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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, November 14, 2005, Vol. 6, Issue 225

                            Headlines


A R G E N T I N A

BANCO HIPOTECARIO: Bond Issue Raises $150M
CENTRAL PUERTO: 3Q05 Net Loss Swell to ARS55.2 Mln
EDENOR: Reports $16.5M Net Loss for Jan-Sep Period
EMILYAN S.A.: Selling Assets to Pay Debts
METROGAS: Renews Debt Restructuring Efforts

ORGANIZACION RASTROS: Claims Review Deadline Fixed
PETROBRAS ENERGIA: Details Exploratory Project Investment
TELNEX S.R.L.: Court Mandates Bankruptcy


B A H A M A S

BAC BAHAMAS: S&P Affirms 'BB/B' Foreign Currency Credit Ratings


B E R M U D A

INTELSAT: Revenues Up 10% Over Prior-Year Period


B O L I V I A

AGUAS DEL ILLIMANI: Sisab to Reveal Audit Tender Winner


B R A Z I L

AES CORP.: Officially Notifies SEC of Late Filing
CESP: CPFL Acquisition Advisor Expected Soon
EMBRATEL: CSFB Assigns Market Perform Rating on 2011 Bonds
GLOBOPAR: Announces Bond Prepayment Eligibility


C A Y M A N   I S L A N D S

CASTOR FINANCE: To Hold Extraordinary Final Meeting Dec. 1
C.F.L. ASSET: To Authorize Liquidator to Retain Company Records
EDELWEISS BAIL: Final General Meeting to be Held Nov. 30
FIDUCIARY TRUST: Members to Hear Wind Up Account
JAPAN OFFICE: Liquidation Details Set for Nov. 30 Meeting

L-JAC TWO: Liquidation Process to be Explained Dec. 1
MAGINET CORPORATION: To Present Accounts on Wind Up Dec. 1
OLEA G2 GLOBAL: Wind Up Meeting Announced
OLEA G2 GLOBAL MASTER: Members to Hear Accounts on Liquidation
RICE CAPITAL: To Explain Wind Up Process to Members Dec. 1

SOUTH AFRICA: To Confirm Liquidation Proceedings Nov. 30
STRATA 2005-1: Final General Meeting on Liquidation Set
TENNOZ HOLDINGS: Final General Meeting Scheduled for Dec. 1
TRIPLE CROWN: Dec. 1 Final General Meeting Set


C O S T A   R I C A

BAC SAN JOSE: S&P Affirms Local, Foreign Currency Ratings


C O L O M B I A

TRANSTEL INTERMEDIA: High Leverage Prompts S&P's `B-' Ratings


E C U A D O R

ANDINATEL/PACIFICTEL: Denies Reports on Share Offering


G U A T E M A L A

BANCO INDUSTRIAL: Bank of New York Hired as Trustee


M E X I C O

ALESTRA: Fitch Affirms Ratings, Revises Outlook to Negative
DESC: Concludes Public Exchange Offering
EMPRESAS ICA: S&P Details Ratings Rationale
SAMSUNG ELECTRONICS: Profitability Concerns Close Local Plant
VITRO: S&P Revises Outlook to Negative; Affirms Ratings


P A N A M A

WILLBROS GROUP: Earnings Restatement Prompts Form 10-Q Delay


V E N E Z U E L A

CADAFE: Revamps Billing, Customer Services for Enforcement


     - - - - - - - - - -


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

BANCO HIPOTECARIO: Bond Issue Raises $150M
------------------------------------------
Banco Hipotecario raised US$150 million in a bond issue on
Wednesday as part of a US$1.2-billion bond program, reports
Business News Americas. About 14% of the issue was placed in
Asian markets, 51% in the US, 32% in Europe and the remaining
3% in the local market.

According to a Hipotecario source, investor demand hit US$196
million. The series 4 fixed rate bonds will yield 9.75% and
mature in 2010.

Deutsche Bank (NYSE: DB) and Citigroup Global Markets are
handling the issue, the proceeds of which will be used to
repurchase debt and finance Hipotecario's liabilities and
commercial funding.


CENTRAL PUERTO: 3Q05 Net Loss Swell to ARS55.2 Mln
--------------------------------------------------
Power generator Central Puerto SA saw its net loss soar to
ARS55.2 million ($18.6 million) in the third quarter of the
year from a loss of ARS7.2 million in the same period last
year, reports Dow Jones Newswires. For the latest quarter, the
Company reported net sales of ARS178.8, which were almost
entirely offset by costs of sales that totaled ARS171.8 million

Growing demand for energy, coupled with largely stagnant
investment in the natural gas sector, has led generators to
increasingly rely on costlier fuel oil, especially during
winter months. Central Puerto reported that its fuel costs rose
to ARS126.8 million in the third quarter, up sharply from
ARS27.4 million in the year-earlier period.

Salary costs were also up in the third quarter to ARS5.2
million from ARS3.9 million.

During the third quarter of the year, the Company booked a
financial results charge of ARS25.9 million, wider than the
ARS21.5 million charge a year earlier.

Central Puerto also posted a gain of ARS9.6 million in credits
from Foninvemem, a state-administered investment fund for the
power generating sector. In the third quarter of 2004, Central
Puerto posted a gain of ARS9.5 million related to Foninvemem.

Central Puerto is majority owned by France's Total SA.


EDENOR: Reports $16.5M Net Loss for Jan-Sep Period
--------------------------------------------------
Power distributor Edenor reported net losses of ARS49.1 million
(US$16.5mn) for the first nine months of the year, reports
Business News Americas. The results show that the Company
continues to be negatively affected by the devaluation of the
peso in early 2002 and the subsequent rates freeze.

In September, however, Edenor signed a new long-term contract
with the government that calls for investments totaling ARS1.2
billion ($400 million) over the next five years. Under the
terms of the contract, Edenor will see a 15% rate hike starting
this month. Residential users are excluded from the increases.
ENRE, the national electricity regulator, will determine a
long-term plan for future rate hikes by May 31, 2006.

As of September 30, Edenor's equity stood at ARS1.48 billion.

Local investment fund Grupo Dolphin formally took control of
Edenor on September 15, when it bought a 65% stake from French
state power company EDF.

EDF sold Dolphin a 14% direct stake in Edenor and 100% of its
Argentine holding company EASA, which controls 51% of the
distributor. The French firm has retained a 25% interest in the
distributor and is providing Dolphin with a technical
assistance team to help manage the company for the next five
years.

Edenor serves over 2.4 million clients in the northern part of
capital Buenos Aires.

CONTACT:  EDENOR S.A.
          Azopardo Building
          Azopardo 1025 (1107) Capital Federal
          Phone: (54-11) 4346-5000
          Fax: (54-11) 4346-5300
          E-mail: to ofitel@edenor.com.ar
          Web Site: http://www.edenor.com.ar


EMILYAN S.A.: Selling Assets to Pay Debts
-----------------------------------------
Buenos Aires-based Emilyan S.A. will begin liquidating its
assets following the pronouncement of the city's court that the
Company is bankrupt, reports Infobae. The bankruptcy ruling
places the Company under the supervision of court-appointed
trustee, Miguel Angel Drucaroff. The trustee will verify
creditors' proofs of claim until Dec. 26, 2005. The validated
claims will be presented in court as individual reports on
March 6, 2006.

Mr. Drucaroff will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on April 10, 2006.

The bankruptcy process will end with the disposal of the
Company's assets in favor of its creditors.

CONTACT: Emilyan S.A.
         Libertad 1583 Capital Federal

         Mr. Miguel Angel Drucaroff, Trustee
         Avda. Corrientes 2470
         Buenos Aires


METROGAS: Renews Debt Restructuring Efforts
-------------------------------------------
MetroGAS S.A. (BASE: metr; NYSE: MGS) (the Company) announced a
new solicitation of consents to restructure its unsecured
financial indebtedness pursuant to, an acuerdo preventivo
extrajudicial (APE), or an out-of-court reorganization
agreement, or a combination of an out-of-court restructuring
and an APE under Argentine law. This solicitation replaces the
Company's solicitation statement dated November 7, 2003 (as
amended and extended) and the solicitation made in such
solicitation statement in their entirety. The Company has
returned to the holders of its existing notes that tendered
their existing notes pursuant to the Company's solicitation
statement dated November 7, 2003 (as amended and extended) the
existing notes tendered by them and the powers of attorney
granted by such holders have been terminated in accordance with
their terms. In addition, the support agreements executed by
holders of the Company's existing bank debt in connection with
that solicitation statement have also been terminated in
accordance with their terms.

