
BANCO DO ESTADO: Moody's Assigns Negative Outlook on Ratings
BANCO DO NORDESTE: Moody's Announces Change in Outlook
BANCO HSBC: Moody's Lowers Outlook on Foreign Currency Ratings
BANCO ITAU: Moody's Changes Ratings Outlook to Neg. From Stable
BANCO PACTUAL: Sees Moody's Assigning Negative on Ratings Outlook
BANCO SAFRA: Moody's Announces Changes in Ratings Outlook
BANCO SANTANDER: Moody's Assigns Neg Outlook to Foreign Deposits
BANCO SUDAMERIS: Moody's Revises Outlook to Negative From Stable
BANCO VOTORANTIM: Moody's Revises Outlook to Negative From Stable
BANKBOSTON: Ratings Outlook Cut to Negative From Stable - Moody's
BNDES: Moody's Reduces Outlook on Foreign Currency Debt
CITIBANK: Moody's Changes Outlook on Ratings
LLOYDS BANK: Moody's Cuts Outlook on Foreign Currency Debt
Ratings
UNIBANCO: Moody's Cuts Ratings Outlook to Negative
VARIG: Confirm Technology Partnership With Saab for Gripen
Fighter Aircraft

* C H I L E *

COEUR D'ALENE: Implements New Investor Relations Initiative

* C O L O M B I A *

PAZ DEL RIO: Sells Assets to Cover Pension Obligations

* M E X I C O *

SATMEX: Accelerates Efforts to Stave Off Default
SATMEX: Seeks $250M Loan to Pay Off a Floating Rate Note
SATMEX: May Not Get Financial Backing From U.S. Parent


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

BANCO BISEL/SUQUIA/BERSA: Administrator Reveals Sale Plans
----------------------------------------------------------
Hector Pericoli, president of state-owned Banco de la Nacion that
now controls Banco Bisel, Banco Suquia and Nuevo Banco Bersa,
looks to sell the three formerly owned Credit Agricole units soon
as possible.

Pericoli aims to conclude the transaction by October, however,
according to the Banco Nacion head, the banks must be
"stabilized" first before any deal goes through.

"A number of private sector banks operating in Argentina have
expressed an interest" in buying the three entities, he said. The
parties concerned include cooperative banks.

State-owned Banco Nacion took over administration of Bisel,
Suquia and Bersa after French parent Credit Agricole pulled out
of Argentina last month, citing uncertainties in the country's
economic situation.

The banks, with about 6,000 employees and 355 branches, are
responsible for financing the bulk of Argentina's grain and
oilseeds industry, which accounted for US$9 billion of exports
last year, 40% of the country's total.

Credit Agricole is among the foreign banks that stopped funding
Argentine units after a run on deposits late last year that was
followed by a US$95-billion government debt default and currency
devaluation.

CONTACT:  BANCO DE ENTRE RIOS S.A. (BERSA)
          Monte Caseros 128
          Parana
          3100 Entre Rios
          Argentina
          Phone: 0343-4201200
          Fax: 0343-4213869
          Contact: Alberto Roque Ferrero, Vice-President

          BANCO BISEL S.A.
          Mitre 602 Rosario
          2000 Santa Fe
          Argentina
          Phone: 0341-4200300
          Home Page: http://www.bancobisel.com.ar/
          Contact:
          Guillermo Harteneck, President
          Jean Luc Perron, Vice President
          Bernard Brousse, Vice President

          BANCO SUQUIA S.A
          25 de Mayo 160 Cordoba
          5000 Cordoba
          Argentina
          Phone: 0351-422-2048
          Fax: 0351-420-0279
          E-mail: relacioninversores@bancosuquia.com.ar
          Home Page: http://www.bancosuquia.com.ar/
          Contact:
          Bernard Pierre Jean Brousse, Vice-President
          Nestor Jose Belgrano, Director


REPSOL YPF: Solution to Legal Woes Draws Nearer
-----------------------------------------------
Repsol YPF is close to seeing a solution to the legal problems,
which led to the suspension of production at its new methanol
plant in Plaza Huincul, Neuquen province.

Expectations were spurred by an announcement coming from Repsol
vice chairman Ramon Blanco that Argentine President Eduardo
Duhalde has pledged to find a solution to the judicial conflict.

Repsol fired up the US$160-million plant in April but operations
at the plant were halted after injunctions stopped the transport
of the methanol by rail to the port of Ensenada in Buenos Aires
province.

Mayors of towns along the train route to Ensenada are trying to
make sure that the train does not pass their towns, due to
environmental concerns.

Transport contractor Ferrosur Roca reportedly invested some US$26
million in buying necessary equipment and upgrading lines.