APE Solicitation

The Company commenced on November 9, 2005 a new solicitation
(the APE Solicitation) from holders of its 9-7/8% Series A
Notes due 2003 (the Series A Notes), its 7.375% Series B Notes
due 2002 (the Series B Notes) and its Floating Rate Series C
Notes due 2004 (the Series C Notes and, together with the
Series A Notes and the Series B Notes, the Existing Notes) and
its other unsecured financial indebtedness (the Existing Bank
Debt and, together with the Existing Notes, the Existing Debt),
subject to certain eligibility requirements, of powers of
attorney authorizing the execution on behalf of the holders of
its Existing Notes of, and of support agreements committing
holders of its Existing Bank Debt to execute, an APE. An APE is
an insolvency procedure available to debtors under the
Argentine Bankruptcy Law consisting of an out-of-court
agreement, between a debtor and a certain percentage of its
unsecured creditors that is submitted to a court (the Reviewing
Court) for approval (Court Approval). Once an APE receives
Court Approval that APE is binding on all unsecured creditors
of the relevant debtor whether or not such creditors have
participated in the negotiation or execution of the APE
agreement.

This APE Solicitation and the Company's execution of the APE
are subject to a number of conditions, including that J.P.
Morgan Chase Bank, as Settlement Agent, receives powers of
attorney from, and that support agreements are executed by,
holders that together represent a majority in number of the
holders of the Company's Existing Debt, accounting for at least
66-2/3% of the aggregate principal of and accrued interest on
its Existing Debt as of the date as near as is practicable to,
but in any event not more than five Argentine business days
prior to, the APE filing date with the Reviewing Court.

If the APE is executed and subsequently receives Court Approval
in the form that the Company has proposed, the Company will, at
the option of each validly consenting holder of its Existing
Debt, subject to the terms and conditions of the APE, take one
or any combination of the following actions specified by such
holder:

- Cash option:  A cash payment in U.S. Dollars, at a purchase
price of US$750 per US$1,000 principal amount of their existing
debt with respect to which a valid power of attorney and/or
support agreement has been executed.  The Company will purchase
no more than US$160 million (or its equivalent in other
currencies) aggregate principal amount of existing debt under
the cash option; or

- Series 1 exchange option:  

Principal amount: The principal amount of the Series 1 Notes
will be denominated in U.S. Dollars and will aggregate 100% of
the principal amount or the equivalent of the principal amount
of the Eligible Debt that is Exchanged for Series 1 Notes, such
equivalent to be determined on the basis of exchange rates in
effect on the applicable date on which currency equivalents are
determined.

Final Maturity:  December 31, 2014

Payment of principal: In installments from June 2010 through
December 2014  

Coupon: 8% in years 1-6 and 9% thereafter, provided that the
Company may capitalize limited amounts of interest in years 1-4
under certain circumstances

Series 2 exchange option:

Principal amount: The principal amount of the Series 2 Notes
will be denominated in U.S. Dollars, Euros and at the option of
certain holders in Argentine Pesos and will aggregate 105% of
the principal amount or the equivalent of the principal amount
of the Eligible Debt that is exchanged for Series 2 Notes, such
equivalent to be determined on the basis of exchange rates in
effect on the applicable date on which currency equivalents are
determined.

Final Maturity:  December 31, 2014

Payment of principal:  In installments from June 2012 through
December 2014.  

Coupon:  3%, increasing to 8% by year 8 for U.S. Dollar or Peso
denominated notes and at a market equivalent for the Euro
denominated notes

Holders that participate in the Offers will be required to
tender their Eligible Debt and to grant appropriate consents to
permit consummation of the Offers.

Expiration

The APE Solicitation is scheduled to expire at 5:00 P.M., New
York City time, on December 12, 2005, unless extended.

The Settlement Agent for the APE Solicitation outside Argentina
is J.P. Morgan Chase Bank and its telephone and fax number are
+1 (212) 623-5136 and +1 (212) 623-6216, respectively. The
Settlement Agent for the APE Solicitation inside Argentina is
J.P. Morgan Chase Bank N.A., Sucursal Buenos Aires, and its
telephone and fax number are (54 11) 4325-8046 and (54 11)
4348-7238, respectively.

CONTACT: MetroGAS S.A.
         Pablo Bosellli
         E-mail: pboselli@metrogas.com.ar
         Phone: (54 11) 4309-1511

         Financial Information Advisor
         Lucia Domville
         E-mail: ldomville@nyc.rr.com
         Phone: (917) 375-1984


ORGANIZACION RASTROS: Claims Review Deadline Fixed
--------------------------------------------------
The verification of creditors' claims for the Organizacion
Rastros S.A. insolvency case is set to end on Feb. 8, 2006,
states Infobae. Mr. Cesar Luis Blanco, the court-appointed
trustee tasked with examining the claims, will submit the
validation results as individual reports. He will also present
a general report in court. Deadlines for the reports are yet to
be disclosed.

CONTACT: Organizacion Rastros S.A.
         Alsina 95
         Bahia Blanca

         Mr. Cesar Luis Blanco, Trustee
         D Orbigny 325
         Bahia Blanca


PETROBRAS ENERGIA: Details Exploratory Project Investment
---------------------------------------------------------
Petrobras Energia Participaciones S.A. (Buenos Aires: PBE,
NYSE:PZE), controlling company of Petrobras Energia S.A.
(Buenos Aires: PESA), announced that Petrobras Energia S.A.'s
Board of Directors approved the acquisition of a 10% interest
in the Tierra Negra Block in Colombia from Petroleo Brasileiro
S.A. - Petrobras, which operates the block, with a 60%
interest.

The Tierra Negra Block is an exploratory Project with a high
reserve potential, located in an area adjacent to the main oil
fields and pipelines in Colombia. Interest in this Block is in
line with the strategy of performing exploration activities as
a priority vehicle for replacement of the Company's reserves.  

Petrobras Energia S.A.'s investments will range from US$6
million to US$26 million, over a four-year period.  

Interest in the Tierra Negra Block represents the start of the
Company's operations in Colombia, in an effort to enhance
diversification of the asset portfolio and growth in the
Region. In addition, the entrance into Colombia through the
association with Petrobras, already having major operations in
that country, opens up new prospects for the development of
Petrobras Energia S.A.'s exploration and production businesses.

CONTACT: Petrobras Energia Participaciones S.A.
         Edificio Perez Companc
         Maipu 1
         Buenos Aires, C 1084 ABA
         Argentina
         Phone: 54-11-4344-6000
         Website: http://www.petrobrasenergia.com


TELNEX S.R.L.: Court Mandates Bankruptcy
----------------------------------------
Telnex S.R.L. enters bankruptcy protection after Santa Fe's
civil and commercial court ordered the Company's liquidation,
Infobae reports. The order effectively transfers control of the
Company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

A court-appointed a trustee will verify creditors' proofs of
claim and prepare the individual and general reports. Dates for
the end of the verification and for the submission of the
reports are yet to be determined.

CONTACT: Telnex S.R.L.
         Santa Fe 1479 y Cordoba 2319
         Rosario (Santa Fe)



=============
B A H A M A S
=============

BAC BAHAMAS: S&P Affirms 'BB/B' Foreign Currency Credit Ratings
---------------------------------------------------------------
Standard & Poor's Rating Services has affirmed its 'BB/B'
foreign currency counterparty credit ratings on BAC Bahamas
Bank. The outlook is stable.

The ratings assigned to BAC Bahamas Bank are based on the
foreign currency ratings assigned to Banco BAC San Jose S.A.
BAC Bahamas is the offshore bank of Grupo Financiero BAC San
Jose and mirrors the Costa Rican onshore bank. The two entities
share the same client base, and follow the same corporate
policies, with the vast majority of business and assets
originated in Costa Rica, denominated in U.S. dollars, and
registered offshore. Loans and deposits are originated in Costa
Rica, following BAC San Jose's standards. The entire loan
portfolio of BAC Bahamas bank is dollar-denominated and most of
the bank's clients are not net dollar generators.

The ownership of BIB and Credomatic International Corp. (BBB-
/Stable/A-3) gives BAC Bahamas access to a common brand and
regional presence.

The stable outlook on BAC Bahamas mirrors the outlook assigned
to the ratings of BAC San Jose. All things being equal, a
rating or outlook change on BAC San Jose would prompt a similar
change on the ratings or outlook on the bank.

Primary Credit Analyst: Leonardo Bravo, Mexico City (52)55-
5081-4406; leonardo_bravo@standardandpoors.com

Secondary Credit Analyst: Francisco Suarez, Mexico City (52)
55-5081-4474; francisco_suarez@standardandpoors.com



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

INTELSAT: Revenues Up 10% Over Prior-Year Period
------------------------------------------------
Intelsat, Ltd., a global satellite communications leader
providing services in over 200 countries and territories,
reported Thursday results for the quarter and nine months ended
September 30, 2005.

Intelsat, Ltd. and its subsidiaries, referred to as Intelsat or
the Company, reported revenue of $293.6 million and a net loss
of $54.5 million for the quarter ended September 30, 2005. The
Company also reported EBITDA1, or earnings before interest,
taxes and depreciation and amortization, of $195.2 million and
covenant EBITDA2 of $206.3 million for the quarter ended
September 30, 2005.

Intelsat generated strong free cash flow from operations1 of
$53.2 million for the third quarter of 2005. Free cash flow
from operations is defined as net cash provided by operating
activities, less payments for satellites and other property and
equipment and payments for deposits on future satellites.

For the first nine months of 2005, Intelsat reported revenue of
$876.6 million and a net loss of $259.6 million. EBITDA for the
nine-month period was $461.1 million, and covenant EBITDA was
$616.9 million.

"Intelsat's performance in lease services and managed solutions
provides improved balance given the continued expected run-off
in contracted channel revenue, and operating costs are now
reflecting the changes we implemented earlier this year," said
Intelsat, Ltd. CEO David McGlade. "Meanwhile, we are working
diligently on securing the necessary approvals for our planned
merger with PanAmSat, a landmark transaction that will combine
the complementary strengths of two great companies."

On August 29, Intelsat and PanAmSat Holding Corporation
announced that the two companies have signed a definitive
merger agreement under which Intelsat will acquire PanAmSat for
$25 per share in cash, or $3.2 billion. The transaction will
create a premier satellite company that will be a leader in the
digital delivery of video content, the transmission of
corporate data and the provisioning of government
communications solutions. Using a combined fleet of 53
satellites, the company will serve customers in more than 200
countries and territories. Following the transaction, the
company is expected to have pro forma annual revenues of more
than $1.9 billion and to maintain strong free cash flow from
operations, providing significant resources for capital
expenditures and debt service.

As was previously announced, at a special meeting of
shareholders on October 26, PanAmSat shareholders approved and
adopted the merger agreement between the companies. Also on
October 26, Intelsat received a request from the United States
Department of Justice seeking additional information and
documentary materials in connection with the merger. The
companies continue to expect to complete the merger in the
second or third quarter of 2006.
Financial Results for the Quarter Ended September 30, 2005

Total revenue increased $27.4 million, or 10 percent, to $293.6
million for the quarter ended September 30, 2005 from $266.2
million for the quarter ended September 30, 2004. Revenue
highlights include:

- an increase in lease services of $15.3 million to $189.8
million;

- a $6.6 million increase in managed solutions revenues, which
totaled $29.8 million for the quarter;

- higher mobile satellite services (MSS) revenues, totaling
$15.7 million, an offering of the COMSAT General business which
was acquired in October 2004 and integrated into Intelsat
General;

- a decline in channel services revenue of $11.3 million to
$54.0 million, reflecting continued business trends in this
area.

Total operating expenses for the quarter ended September 30,
2005 were $242.6 million, compared to $201.6 million in the
prior year period. The largest component of total operating
expenses was depreciation and amortization expense, which
increased $30.3 million to $147.3 million due to purchase
accounting treatment following the acquisition of Intelsat,
Ltd. by Intelsat Holdings, Ltd. (the Acquisition) earlier this
year, as well as the IS-10-02 and IA-8 satellites, which
entered service in August 2004 and July 2005, respectively.
These factors were offset in part by the write-off of the IS-
804 satellite and the impairment of the IA-7 satellite. The
increase in operating expenses was also due to higher Intelsat
General direct cost of revenue, offset in part by the impact of
the cost control efforts and staff reductions.

Net loss was $54.5 million for the quarter ended September 30,
2005, compared with a net loss of $17.1 million for the quarter
ended September 30, 2004. The higher net loss for the 2005
period as compared with the prior year was primarily due to
higher operating expenses and interest expense resulting from
the financing in connection with the Acquisition and the
financing in connection with the payment of a dividend by the
Company to Intelsat Holdings, Ltd. in March 2005.

EBITDA increased $42.3 million, to $195.2 million, or 66
percent of revenue, for the quarter ended September 30, 2005
from $152.9 million, or 57 percent of revenue, for the same
period in 2004. The 2004 period was negatively affected by the
loss from discontinued operations related to the Company's
decision to dispose of its investment in Galaxy Satellite TV
Holdings, Ltd. When excluding the impact of the Galaxy loss,
which reduced EBITDA in 2004 by $27.8 million, EBITDA as a
percentage of revenue was maintained, despite the increased
revenue contribution from managed solutions and Intelsat
General, both of which carry lower EBITDA margins than
traditional fixed satellite services. This was due primarily to
the Company's cost control efforts and staff reductions.

Financial Results for the Nine Months Ended September 30, 2005
On January 28, 2005, Intelsat, Ltd. was acquired by Intelsat
Holdings, Ltd., a Bermuda company formed at the direction of
funds advised by or associated with certain private equity
firms. For comparative purposes, when Intelsat refers in this
press release to the Company's results for the nine-month
period or the nine months ended September 30, 2005, the Company
is referring to the Company's combined results for the period
from January 1, 2005 through January 31, 2005 and for the
period (post-Acquisition) from February 1, 2005 through
September 30, 2005.

Total revenue increased $116.1 million, or 15 percent, to
$876.6 million for the nine months ended September 30, 2005
from $760.5 million for the nine months ended September 30,
2004. Revenue highlights include:

- an increase in lease services revenue of $66.7 million to
$564.7 million;

- a $23.4 million increase in revenue from managed solutions,
which totaled $78.7 million for the nine month period;

- higher MSS revenues, totaling $49.7 million;

- a decline in channel services revenue of $29.7 million to
$171.5 million, reflecting recent business trends in this area.

Total operating expenses for the nine months ended September
30, 2005 were $838.8 million, compared to $568.3 million in the
year-ago period. Operating expenses in the 2005 nine month
period included the $69.2 million non-cash impairment charge
related to the Intelsat 804 satellite anomaly recorded in the
first quarter of 2005 and $59.7 million of charges associated
with the Acquisition. Depreciation and amortization expense
increased $90.0 million to $426.3 million for the nine months
ended September 30, 2005 due to: purchase accounting treatment
following the Acquisition of the Company earlier this year; the
IS-10-02 and IA-8 satellites, which entered service in
September 2004 and July 2005, respectively; and, a full nine
months of depreciation recorded on the Intelsat Americas
satellites compared with less than seven months in the prior-
year period. These factors were offset in part by the write-off
of the IS-804 satellite and the write-down of the IA-7
satellite. The Company also had increased expenses associated
with the first full three quarters of Intelsat General
activity, among other expense items.

Net loss was $259.6 million for the nine months ended September
30, 2005, compared with net income of $18.2 million for the
nine months ended September 30, 2004. The net loss for the 2005
period as compared with the prior year was primarily due to
higher operating expenses and higher interest expense resulting
from financings in connection with the Acquisition and the
financing in connection with the payment of a dividend by the
Company to Intelsat Holdings, Ltd. in March 2005.