Repsol-YPF plans to place 100,000 tonnes/year production from the
400,000 tonnes/year Huincul plant on the domestic market and
export the rest, mainly to Brazil.

CONTACTS:  REPSOL YPF
           Alfonso Cortina De Alcocer, Chairman & CEO
           Ramon Blanco Balin, Vice Chairman
           Carmelo De Las Morenas Lopez, CFO

           Their Address:
           Paseo de la Castellana 278
           28046 Madrid, Spain
           Phone   +34 91 348 81 00
           Home Page: http://www.repsol.com
           or
           Av. Roque S enz Pe a, 777.
           C.P 1364. Buenos Aires
           Argentina


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

TYCO INTERNATIONAL: CIT Announces Redemption of Exchangeable
Shares
------------------------------------------------------------
Exchangeco Inc. announced the Board of Directors' determination
that effective July 5, 2002, the exchangeable shares of CIT
Exchangeco Inc. will be redeemed in accordance with their terms.

The CIT Group, Inc. was acquired by a subsidiary of Tyco
International Ltd. ("Tyco") in June 2001. One exchangeable share
provides economic and voting rights that are substantially
equivalent to 0.6907 of a Tyco common share. On April 25, 2002,
Tyco announced that it intended to sell its interest in CIT Group
Inc. through an initial public offering of its issued and
outstanding shares of common stock, and Tyco has subsequently
advised CIT Exchangeco Inc. that it expects to complete the
offering in early July 2002. Following the initial public
offering, Tyco and its affiliates will no longer hold any common
stock of CIT Group Inc.

3026192 Nova Scotia Company, the direct parent company of CIT
Exchangeco Inc., will exercise its call right and purchase the
exchangeable shares as of the redemption date. On the redemption
date, shareholders will be entitled to receive 0.6907 of a Tyco
common share for each exchangeable share held, cash for any
fractional share payment plus, on the designated payment date, an
amount in cash equal to any declared and unpaid dividends on the
exchangeable shares held on any dividend record date which
occurred prior to the redemption date.

CONTACT:  Yvette K. Rudich of CIT
          Tel. +1-973-597-2095,
          yvette.rudich@cit.com


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

ABN AMRO: Moody's Changes Ratings Outlook to Negative
-----------------------------------------------------
Moody's Investors Service changed the outlook of Banco ABN Amro
Real S.A.'s B2 long-term foreign currency deposit ratings to
negative from stable.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO ABN AMRO REAL S/A
Av Paulista 1374 - 3 Andar - B Vista
Sao Paulo - SP
01310-916
Phone: (+11) 3174-7195


BANCO BARCLAYS: Ratings Outlook Reduced to Negative
---------------------------------------------------
Moody's Investors Service changed the outlook of Banco Barclays
S.A.'S B2 long-term foreign currency deposits and Ba2 long-term
foreign currency debt ratings to negative from stable.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO BARCLAYS E GALICIA
S/A Av. Paulista,
1842 - 24 e 25§ Andar
Torre Norte Cerqueira
Cesar SP Sao Paulo 01310-200
Phone: +55 11 269 2700
Home Page: http://www.barclays.com


BANCO BILBAO: Moody's Reveals Changes in Foreign Debt Outlook
-------------------------------------------------------------
Moody's Investors Service revealed it changed the outlook on
Banco Bilbao Vizcaya S.A. Brazil S.A.'s B2 long-term foreign
currency deposits and Ba2 long- term foreign currency debt to
negative from stable.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO BILBAO VIZCAYA ARGENTARIA BRASIL
R Cincinato Braga 340 - 16 Andar - B Vista
Sao Paulo - SP
01333-010
Fax: (+11) 3149-3746
Phone: (+11) 3149-3718


BANCO BOZANO: Moody's Assigns Negative Outlook on Foreign Debt
--------------------------------------------------------------
Banco Bozano, Simonsen S.A. had the outlook on its Ba2 long-term
foreign currency debt assigned negative by Moody's Investors
Service.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO BOZANO SIMONSEN SA
Av Rio Branco 138 * 20057 Rio de Janiero RJ
Phone: (55 21) 508-4000
Fax: (55 21) 508-4053
Telex: 34422 BOZS BR *
SWIFT: BBSI BR RJ
Home Page: http://www.bozano.com.br
Email: mailto:info@bozano.com.br
Custody Contacts:
Rio de Janiero
Antonio Coury, Director Asset Management
Phone: (55 21) 508-4670
Rio de Janiero
Armando Almeida, Director Fixed Income
Phone: (55 21) 508-4024
New York
Luis Alberto Lobato, Director Equities
Phone: (212) 869-12345


BANCO BRADESCO: Moody's Assigns Negative Outlook to Ratings
-----------------------------------------------------------
Moody's Investors Service announced the change in outlook to
negative from stable the long-term foreign currency bank deposit
ratings of Banco Bradesco S.A..