EBITDA decreased $27.7 million, to $461.1 million, or 53
percent of revenue, for the nine months ended September 30,
2005 from $488.8 million, or 64 percent of revenue, for the
same period in 2004. The decrease in EBITDA reflects the impact
of the IS-804 write-off and Acquisition-related charges. The
EBITDA margin comparison also reflects the impact of managed
solutions and Intelsat General, both of which carry lower
EBITDA margins than traditional fixed satellite services,
somewhat offset by the Company's cost control efforts and staff
reductions.

As was previously announced, on November 4, 2005, the Company
paid a dividend in the amount of $198.8 million to its parent
company, Intelsat Holdings. The dividend was funded from
existing cash of the Company's consolidated subsidiaries.
Intelsat Holdings used these funds to repurchase all of its
remaining outstanding preferred shares.

Other Financial and Operating Data

At September 30, 2005, Intelsat's backlog, representing
expected future revenue under contracts with customers, was
$3.8 billion. At June 30, 2005, Intelsat's backlog was $3.7
billion. Intelsat management has reviewed the data pertaining
to the use of the Intelsat system and is providing revenue
information with respect to that use by service category and
customer set in the following tables. Intelsat management
believes this provides a useful perspective on the changes in
revenue and customer trends over time.

Update on IS-804 Satellite Failure Review Board

As previously reported, on January 14, 2005, Intelsat's IS-804
satellite experienced a sudden and unexpected electrical power
system anomaly that resulted in the total loss of the
satellite. Intelsat established a failure review board (FRB)
with the manufacturer of IS-804, Lockheed Martin Corporation,
to investigate the cause of the anomaly. The IS-804 satellite
was a Lockheed Martin 7000 series (LM 7000 series) satellite,
and the Company operates three other satellites in the LM 7000
series, the IS-801, IS-802 and IS-805 satellites. The FRB is
now expected to release its report during the fourth quarter of
2005. The Company currently believes, based on the FRB's
analysis, that the IS-804 failure is not likely to have been
caused by an IS-804 specific workmanship or hardware element,
but is most likely caused by an electro-static discharge event
in the battery circuitry that propagated to cause the sudden
failure of the high voltage power system. Further, the Company
believes that although this risk exists for Intelsat's other LM
7000 series satellites, the risk to any individual satellite is
low. The Company does not currently believe that any
operational steps or adjustments to the Company's satellite
deployment plan are required to mitigate the risk.

Intelsat is a global communications provider offering flexible
and secure services to customers in over 200 countries and
territories. Intelsat has maintained a leadership position for
over 40 years by distributing video, voice, and data for
television and content providers, government and military
entities, major corporations, telecommunications carriers, and
Internet service providers. Intelsat's reach, power and
expanding solutions portfolio deliver information reliably and
quickly to every corner of the globe.

CONTACT: Intelsat
         Investor Relations and Financial Media
         Dianne VanBeber
         Phone: 1-202-944-7406
         URL: www.intelsat.com



=============
B O L I V I A
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AGUAS DEL ILLIMANI: Sisab to Reveal Audit Tender Winner
-------------------------------------------------------
Bolivia's basic services regulator Sisab will name today the
winner of a tender to carry out an audit of capital La Paz
waterworks concessionaire Aguas del Illimani (AISA), according
to Business News Americas.

Three consultancies presented proposals and bids to carry out a
wide-ranging audit of AISA. These are PSIRU-Business School,
University of Greenwich (from the UK); PKF Accounting &
Business Advisers (UK); and Biotec Colombia.

A Sisab source earlier said the firms were pre-selected on the
basis of their experience in this sort of integrated audit
involving technical and commercial as well as accounting
information. A committee was appointed to review the three
auditors' bids.

AISA, a subsidiary of French water and energy group Suez, was
notified by the government last year that its contract has been
rescinded after residents complained about lack of services in
parts of the city.



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

AES CORP.: Officially Notifies SEC of Late Filing
-------------------------------------------------
AES Corporation filed on August 11, 2005 a Form 12b-25
notification of late filing for the Form 10-Q for the period
ended June 30, 2005. The Company announced on July 27, 2005
that it would file an amended 2004 Form 10-K and an amended
first quarter 2005 Form 10-Q restating all periods presented.

The restatement adjustments in large part were a result of
errors in the Company's accounting for deferred taxes. The
review included deferred taxes associated with certain
acquisitions completed prior to 2001, foreign currency
remeasurement of deferred tax balances in certain subsidiaries
where the U.S. dollar is the functional currency, and the
reconciliation of income tax returns to deferred tax balances.

In addition, restatement adjustments will be made for
consolidation, acquisition and translation accounting errors
related to certain subsidiaries that were identified during the
restatement process.

The errors principally affect the income statement through
changes in depreciation and amortization (included in cost of
sales), foreign currency transaction gains or losses, interest
expense, income tax expense, asset impairment expense, goodwill
impairment expense, minority interest expense and income from
operations of discontinued businesses.  

Principal balance sheet accounts affected include deferred tax
assets and liabilities, property, plant and equipment,
reclassifications between cash and short term investments,
goodwill, deferred financing costs, minority interest and total
stockholder's equity.

The accounting research includes a review of historical records
and transactions globally at many of the Company's businesses
and in some cases going back to 1999. The Company currently is
finalizing the deferred tax adjustments needed to complete the
restatement and its financial results.

CONTACT: AES Corporation
         Media Contact
         Robin Pence
         Phone: 703-682-6552
                  or
         Investor Contact
         Scott Cunningham
         Phone: 703-682-6336


CESP: CPFL Acquisition Advisor Expected Soon
--------------------------------------------
Power company CPFL Energia (NYSE: CPL) is about to conclude the
process of selecting a firm to advise it on the planned
acquisition of Sao Paulo state transmission company CTEEP,
reveals Business News Americas. The Sao Paulo government plans
to privatize CTEEP in February next year, in a move that would
bring the state some BRL1 billion.

The state government wants to use the proceeds from the CTEEP
sale to capitalize sister company, Companhia Energetica de Sao
Paulo (CESP), paving the way for the restructuring of over
BRL10 billion in debt.

CPFL is interested in CTEEP because it also has distribution
operations in the state of Sao Paulo, where CTEEP's
transmission network is located.

Sao Paulo Water Resources and Energy Secretary Mauro Arce
earlier revealed that the government is also planning to sell
control of CESP next year.

CONTACT:    Companhia Energetica De Sao Paulo
            Rua da ConsolaO o, 1.875
            CEP 01301 -100 S o Paulo, Brazil
            Phone: +55-11-234-6322
            Fax: +55-11-287-0871
            Home Page: http://www.CESP.com.br/
            Contact:
            Mauro G. Jardim Arce, Chairman
            Ruy M. Altenfelder Silva, Vice Chairman
            Vicente Kazuhiro Okazaki, Finance Director


EMBRATEL: CSFB Assigns Market Perform Rating on 2011 Bonds
----------------------------------------------------------
Credit Suisse First Boston on Thursday assigned a market
perform rating on Embratel Participacoes SA's bonds maturing in
2011, reports Dow Jones Newswires.

In a statement, the investment bank explained Embratel's credit
profile "has significantly improved during the last year-and-a-
half," due to major debt reduction and capitalization programs,
improved operating results as the company has been focused on
revitalizing its brands and simplifying its pricing structure,
and credit support from parent company Telefonos de Mexico SA
(TMX), or Telmex.

"Thus, Embratel bonds currently trade at very tight levels"
compared to other Brazilian bonds, CSFB said.

Embratel, a unit of Mexican telecoms giant Telefonos de Mexico
(Telmex) reported net earnings of BRL54.3 million ($24 million)
in the third quarter of the year, reversing a net loss of BRL67
million in the same period in 2004 and marking its third
consecutive quarterly profit.

Earnings before interest, taxes, depreciation and amortization,
cash flow measure EBITDA in the third quarter of the year rose
to BRL470.8 million from BRL241 million last year.

CONTACT: Embratel Participacoes S.A.
         Silvia M.R. Pereira
         Investor Relations
         Phone: (55 21) 2121-9662
         Fax: (55 21) 2121-6388
         E-mail: silvia.pereira@embratel.com.br
                 invest@embratel.com.br


GLOBOPAR: Announces Bond Prepayment Eligibility
-----------------------------------------------
Globo Comunicacao e Participacoes S.A. ("Globo") announced
Thursday that, in order to make more clear and to simplify
certain payment mechanics, the record date for determining the
bondholders entitled to the prepayment announced on November 1,
2005, will be set at November 15, 2005.

Accordingly, the payment date will be December 7, 2005, rather
than November 20, 2005, as previously announced.

Globo Comunicacao e Participacoes S.A. (Globo) is the name of
the company resulting from the merger of TV Globo Ltda with and
into Globo Comunicacoes e Participacoes S. A. - Globopar.

CONTACT: Globo Comunicacao e Participacoes S.A.
         Investor Contact
         Stefan Alexander or Marta Meirelles
         Phone: 55 21 2540 4444
         E-mail: IR@Globopar.com.br

         Media Contact
         Jo Ristow
         Companhia de Noticias
         Phone: 55 11 3643 2713
         E-mail: jo@cdn.com.br



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

CASTOR FINANCE: To Hold Extraordinary Final Meeting Dec. 1
----------------------------------------------------------
                       Castor Finance Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of
Castor Finance Ltd. will be held at the offices of Deutsche
Bank (Cayman) Limited, Elizabethan Square, George Town, Grand
Cayman, on December 1, 2005, for the purpose of presenting to
the members an account of the winding up of the Company and
giving any explanation thereof.

CONTACT: Mr. David Dyer, Voluntary Liquidator
         Address for service:
         P.O. Box 1984GT, Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223


C.F.L. ASSET: To Authorize Liquidator to Retain Company Records
---------------------------------------------------------------
                 C.F.L. Asset Funding Corporation
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of C.F.L. Asset Funding
Corporation will be held at the offices of BNP Paribas Private
Bank & Trust Cayman Limited, 3rd Floor Royal Bank House,
Shedden Road, George Town, Grand Cayman, on November 30, 2005,
at 10:00 a.m.

Business:

1. to lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at final winding up on November 30, 2005.

2. to authorize the liquidator/s to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator
         Ellen J. Christian
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Telephone: 345 945 9208
         Fax: 345 945 9210


EDELWEISS BAIL: Final General Meeting to be Held Nov. 30
--------------------------------------------------------
                          Edelweiss Bail
                     In Voluntary Winding Up
                 The Companies Law (2004 Revision)
                           Section 135

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Edelweiss Bail will be
held at 3rd Floor Royal Bank House, Shedden Road, George Town,
Grand Cayman, Cayman Islands, on November 30, 2005, for the
purpose of presenting to the members an account of the winding-
up of the Company and giving an explanation thereof.

CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator
         P.O. Box 10632 APO
         3rd Floor Royal Bank House
         Shedden Road, George Town
         Grand Cayman, Cayman Islands


FIDUCIARY TRUST: Members to Hear Wind Up Account
------------------------------------------------
                  Fiduciary Trust (Cayman) Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)
                            Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Fiduciary Trust (Cayman)
Limited will be held at 58 Palm Springs, South Sound, George
Town, Grand Cayman, Cayman Islands, on December 12, 2005, for
the purpose of presenting to the members an account of the
winding up of the Company and giving an explanation thereof.

CONTACT: Mr. Robert Arnott, Voluntary Liquidator
         P.O. Box 31695 SMB
         Grand Cayman, Cayman Islands


JAPAN OFFICE: Liquidation Details Set for Nov. 30 Meeting
---------------------------------------------------------
                    Japan Office Capital 1 Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Japan Office Capital 1
Ltd will be held at the offices of BNP Paribas Private Bank &
Trust Cayman Limited, 3rd Floor Royal Bank House, Shedden Road,
George Town, Grand Cayman, on November 30, 2005, at 10:00 a.m.

Business:

1. to lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at final winding up on November 30, 2005.

2. to authorize the liquidator/s to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator
         Ellen J. Christian
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Telephone: 345 945 9208
         Fax: 345 945 9210


L-JAC TWO: Liquidation Process to be Explained Dec. 1
-----------------------------------------------------
                       L-JAC Two Funding Limited
                       (In Voluntary Liquidation)
                    The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of L-
JAC Two Funding Limited will be held at the offices of Deutsche
Bank (Cayman) Limited, Elizabethan Square, George Town, Grand
Cayman, on December 1, 2005, for the purpose of presenting to
the members an account of the winding up of the Company and
giving any explanation thereof.

CONTACT: Mr. David Dyer, Voluntary Liquidator
         P.O. Box 1984GT, Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223


MAGINET CORPORATION: To Present Accounts on Wind Up Dec. 1
----------------------------------------------------------
                       Maginet Corporation
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the extraordinary final meeting of the shareholders of Maginet
Corporation will be held at 8 Shenton Way #14-02A, Temasek
Tower, Singapore 068811, on December 1, 2005 at 2:00 p.m.:

Business:
1. To lay accounts before the meeting, showing how the winding-
up has been conducted and how the property of the Company has
been disposed of, as at final winding up on the 1st day of
December 2005; and

2. To authorize the liquidator to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Mr. Jung, Jin Soo, Voluntary Liquidator
         Campbells
         c/o P.O. Box 2804 GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-2648
         Facsimile: (345) 949-8613


OLEA G2 GLOBAL: Wind Up Meeting Announced
-----------------------------------------
                       Olea G2 Global Fund
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                           Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Olea G2 Global Fund will
be held at the offices of Maples Finance Limited, Queensgate
House, George Town, Grand Cayman, Cayman Islands, on December
1, 2005 for the purpose of presenting to the members an account
of the winding up of the Company and giving any explanation
thereof.

CONTACT: Messrs. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


OLEA G2 GLOBAL MASTER: Members to Hear Accounts on Liquidation
--------------------------------------------------------------
                     Olea G2 Global Master Fund
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)
                             Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Olea G2 Global Master
Fund will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
December 1, 2005 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Messrs. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


RICE CAPITAL: To Explain Wind Up Process to Members Dec. 1
----------------------------------------------------------
                             Rice Capital
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)
                              Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Rice Capital will be held
at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on December 1, 2005
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

CONTACT: Messrs. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands.


SOUTH AFRICA: To Confirm Liquidation Proceedings Nov. 30
--------------------------------------------------------
            South Africa Franchise Equity Fund Limited
                    (In Voluntary Liquidation)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
held at the registered office of the Company on November 30,
2005 at 2:00 p.m.

Business:

1. To confirm, ratify and approve the conduct of the
liquidation by the liquidators, S.L.C. Whicker and K.D. Blake;

2. To approve the quantum of the liquidators' remuneration,
that being fixed by the time properly spent by the liquidators
and their staff;

3. To lay accounts before the meeting showing how the winding
up has been conducted and how the property of the Company has
been disposed of as at the date of the final meeting and to
approve such accounts; and

4. To authorize the liquidators to retain the records of the
Company and of the liquidators for a period of five years from
the dissolution of the Company, after which they may be
destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in their stead.
A proxy need not be a member or creditor.

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-949-4800
         Facsimile: 345-949-7164

         Caroline Cookson
         Telephone: 345-945-4331
         Facsimile: 345-949-7164


STRATA 2005-1: Final General Meeting on Liquidation Set
-------------------------------------------------------
                     Strata 2005-1, Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                           Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Strata 2005-1, Limited
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
December 1, 2005 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Ms. Wendy Ebanks and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


TENNOZ HOLDINGS: Final General Meeting Scheduled for Dec. 1
-----------------------------------------------------------
                           Tennoz Holdings
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)
                             Section 145
NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Tennoz Holdings will be
held at the offices of Maples Finance Limited, Queensgate
House, George Town, Grand Cayman, Cayman Islands, on December
1, 2005, for the purpose of presenting to the members an
account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Mr. Jon Roney, Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


TRIPLE CROWN: Dec. 1 Final General Meeting Set
----------------------------------------------
                        Triple Crown Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)
                            Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Triple Crown Limited will
be held at the offices of Maples Finance Limited, Queensgate
House, George Town, Grand Cayman, Cayman Islands, on December
1,
2005, for the purpose of presenting to the members an account
of the winding up of the Company and giving any explanation
thereof.