The negative outlook has been assigned to the following ratings:

- Banco Bradesco S.A.'s B2 long-term foreign currency deposits
and Ba2 long- term foreign currency debt

- Banco Bradesco S.A. Grand Cayman Branch's Ba2 long-term foreign
currency debt

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO BRADESCO
Predio Novo - 4§ ANDAR
Cidade de Deus, S/N, Osasco,
CEP.: 06029-900 Sao Paulo, Brasil
Phone: (55-11) 3684-9229 / 9302 / 2086
Fax: (55-11) 3684-9775
Home Page: http://www.bradesco.com.br/html/banco_bradesco/
Contact:
Investor Relations
E-mail:
4260.jean@bradesco.com.br
4260.bernardo@bradesco.com.br
4260.luciano@bradesco.com.br
4260.andressa@bradesco.com.br


BANCO CIDADE: Moody's Assigns Neg Outlook on Foreign Deposits
-------------------------------------------------------------
Moody's Investors Service assigned a negative outlook on Banco
Cidade S.A.'s B2 long-term foreign currency deposits.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO CIDADE S.A
Pca Dom Jose Gaspar,
106  SP Sao Paulo 01047-010
Phone: +55 11 3150 5000
Home Page: http://www.bancocidade.com.br
Contact:
Edmundo Safdie, President
Victor M. M. and Sousa, Managing Superintendent
BANCO DO NORDESTE SA - CAMPINA GRANDE
Rua Sete de Setembro, 86 - Centro
Campina Grande/PB - CEP: 58100-030
Phone: (83) 341-1620
Fax: (83) 341-1588
Home-page: www.bancodonordeste.gov.br


BANCO DE INVESTIMENTOS: Moody's Revises Foreign Debt Outlook
------------------------------------------------------------
Banco de Investimentos CSFB S.A. had the outlook on its B2 long-
term foreign currency deposits and Ba2 long-term foreign currency
debt ratings revised to negative from stable by Moody's Investors
Service.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO INVESTIMENTOS CSFB
Av Brig Faria Lima 3064 - 13 Andar - Jd Paulistano
Sao Paulo - Sp
01451-000
Fax: (+11) 3841-6900
Phone: (+11) 3841-6000


BANCO DO BRASIL: Moody's Assigns Negative Outlook on Debt Ratings
-----------------------------------------------------------------
Moody's Investors Service revealed it changed the outlook on
Banco do Brasil S.A.'s B2 long-term foreign currency deposits and
Ba2 long-term foreign currency debt to negative from stable.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO DO BRASIL
SBS Edificio Sede III, 24th Fl.
70089-900 Brasilia, D.F., Brazil
Phone: +55-61-310-3406
Fax: +55-61-310-2563
Home Page: http://www.bb.com.br
Contact:
      Marco Geovanne Tobias da Silva, IR Manager
      Phone: 61-310-5920


BANCO DO ESTADO: Moody's Assigns Negative Outlook on Ratings
------------------------------------------------------------
Moody's Investors Service assigned a negative outlook on Banco do
Estado de Sao Paulo S.A.'s (Banespa) B2 long-term foreign
currency deposits.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANESPA (Banco do Estado de Sao Paulo S.A.)
Tucuman 821
Capital Federal
1049
Buenos Aires
Argentina
Phone: 011-4325-9533
Fax: 011-4325-9527
Home Page: http://www.banespa.com.br/
Contact:
Gabriel Jaramillo Sanint, Director-President
Elvaristo Teixeira of the Amaral, Commercial Executive Vice-
president
Aurelio Velo Vallejo, Executive vice-president of Ways and
Control


BANCO DO NORDESTE: Moody's Announces Change in Outlook
------------------------------------------------------
Moody's Investors Service announced the change in outlook to
negative from stable Banco do Nordeste S.A.'s B2 long-term
foreign currency deposits and Ba2 long-term foreign currency
debt.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.


BANCO HSBC: Moody's Lowers Outlook on Foreign Currency Ratings
--------------------------------------------------------------
Moody's Investors Service lowered the outlook of Banco HSBC S.A.'
B2 long-term foreign currency deposits ratings to negative from
stable.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

HSBC BANK BRASIL S.A. BANCO MULTIPLO
Av Brig Faria Lima 3064 - 4 Andar - Jd Paulistano
Sao Paulo - Sp
01451-000
Phone: (+11) 3847-5574
Home Page: http://www.hsbc.com.br/english/


BANCO ITAU: Moody's Changes Ratings Outlook to Neg. From Stable
---------------------------------------------------------------
Moody's Investors Service announced the change in outlook to
negative from stable the long-term foreign currency bank deposit
ratings of Banco Itau S.A..

The negative outlook has been assigned to the following ratings:

- Banco Itau S.A.'s B2 long-term foreign currency deposits

- Banco Itau S.A. Grand Cayman Branch's Ba2 long-term foreign
currency debt

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO ITAU S.A.
Rua Boa Vista, 176
01014-919 Sao Paulo, Brazil
Phone: +55-11-237-3000
Fax: +55-11-5582-1133
Home Page: http://www.itau.com.br
Contacts:
     Olavo Egydio Setubal, Chairman of the Board
     Roberto Egydio Setubal, President and CEO
     Geraldo Soares, Investor Relations Superintendent
     Praca Alfredo Egydio de Souza Aranha, 100
     Torre Concei?ao - 11§ andar
     04344-902 - Sao Paulo - SP
     Phone: +5511 5019-1549
     Fax: +5511 5019-1133


BANCO PACTUAL: Sees Moody's Assigning Negative on Ratings Outlook
-----------------------------------------------------------------
Banco Pactual S.A. saw Moody's Investors Service change the
outlook on its B2 long-term foreign currency deposits ratings to
negative from stable.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO PACTUAL S.A
Rio de Janeiro (sede)
Avenida Rep£blica do Chile, 230 - 29§ andar
CEP 20031-170 Rio de Janeiro, RJ - Brasil
Phone: (5521) 2514-9600 (5521) 2588-4900
Fax: (5521) 2514-8600

Sao Paulo
Av. Brigadeiro Faria Lima, 3729/6§ andar
CEP 04538-905 Sao Paulo SP Brasil
Tel.: (5511) 3046-2100 (5511) 3046-2000
Fax: (5511) 3046-2001
Home Page: http://www.pactual.com.br/


BANCO SAFRA: Moody's Announces Changes in Ratings Outlook
---------------------------------------------------------
Moody's Investors Service announced the change in outlook to
negative from stable the long-term foreign currency bank deposit
ratings of Banco Safra S.A..

The negative outlook has been assigned to the following ratings:

- Banco Safra S.A.: B2 long term foreign currency deposits and
Ba2 long- term foreign currency debt

- Safra Leasing S.A.: Ba2 long- term foreign currency debt

- Banco Safra Grand Cayman Branch: Ba2 long- term foreign
currency debt

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO SAFRA
Av. Paulista, 2100 - Sao Paulo
Brazil - 01310-930
Phone: (11) 3175-7575
Home Page: http://www.safra.com.br/ingles/index.asp
Contact: Carlos Alberto Vieira, President

SAFRA LEASING S/A ARRENDAMENTO MERCANTIL
Rua Amazonas, 521 - 5§ andar - cj. 51
09520-070 - Sao Caetano do Sul - SP
Phone: (11) 4224-6359
Fax: (11) 4224.5903

BANCO SAFRA (Cayman Islands) Ltd.
Georgetown, Grand Cayman
Cayman Islands
c/o Bank of Nova Scotia,
PO Box 501, George Town,
Grand Cayman, Cayman Islands
Business: +1 345 9492001
BusinessFax: +1 345 9497097


BANCO SANTANDER: Moody's Assigns Neg Outlook to Foreign Deposits
----------------------------------------------------------------
Moody's Investors Service assigned a negative outlook on Banco
Santander Meridional S.A.'s B2 long-term foreign currency
deposits.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.


BANCO SUDAMERIS: Moody's Revises Outlook to Negative From Stable
----------------------------------------------------------------
Moody's Investors Service revised the B2 long-term foreign
currency deposits and Ba2 long-term foreign currency debt ratings
outlook of Banco Sudameris S.A. to negative from stable.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO SUDAMERIS BRASIL S.A.
Casa Central
Avenida Paulista, 1000
Cep. 01310-912
Sao Paulo SP
Phone: (55)(011)3170 9899
Fax: (55) (011) 3170 1239
Home Page: http://www.sudameris.com.br/


BANCO VOTORANTIM: Moody's Revises Outlook to Negative From Stable
-----------------------------------------------------------------
Moody's Investors Service announced the change in outlook to
negative from stable Banco Votorantim S.A.'s B2 long-term foreign
currency deposits and Ba3 long-term foreign currency debt.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANCO VOTORANTIM S/A (37)
Av Roque Petroni Junior 999-16
Andar Vila Gertrudes
Sao Paulo SP
04707-910
Fax: (+11) 5185-1900
Phone: (+11) 5185-1700


BANKBOSTON: Ratings Outlook Cut to Negative From Stable - Moody's
-----------------------------------------------------------------
Moody's Investors Service lowered its outlook on BankBoston's
long-term foreign currency bank deposit ratings to negative from
stable.