CONTACT: Mr. Johann Le Roux, Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands



===================
C O S T A   R I C A
===================

BAC SAN JOSE: S&P Affirms Local, Foreign Currency Ratings
---------------------------------------------------------
Standard & Poor's Rating Services has affirmed its 'BB+/B'
local currency and 'BB/B' foreign currency counterparty credit
ratings on Banco BAC San Jose S.A.. The outlook is stable.

"The ratings on Banco BAC San Jose S.A. reflect the risks
inherent in a highly dollarized balance sheet, and the
nondiversification of the Costa Rican economy. The ratings on
Banco BAC San Jose S.A. are underpinned by the bank's good
financial profile, the benefits from its ownership by one the
of the most important financial institutions in Central
America, BAC International Bank Inc. (BIB; BBB-/Stable/A-3),
and its increasing position in the growing retail sector in
Costa Rica," said Standard & Poor's credit analyst Leonardo
Bravo.

The increasing dollarization of the economy could affect asset
quality in the system in general, and BAC San Jose in
particular. In this sense, the bank and the system are exposed
to foreign exchange currency risk in the case of a devaluation
of the Costa Rican colon, as more than 50% of the system loan
portfolios are dollar-denominated, and most of their clients
are not net dollar generators. The bank's capital adequacy
could also be compromised, as the majority of risk-weighted
assets are in dollars. In addition, as there is no deposit
insurance in Costa Rica for private banks, and as the
government is the guarantor of deposits held at public banks,
in a systemic crisis, there is a potential risk of the clients
transferring their deposits to public from private banks,
inducing fragility for the private banks. The bank protects
itself against devaluation risk with conservative loans to
values (LTV) and stringent underwriting policies.

Although Costa Rican regulation has made progress in
supervising consolidated groups, including both the on-shore
and the offshore operations, fractional control over the
offshore operations still poses risks to the Costa Rican
banking system, based on the contingent liability that offshore
units could represent to the banks' domestic operations. In the
case of BAC, there has been more openness than with other
players in the country to be regulated in a consolidated
manner; however, the contingency continues for the system as a
whole.

The ownership of BIB and Credomatic International Corp. (BBB-
/Stable/A-3) gives BAC San Jose access to a common brand and
regional presence. In addition, BAC San Jose's increasing
participation in cash management services has provided an edge
in the Costa Rican market, as this participation, along with
its credit card business, allows the bank to generate a
significant amount of fee income. BAC San Jose is increasing
its position in the growing retail sector in Costa Rica, mainly
in high-end mortgage loans and credit cards with conservative
loan-to-values and revenues-to-debt ratios.

The bank run that BAC San Jose suffered in August 2004,
precipitated by false rumors in the market, was successfully
surpassed, satisfying payment of depositors' monies in full. As
of September 2005, deposits were 30% higher than those held in
June 2004. Liquid assets represented by cash and securities
continue to account for almost 40% of total assets in September
2005.

The stable outlook mirrors the outlook on the sovereign credit
ratings on Costa Rica, and reflects BAC San Jose's significant
exposure to that country. All things being equal, a rating or
outlook change on the sovereign would prompt a similar change
on the ratings or outlook on the banks. The stable outlook
takes into consideration expectations that the bank will
continue to perform adequately and expand its businesses under
the current policies.

Primary Credit Analyst: Leonardo Bravo, Mexico City (52)55-
5081-4406; leonardo_bravo@standardandpoors.com

Secondary Credit Analyst: Francisco Suarez, Mexico City (52)
55-5081-4474; francisco_suarez@standardandpoors.com



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

TRANSTEL INTERMEDIA: High Leverage Prompts S&P's `B-' Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' foreign
and local currency long-term corporate credit rating to Cali,
Colombia-based Transtel Intermedia S.A. (Intermedia) The
outlook is negative.

Standard & Poor's also assigned its 'B-' senior unsecured debt
rating to Transtel's proposed $180 million 144A senior notes
with a maturity between five and seven years, which will have
the guarantee of its operating subsidiaries and will be
indirectly secured by substantially all of the company and its
subsidiaries' assets. Upon and depending on the successful
completion of these notes' private placement, newly created
Intermedia will be the absolute successor of Cali, Colombia
based Transtel S.A.

"Intermedia's ratings reflect its high leverage, inherited from
an aggressive business plan funded shortly before Colombia's
worst economic crisis in many years, and a weakened business
risk position due to the intense competition from alternative
telephone service providers," said Standard & Poor's credit
analyst Manuel Guerena.

Transtel, the largest private telephone entity in Colombia
(although a distant fourth place in the fixed-line local
service measured by telephone lines), is a holding company that
jointly owns different majority equity stakes in seven fixed-
line local telephone operating companies and one cable-TV
company.

The negative outlook comes from the challenging position of
operating with under a high indebtedness, which is expected to
remain high through the next three years. A decrease in its
internal cash flow generation, be it by further subscriber base
erosion, acquisitions, mergers, or for other reasons that could
lead to a higher than the Standard & Poor's leverage
expectation and further stress on the company's debt service
payment, could trigger a negative rating action. A sustained
increase in its free operating cash flows could lead to a
positive rating action.

Primary Credit Analyst: Manuel Guerena, Mexico City (52) 55-
5081-4411; manuel_guerena@standardandpoors.com

Secondary Credit Analyst: Raul Marquez, Mexico City (52) 55-
5081-4437; raul_marquez@standardandpoors.com



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

ANDINATEL/PACIFICTEL: Denies Reports on Share Offering
------------------------------------------------------
State holding company Fondo de Solidaridad (FS) dismissed
reports that the government is taking steps toward offering
shares of Andinatel and Pacifictel on the local stock exchange,
relates Business News Americas.

Gustavo Encalada, advisor to the general manager of FS - the
telcos' parent company - said the report "is distorted
information. The board of directors still has not made any
decision."

El Comercio newspaper revealed the information about the share
offering last week, saying a commission will be formed to
oversee the process and that shares would be offered to the
companies' subscribers. The paper described the plan as a
"people's capitalization."

The sale could be the first step in an attempt to privatize the
two state companies, information which Encalada also denied.

"Perhaps some day the board of directors will decide to hire
foreign administrators, but not privatize the companies -
there's no way to privatize them. The constitution does not
permit it," Mr. Encalada said.

Meanwhile, Pyramid Research senior analyst Marc Einstein
presented a diametrically opposed view, citing repeated
attempts by the Ecuadorian government to do precisely what
Encalada says is constitutionally prohibited.

"Andinatel and Pacifictel are two companies that the government
has tried to privatize so many times. For years and years
they've tried to find partners, the World Bank has gotten
involved, but it's never happened," said Mr. Einstein. "So this
could be a precursor to [privatizing the companies] on a very
small scale. I think this is the next approach they're taking
to privatizing these two companies," he added.



=================
G U A T E M A L A
=================

BANCO INDUSTRIAL: Bank of New York Hired as Trustee
---------------------------------------------------
The Bank of New York, a global leader in securities servicing,
has been appointed by Banco Industrial, S.A., to provide
indenture trustee, registrar and paying agent services for its
debut diversified payment rights transaction. The $125 million
Floating Rate Notes Series 2005-1 and $75 million Floating Rate
Notes Series 2005-2 are Banco Industrial's first issuance of
securities backed by U.S. dollar remittances generated from
within Guatemala.

Luis Prado, international division manager at Banco Industrial
S.A., said, "We appointed The Bank of New York as trustee
because of their vast experience and in-depth knowledge of this
type of transaction, as well as their long-standing position as
one of our correspondent banks."

Karen Peetz, executive vice president and head of The Bank of
New York's Corporate Trust Division, said, "Our global
structured finance team has a high level of diversified payment
rights and future-flow expertise, which enabled us to
successfully guide Banco Industrial and Guatemala through this
debut transaction. We are highly proficient in servicing
transactions of this nature, given the depth of our experience
with clients in Latin America and around the world."

According to the company's offering statement, Banco Industrial
was founded in 1968 and is the largest bank in Guatemala,
having a market share of 20% in terms of assets, loans, equity,
foreign exchange operations and deposits. It consolidates an
offshore bank, a finance company and a credit card issuer, and
is the only bank in Guatemala to be rated by Standard & Poor's
(BB-LT local currency), Moody's (Baa2 LT local currency) and
Fitch Ratings (BB-LT local currency).

The Bank of New York is a leading provider of corporate trust
and agency services. The Bank and its subsidiaries and
affiliates administer a portfolio of more than 90,000 trustee
and agency appointments, representing $3 trillion in
outstanding securities for more than 30,000 clients around the
world. The Bank is a recognized leader for trust services in
several debt products, including corporate and municipal debt,
mortgage-backed and asset-backed securities, derivative
securities services and international debt offerings.

The Bank of New York has been conducting business in Latin
America for over 100 years. The Company has representative
offices in Argentina, Mexico and Brazil, and offers a full
range of securities servicing, global payments, asset
management and trade finance products. The Bank is committed to
Latin America and to growing its business as the capital
markets develop in the region.

The Bank of New York Company, Inc. (NYSE: BK) is a global
leader in providing a comprehensive array of services that
enable institutions and individuals to move and manage their
financial assets in more than 100 markets worldwide. The
Company has a long tradition of collaborating with clients to
deliver innovative solutions through its core competencies:
securities servicing, treasury management, investment
management, and individual & regional banking services. The
Company's extensive global client base includes a broad range
of leading financial institutions, corporations, government
entities, endowments and foundations. Its principal subsidiary,
The Bank of New York, founded in 1784, is the oldest bank in
the United States and has consistently played a prominent role
in the evolution of financial markets worldwide.

This announcement is not an offer to sell or a solicitation of
an offer to buy any securities. The offering is made only by
means of the prospectus.

CONTACT:  The Bank of New York
          Kevin Heine
          Tel: 212-635-1569
          URL: www.bankofny.com



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

ALESTRA: Fitch Affirms Ratings, Revises Outlook to Negative
-----------------------------------------------------------
Fitch Ratings has affirmed Alestra's, S. de R.L. de C.V.
(Alestra) foreign and local currency ratings at 'B-' and has
revised the Rating Outlook to Negative from Stable. The rating
action applies to approximately $387 million of debt, including
$304 million senior notes due 2010, $46 million senior notes
due 2009, and $37 million senior notes due 2006.

The revision of the Rating Outlook to Negative reflects several
developing factors that may affect the business risk profile of
Alestra over the next 12 to 24 months. These factors include
increased competition in data, internet, and local services
(DILS) which, while expected to grow, may not fully compensate
for eroding long-distance revenues and cash flows; and the
uncertainty of Alestra's long-term ownership structure and the
future use of the AT&T brand name, given the potential change
in ownership due to the SBC Communications' (SBC) acquisition
of AT&T Corp, which owns 49% of Alestra. Increased competition
and/or the loss of the use of the AT&T brand name could weaken
Alestra's expected financial performance.

The ratings continue to reflect Alestra's business position as
a niche provider of long-distance, data, and local service
catering to the Mexican corporate sector and an improved
financial profile following the recapitalization and debt
restructuring completed during November 2003. The ratings also
incorporate the challenges in the long-distance market, and
Alestra's high leverage and medium to long-term refinancing
concerns. These concerns are mitigated by an increased
contribution of the DILS segment in the consolidated revenue
mix that has helped stabilize EBITDA and credit protection
measures since the restructuring.

The company continues to face competitive challenges posed by
the leading telecommunications operator, Telefonos de Mexico
(Telmex). Currently, Telmex controls over 90% of the local
exchange sector, 70% of the long-distance sector, and has a
substantial share of the data sector. Competition in the
international and domestic business remains intense as prices
continue to trend down. The elimination of the proportionate
return rule in August 2004, significantly affected Alestra's
incoming international long-distance tariffs and revenues, but
this impact has been partially offset by higher long-distance
gross margins. For the first six months of 2005, ILD revenues
decline 63% vis-a-vis 2004. For this period, total long-
distance revenues and EBITDA declined 49% and 19%,
respectively, when compared with the same period of 2004, while
gross margins have increased to 53% from 34% as the company has
concentrated efforts to grow higher margin traffic. Competition
is expected to pressure future long-distance margins.

The company has achieved stability in consolidated EBITDA and
cash flow over the past two years despite eroding long-distance
revenues. For the first six months of 2005, total consolidated
EBITDA has remained relatively unchanged when compared with the
six months ended in 2004, despite the 30% decline in
consolidated revenues as growth in DILS revenue has offset for
declines experienced in the long-distance segment. Over the
medium term, Alestra's main challenge will be to successfully
grow its existing DILS operations at a pace that will offset
continued pressure in the long-distance segment and maintain
EBITDA levels.

SBC's pending acquisition of AT&T, once completed, adds
uncertainty to Alestra's long-term branding rights as well as
ownership structure. Following the AT&T acquisition, SBC will
own noncontrolling stakes both in Telmex and Alestra, 21%
voting interest in Telmex and 49% voting interest in Alestra.
Uncertainty of SBC's ultimate investment strategy in Mexico and
the Mexican antitrust authority's (COFECO) view of SBC duel
ownership interest in the telecommunications sector adds risk.
The possible loss of a strategic minority investor, which
provides technological and branding support through the usage
of the AT&T brand, could pressure financial performance and
credit quality. Alestra senior notes due 2010 are puttable at
101% of face value in an event of change of ownership; SBC's
acquisition of AT&T is not expected to trigger this put.

Alestra's credit protection measures have remained stable since
late 2003. Leverage remains high, with total debt to EBITDA of
4.0 times (x) while interest coverage ratio of EBITDA to gross
interest expense at 2.4x. Total debt as of the second quarter
of 2005 amounted to US$394 million, composed of US$304 million
senior notes due 2010 with an amortization schedule with
increased principal payments, US$37.1 senior notes due 2006,
US$45.1 million senior notes due 2009, and US$7.4 million
capital leases; although the company liquidity position is
strong and should be able to meet debt maturities over the next
few years. The company will likely need to refinance some its
maturities in 2009 and 2010.

Alestra's business strategy is to focus increasingly on the
DILS segments to offset a reduction in the long-distance
business. The data services business offers significant long-
term growth opportunities due to its low penetration in Mexico.
This segment now accounts for around 50% of revenues compared
with 14% in 2001 and is expected to continue increasing as a
percentage of revenues. Alestra strategy over the past five
years has resulted in shifting away its revenue mix from
consumer business towards enterprise and international business
segments. Alestra began offering local services in the three
largest metropolitan areas during 2001 and has since increased
coverage to smaller cities.

Alestra provides long-distance services in Mexico since 1997.
Long distance accounted for 52% of revenues during the first
six months of 2005. Alestra also provides data, internet, and
local services. Alestra is 49% owned by AT&T and 51% owned by
Onexa. The company brands its services under the AT&T name.

CONTACT: Sergio Rodriguez, CFA +5281 8335-7239, Monterrey
         John Culver, CFA +1-312-368-3216, Chicago

MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York


DESC: Concludes Public Exchange Offering
----------------------------------------
DESC, S.A. de C.V. (BMV:DESC), announced on November 9, 2005
that it successfully completed its second public exchange
offering of approximately MXN240 million in Udi-denominated
Medium Term Notes (MTN) for local bonds (Certificados
Bursatiles).

The Local Bonds issued have the following characteristics:

- Number of "DESC P00U" MTNs exchanged: 640,751

- Price of the Udi at the conclusion of the offering: 3.601551

- Vector or feed at the conclusion of the offering: 7.56%

- Discount: 0.30%

- Exchange price: 104.00

- Exchange factor: 3.7456 local bonds for each "DESC P00U" MTN

- Issuer: DESC S.A. de C.V.

- Ticker symbol: DESC 05-2

- Issue Number: Second of the Program

- Offering date: November 9, 2005

- Date of registration with the Mexican Stock Exchange: Nov. 9,
2005

- Liquidation date: November 9, 2005

- Expiration date: October 14, 2010

- Term of the offering: 1,822 calendar days, approximately 5
years

- Amount of the offering: MXN239'999,700.00

- Number of local bonds issued: Up to 2,399,997

- Cebures nominal value: MXN100.00 each

- Interest rate applicable for the first period: 11.15%

As a result of the public exchange offering, DESC extends the
average tenor of its debt and expects to reduce the amount of
interest paid.