The negative outlook has been assigned to the following ratings:

- BankBoston Banco Multiplo S.A.: B2 long-term foreign currency
deposits and Ba2 long-term foreign currency debt

- BankBoston N.A.: B2 long-term foreign currency deposits

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BANKBOSTON BANCO MULTIPLO S.A.
R Libero Badaro 487 - 5 and -Centro
Sao Paulo SP
01009-000
Fax: (+111) 3118-5528
Phone: (+11) 3118-5327(+11) 3118-5757

BANKBOSTON NA
Rua Libero Badaro 633 * 3rd Floor * Sao Paulo
Phone: (55 11) 3118-5123
Fax: (55 11) 3118-5043
Telex: 22285 FNBB BR * SWIFT: FNBB BR SP AICS
Home Page: http://www.bankboston.com
Email:mailto:slemosbriones@bkb.com

Custody Contacts:
Sao Paulo
Jose Carlos Doherty, Associate Director
Phone: (55 11) 3118-6452
Sao Paulo
Elaine Didimo, Product Manager
Phone: (55 11) 3118-5146
Boston
Lisa M Linker, Director
Phone: (781) 320-7321
Boston
Sebastian Lemos, Regional Product Manager
Phone: (781) 320-7327


BNDES: Moody's Reduces Outlook on Foreign Currency Debt
-------------------------------------------------------
Banco de Desenvolvimento Econ"mico e Social S.A, or BNDES, saw
Moody's Investors Service downgrade the outlook on its B2 long-
term foreign currency deposits and B1 long-term foreign currency
debt to negative from stable.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

BNDES (Banco Nacional de Desenvolvimento Economico e Social)
Main Office
Av. Republica do Chile,
100 Rio de Janeiro - RJ
Phone: (021) 2277-7447/6978
Home Page: http://www.bndes.gov.br/english/welcome.htm
Contacts: Enterprise Information Center
          Main Office
          Av. Republica do Chile,
          100 - 13§ andar - Sala 1301
          Tel.: (21)2277-8888
          Fax: (21) 2220-2615
          Email: contact@bndes.gov.br


CITIBANK: Moody's Changes Outlook on Ratings
--------------------------------------------
Moody's Investors Service changed the outlook on Citibank's long-
term foreign currency deposit ratings to negative from stable.

The negative outlook has been assigned to the following ratings:

- Banco Citibank S.A.: B2 long term foreign currency deposits and
Ba2 long-term foreign currency debt

- Citibank N.A.: B2 long-term foreign currency deposits

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

CITIBANK
Avenida Paulista, 1111
13th floor - room 5
Sao Paulo 01311- 920
Brazil
Home Page: http://www.citibank.com.br
Contact:
     Fernando Tafner
     Phone: 55-11-5576-2004
     E-mail: fernando.tafner@citicorp.com

BANCO CITIBANK
Av Paulista 1111 - 11 Andar - B Vista
Sao Paulo - SP
01311-920
Fax: (+11) 5576-1291
Phone: (+11) 5546-1201

LLOYDS BANK: Moody's Cuts Outlook on Foreign Currency Debt
Ratings
----------------------------------------------------------
Moody's Investors Service cut the outlook of Lloyds Bank TSB's
(Brasil) B2 long-term foreign currency deposits and Ba2 long-term
foreign currency debt ratings to negative from stable.

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

LLOYDS TSB BANK PLC (230)
Av. Jurubatuba 73-7 Andar - VL Cordeiro
Sao Paulo
04583-100
Fax: (+11) 5504-6447
Phone: (+0) 375-5322
       (+0) 375-5322
       (+0) 375-5322
       (+0) 375-5322
       (+0) 375-5322
       (+0) 375-5322
       (+0) 375-5322
       (+0) 375-5322


UNIBANCO: Moody's Cuts Ratings Outlook to Negative
--------------------------------------------------
Moody's Investors Service announced the change in outlook to
negative from stable the long-term foreign currency bank deposit
ratings of Unibanco.

The negative outlook has been assigned to the following ratings:

- Unibanco - Uniao de Bancos Brasileiros S.A.: B2 long term
foreign currency deposits and Ba2 long- term foreign currency
debt

- Unibanco Leasing S.A.: Ba2 long- term foreign currency debt

- Unibanco S.A. Grand Cayman Branch: Ba2 long- term foreign
currency debt

This action follows the negative outlook that Moody's has placed
on Brazil's B1 foreign currency country ceiling for bond and
notes as well as on the B2 foreign currency country ceiling for
bank deposits amid negative investor sentiment. The outlook on
the B1 local currency government bond rating was also changed to
negative from stable.

In a statement, Moody's said the change in outlook reflects the
real and potentially lasting impact on the government debt
dynamics that can result from a sharply negative change in
investor sentiment that has emerged in recent weeks.

"The discernible shift in sentiment has resulted in deterioration
in the capacity of Brazilian borrowers, including the government,
to access financial markets except on less favorable terms," it
said.

CONTACT:

UNIBANCO-UNIAO DE BANCOS RASILIEROS S.A.
Av. Eusebio Matoso 891, 15th Floor
Sao Paulo 05423, Brazil
Phone: +55-11-3097-1313
           +55-11-3097-4050
Fax: +55-11-3813-6182
Home Page: http://www.unibanco.com/
Contacts:
Geraldo Travaglia, CFO and Executive Director
Julia Reid, Investor Relations Associate Director
E-mail: investor.relations@unibanco.com.br

UNIBANCO LEASING
R. Direita, 250 14§ andar.
Se - Sao Paulo -
SP - 01002-000
Phone: (11) 3097-1316

UNIBANCO LEASING S/A ARRENDAMENTO MERCANTIL
Alameda Rio Negro, 433 - 6§ andar
06454-000 - Barueri - SP
Phone: (11) 4195.6088 - 4195.1933
Fax: (11) 4195.3689

UNIBANCO
Grand Cayman Branch
The Bank of Nova Scotia, Trust Company (Cayman) Ltd.
P.O. Box 501 Cardinal Avenue
Grand Cayman
Tel: 1-242-394-5940
Tel: 1-242-394-8180


VARIG: Confirm Technology Partnership With Saab for Gripen
Fighter Aircraft
----------------------------------------------------------
Meeting in Sao Paulo, Ozires Silva, Evandro Oliveira and Bengt
Halse, the presidents of VARIG, VEM -- VARIG Engenharia e
Manutencao, and SAAB AB, respectively reaffirm their partnership
in the development of projects in the areas of logistic support
and transfer of technology, as part of an industrial cooperation
program (offset) required by the Brazilian government in the bid
for the acquisition of a new fleet of fighter jets (F-X BR
Project) for the Brazilian Air Force. VEM S/A is a subsidiary of
VARIG that specializes in the area of aeronautical engineering
and maintenance for commercial, corporate and military aircraft.
It employs around 4,000 highly-qualified engineers and
technicians and is expected to achieve sales of U.S. $200 million
in 2002.

The Swedish company, SAAB AB, and the English company, BAE
SYSTEMS equally own Gripen International, which intends to be the
supplier of the Gripen fighter jets to the Brazilian Air Force
and which appointed VEM as its strategic partner in Brazil to
provide logistics support. According to the president of VEM,
Evandro Oliveira, "the partnership between VEM and Gripen
International is part of VEM's strategic proposition to position
itself in the military aviation market, as a Brazilian
alternative to the Brazilian Air Force for the support,
maintenance and development of military aircraft in Brazil, able
to contribute to the success of the current programs to renew the
fleet of the Brazilian Air Force."

The choice of Gripen to supply the new fighters to the Brazilian
Air Force will enable the creation of the Gripen Technology
Center in Brazil, in partnership with and operated by VEM, which
will comprise a fully comprehensive systems development center,
to not only ensure Brazil's self-sufficiency, but also the
continuous improvement of the support to the operational capacity
of the fleet of aircraft. The Center could also be expanded to
include simulators for training, both for pilots and for
qualifying teams of instructors.

For the president of VARIG, Ozires Silva, "VEM's participation in
military programs forms part of VARIG's strategy to seek
additional income for the Group in areas in which it has highly
skilled technical capabilities.

Today in Brazil, only VEM has the installed technical capacity to
provide the operational/maintenance support for the F-X BR
fighters." Furthermore, according to the president of VARIG, "our
partnership with Gripen comprises the perfect association between
the only fourth-generation aircraft in the Bid and the most
advanced aeronautical maintenance complex in the Southern
Hemisphere, capable of providing support to latest generation
aircraft."

The president of SAAB AB, Mr. Bengt Halse stated that "this
cooperation initiative between VARIG and Gripen will assure the
Brazilian Air Force of the best and most advanced support when
the new Gripen fighter aircraft go into operation and our
preparation has already begun. Our expectations are for this to
be the start of a new phase in further increasing the relations
between Brazil, the United Kingdom and Sweden."

SAAB AB is one of the world's leading high technology companies,
with its main operations focusing on defense, aviation and space.
The SAAB group has over 14,000 employees and average annual sales
of approximately US$ 1.6 billion.

CONTACTS:  GRIPEN INTERNACIONAL
           Owe Wagermark, Vice-Presidente Senior de Comunicacoes
           Phone.: +46 13 18 4014
           Cell phone: +46 70 889 60 00
           Fax.: +46 13 18 0055
           Email: owe.wagermark@gripen.com

           VEM - VARIG ENGENHARIA E MANUTENCAO
           Lucio Ricardo - Gerencia de Imprensa
           Tel.: (21) 3814-5474
           Fax.: (21) 3814-5714
           Email: paulo.fonseca@varig.com


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

COEUR D'ALENE: Implements New Investor Relations Initiative
-----------------------------------------------------------
Coeur d'Alene Mines Corporation announced Thursday the
appointment of Mitchell J. Krebs to the position of Director of
Corporate Development.

Mr. Krebs' primary responsibility will be to oversee Coeur's new
investor relations program. He will also be responsible for
overseeing the Company's relationship with Makovsky & Company, a
leading global business communications and investor relations
consulting firm headquartered in New York, NY.

Dennis E. Wheeler, Coeur's Chairman, President and Chief
Executive Officer, commented, "Mitchell has been with Coeur since
1995, and has been intimately involved in the development and
execution of Coeur's strategy over that period of time. Since
returning to Coeur after earning his Masters in Business
Administration from Harvard University in 1999, Mitchell has
played key roles in several initiatives, including a major role
in our recent debt restructuring and capital raising efforts.
Also joining our new IR team will be Heather Turner, who
currently spearheads Coeur's community relations efforts and has
been with Coeur since 1996."

Mr. Wheeler also commented, "We are enthusiastic about our new
relationship with Makovsky & Company, and look forward to
benefiting from their expertise and creativity as we implement
this new approach to communicating Coeur's exciting story. Not
only will this approach be cost-effective, but we are confident
it will lead to close, collaborative relationships with existing
and prospective shareholders, local and national media, and the
research analyst community."

Coeur d'Alene Mines Corporation is the country's largest silver
producer, as well as a significant producer of gold. The Company
has mining interests in Nevada, Idaho, Alaska, Argentina, Chile
and Bolivia.

To see financial statements:
http://bankrupt.com/misc/Coeur_d::Alene.txt

CONTACT:  Coeur d'Alene Mines Corporation
          Mitchell J. Krebs
          Phone: 208/769-8155


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

PAZ DEL RIO: Sells Assets to Cover Pension Obligations
------------------------------------------------------
Despite the fact that it registered net profits for the first
time in seven years in March (US$200,000) and April (US$408,000),
Colombian steelmaker Acerias Paz del Rio still went ahead with
the sale of some of its assets.

According to a report by Business News Americas, the Company sold
four plots of land in Boyaca department, in the central area of
the country where the Company is based.

"The sale of these forest areas was a managerial decision aimed
at getting rid of some non-operating assets. These correspond to
around 398ha of pinewoods ripe for felling and re-planting. But
we need immediate cash resources for our pension funds," company
president, Enrique Tobo, said.

Paz del Rio cut its operating loss from US$5million in the first
quarter of 2001 to US$2.5 million last quarter, reflecting the
Company's improved position, Tobo said.

The Company is expecting to complete its industrial re-conversion
plan over a 10-month period, increasing production by 50,000t/y,
Tobo added.

"But in the meantime, we have had to resort to selling assets and
stock, for example, the shares we had in Cementos Paz del Rio and
in those forestry assets, and with that money pay for high
priority labor expenses, like pension funds," he said. With the
increased output, Paz del Rio will be able to tackle markets
other than those of central Colombia.

CONTACT:  ACERIAS PAZ DEL RIO S.A.
          Carrera 8 # 13-31, Pisos 7 al 11
          Bogota, D.C.
          Phone: (091) 282-8111
          Fax: (091) 282-6268 282-3480
          E-mail: apdr@multi.net.co


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

SATMEX: Accelerates Efforts to Stave Off Default
------------------------------------------------
Satelites Mexicanos SA (Satmex), a unit of U.S. satellite
communications company Loral Space & Communications Ltd.,
heightened its efforts to avoid defaulting on its US$556-million
debt. According to a Bloomberg report, the unit is sacking
employees, slashing spending and stepping up collection on past-
due accounts.

Satelites Mexicanos SA's 10 1/8 percent bond due November 2004 is
trading at 56 U.S. cents amid little activity, according to
pricing at Bear, Stearns & Co., signaling investor concern the
unit will miss payments.

"There's no doubt the risk of default has increased significantly
in the last 10 months," said Denis Parisien, a debt analyst with
Standard Asset Management in Miami.

Analysts are expecting Satmex's earnings before interest, taxes,
depreciation and amortization, to plunge as much as 40% to $50
million this year after the Company lost its biggest customer,
which accounted for 19% of sales, in March.

To offset falling profit, Satmex reduced its workforce by 10%,
began pressuring deadbeat customers to pay up quicker and will
cut administration costs by about a quarter, Satmex Chief
Financial Officer Cynthia Pelini said.

Roberto Sanchez-Dahl, who helps manage about US$12 million of
Satmex bonds at Federated Global Research Corp. in New York, said
he's confident the Company won't default.

"It was expected that during 2002 they would hit a trough," he
said. "But, there's no reason why they shouldn't" keep making
payments.

CONTACT:  SATMEX
          Blvd. Manuel Avila Camacho 40
          piso 24 Col. Lomas de Chapultepec
          Mexico, D.F. 11000 M,xico
          Phone (Mexico): 5201-0898
          Toll free:  01-800-800-7286
          From other states in Mexico: (55) 52-01-08-98
          Toll free (USA): 1-877-728-63-91 (1-877-SATMEX1)
          From the USA to Mexico City: (52) (55) 52-01-08-98


SATMEX: Seeks $250M Loan to Pay Off a Floating Rate Note
--------------------------------------------------------
Satelites Mexicanos SA (Satmex), which recently saw its foreign
and local currency corporate credit ratings cut to "B" from "B+"
by Standard & Poor's (S&P), is negotiating with a U.S.-based bank
to obtain a loan that would repay a floating rate note.

Satmex's debt, which includes US$320 million for the 10 1/8
percent bond and a floating rate note for US$236 million due in
June 2004 is now five levels below investment grade following the
downgrade, which was prompted by the Company's slumping profits.

Satmex is negotiating with the U.S. Export-Import Bank to obtain
a US$250-million loan that would repay the floating rate note,
which would help extend the maturity of its debt and lower
interest expenses, analysts and investors said.

Satmex's ability to make debt payments depends on the successful
launch of a new satellite in the first quarter of 2003. The
Loral-built satellite requires little maintenance once in orbit,
allowing the new revenue to go almost directly to profits.

The satellite, known as Satmex 6, replaces the Solidaridad 1
satellite, which ceased to operate on Aug. 29, 2000 after a back-
up processor failed.

"The asset quality of this company is excellent" with the new
satellite, said Robert Nydegger, director of emerging market
credit research at Credit Suisse First Boston in New York. "Now
they just need to get the customers to join as well."


SATMEX: May Not Get Financial Backing From U.S. Parent
------------------------------------------------------
Loral Space & Communications Ltd., which owns 49% of Satmex, may
have difficulty supporting its Mexican unit as it did in 1999
because the Company faces mounting losses and a weak stock price,
suggests Bloomberg.

The stock has plunged 58% in the last year and the Company's net
loss widened in 2001 to US$277 million from US$130 million a year
earlier, excluding a write-down of Globalstar LP assets in 2000.

New York-based Loral is owed about US$770 million under various
agreements with Globalstar, in which it owns a 38% stake.
Globalstar filed for bankruptcy protection in February after
spending more than US$4 billion to build a satellite telephone
network that failed to attract enough customers and left it
struggling to pay creditors.

However, according to Satmex Chief Financial Officer Cynthia
Pelini the Mexican unit won't need financial assistance from its
parent. Cash reserves of about US$20 million and a credit line of
another US$16 million will help Satmex operate this year as it
waits for sales from the new satellite to start kicking in.

"We will see demand picking up as we approach the end of this
year and as we go into next year, which will time quite nicely
with when we launch our new broader satellite," she said.

Satmex also has to renegotiate an insurance contract expiring in
November that could cost it more to renew after terrorist attacks
on Sept. 11 and the loss of Satmex's satellite two years ago,
putting more pressure on finances, said Manuel Guerena, an
analyst with S&P in Mexico City.

"It's going to be tight," he said.

Shares of Loral trading in the U.S. rose 1.7 percent to US$1.23
on Thursday.

                                   ***********

       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 American is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ,
and Beard Group, Inc., Washington, DC. John D. Resnick, Edem
Psamathe P. Alfeche and Ma. Cristina Canson, Editors.

Copyright 2002.  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
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Information contained herein is obtained from sources believed to
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The TCR Latin America subscription rate is $575 per half-year,
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