This is an additional measure that DESC has taken to reflect
its commitment and focus to continually strengthen its
financial structure, translating into an improvement of its
debt amortization profile and lowering its maturities for 2007.

DESC, S.A. de C.V. (BMV: DESC) is one of the largest industrial
groups in Mexico, with 2004 sales of approximately US$2 billon
and nearly 14,000 employees, which through its subsidiaries is
a leader in the Automobile Parts, Chemical, Food and Property
sectors.

CONTACT: DESC
         In Mexico
         Marisol Vazquez-Mellado
         Jorge Padilla
         Phone: (5255) 5261-8044
         E-mail: ir@desc.com.mx

         In the U.S.
         Maria Barona
         Melanie Carpenter
         Phone: 212-406-3690
         E-mail: desc@i-advize.com

         URL: www.desc.com.mx


EMPRESAS ICA: S&P Details Ratings Rationale
-------------------------------------------
The ratings (B/Stable/) assigned to Empresas ICA S.A. de C.V.
(ICA) consider the company's position as the largest
engineering, construction, and procurement concern in Mexico.
The ratings also reflect more favorable operating and financial
performance and the improvements in ICA's capital structure and
maturity schedule. We expect that key financial measures and
liquidity will remain relatively weak as a result of the
group's investment program and working capital needs,
particularly in El Cajon. The ratings are also constrained by
the risk of operating losses and swings in working capital
associated with cost overruns that have hurt the company's
financial performance and liquidity in the past. The ratings
also reflect the inherent cyclicality of the construction
industry and the company's dependence on government spending in
infrastructure to sustain its backlog.

ICA is the largest engineering, procurement, and construction
company in Mexico. The company is engaged in a full range of
construction and related activities, involving the construction
of infrastructure facilities, as well as industrial, urban, and
housing construction. In addition, the company is engaged in
the development and marketing of affordable housing and real
estate; the construction, maintenance, and operation of
airports, highways, bridges, and tunnels; and the management
and operation of water supply systems and solid waste disposal
systems under concessions granted by the governmental
authorities.

ICA's operating and financial performance has shown continued
improvement and reflects an important increase in revenues that
has had a positive effect on its key financial ratios. Revenues
have been driven by the increase in the company's backlog,
which stood at 11 months of construction equivalent as of Sept.
30, 2005, and the progress of the El Cajon hydroelectric
project, which accounted for 23% of consolidated revenues in
third-quarter 2005 and is now 74% complete. For the 12 months
ended Sept. 30, 2005, ICA posted EBITDA interest coverage,
total debt-to-EBITDA, and funds from operations-to-total debt
ratios of 3.7x, 4.8x, and 13.3%, respectively.

The group's capital structure has also shown improvement. The
repayment of the group's corporate debt during the second
quarter has left the debt solely at the project level, which
provides the company with an adequate asset liability match.
The recent equity issuance (which raised about $210 million)
will be applied toward selected investments in concessions,
particularly toll roads, and the housing segment. The
aforementioned investments reflect ICA's historical interest in
the operation of concessions and its desire to develop a
portfolio of business to generate a more stable cash flow
through the cycle. The company's decision to fund investments
with equity is considered positive for the group's capital
structure, as it reduces the need for incremental debt.

We believe that, in addition to the presence of larger projects
that allow the group to take advantage of economies of scale,
the steady improvement in ICA's financial performance also
reflects its efforts to improve profitability through
significant workforce reductions, more advanced risk management
systems, and investments in IT. Nevertheless, competition,
mainly from foreign firms; the increased use of fixed price
contracts, which represent the bulk of ICA's backlog; and thin
margins, relative to those of other issuers, continue to pose
important challenges for the company. Cost overruns, write-
offs, provisions, and a number of extraordinary charges
underscore the difficulties experienced by ICA in the past. The
risks associated with the inherent cyclicality of the
construction business and the dependence on government spending
are evident in the backlog for Mexico's electric utilities and
national oil company.

Liquidity

We anticipate that cash-flow needs related to ICA's investment
program and working capital needs for certain projects in
backlog, particularly El Cajon, will exceed the group's
operating cash-flow generation. Nevertheless, the equity issue
and recent debt repayments reduce the need for incremental debt
and leave the group with a comfortable maturity schedule. Also,
the reduction of corporate debt and the release of liens
associated with the aforementioned should benefit the group's
liquidity through a reduction of cash needs to service
corporate debt and the ability to obtain financing through
secured debt packages.

Outlook

The stable outlook reflects our expectations that ICA's
leverage will remain relatively high until 2007, when the El
Cajon project will be delivered. A positive rating action would
have to be preceded by continued improvement in ICA's financial
and operating performance. We anticipate that during the next
two years, ICA's key financial measures will be comparable to
those posted by other issuers in the same rating category.

Primary Credit Analyst: Jose Coballasi, Mexico City (52)55-
5081-4414; jose_coballasi@standardandpoors.com

Secondary Credit Analyst: Santiago Carniado, Mexico City (52)
55-5081-4413; santiago_carniado@standardandpoors.com


SAMSUNG ELECTRONICS: Profitability Concerns Close Local Plant
-------------------------------------------------------------
South Korean-based Samsung Electronics Co Ltd has decided to
close its handset assembly plant in the Mexican border town of
Tijuana. The Tijuana plant, which was responsible for an annul
output of 100,000 units, was closed in September this year
because it was considered unprofitable, according to a
spokesman from the technology giant.

A plant in Brazil will now manufacture mobile phones to
maintain supply in Central and South America.


VITRO: S&P Revises Outlook to Negative; Affirms Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
its 'B' long-term corporate credit rating on Vitro S.A. de C.V.
(Vitro) and Vitro's glass containers subsidiary Vitro Envases
Norteamerica S.A. de C.V. (Vena) to negative from stable. The
ratings on Vitro and Vena are affirmed.

"The rating action reflects the continued weakness in the
group's financial performance (particularly its cash flow
protection measures) and the uncertainty regarding the impact
of natural gas prices going forward," said Standard & Poor's
credit analyst Jose Coballasi. "Nevertheless, the issuer's
corporate credit rating reflects the group's adequate liquidity
to meet its upcoming debt maturities."

The ratings on Vitro reflect the company's high financial
leverage, its weak free operating cash flow generation, and the
challenging operating environment it faces. The ratings also
reflect the company's leading position in flat glass, glass
containers, and glassware business in Mexico and its export
activities and international operations (particularly in the
U.S.), which contribute about 50% of total revenues.  

The negative outlook reflects the risk of further weakness in
the group's financial performance and liquidity, particularly
from an increase in the issuer's cost of natural gas and/or
weakness in glass containers volumes as a result of captive
capacity expansion.

Monterrey, Mexico-based Vitro, through its subsidiary
companies, is Mexico's leading glass producer. Vitro is a major
participant in three principal businesses: flat glass, glass
containers, and glassware. Vitro also produces raw materials
and equipment and capital goods for industrial use.

Primary Credit Analyst: Jose Coballasi, Mexico City (52)55-
5081-4414; jose_coballasi@standardandpoors.com

Secondary Credit Analyst: Federico Mora, Mexico City (52) 55-
5081-4436; federico_mora@standardandpoors.com



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

WILLBROS GROUP: Earnings Restatement Prompts Form 10-Q Delay
------------------------------------------------------------
Willbros Group, Inc. (NYSE: WG) announced Thursday that it will
delay filing of its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2005. As previously reported, the
Company delayed the filing of its Annual Report on Form 10-K
for the year ended December 31, 2004 and its Quarterly Reports
on Form 10-Q for the quarters ended March 31, 2005 and June 30,
2005 as a result of an independent investigation into the
activities of the former President of Willbros International,
Inc. as well as of those of certain other employees of that
entity or its subsidiaries. As a result of the investigation,
the Company will restate its results for the periods 2002, 2003
and the first three quarters of 2004 and the audit and review
of these periods has not yet been completed. Upon the
completion of the audit and review of the periods mentioned
above as well as completion of the review for the quarters
ended March 31, June 30, and September 30, 2005, the Company
will be able to file its Form 10-Q for the quarter ended
September 30, 2005.

Willbros Group, Inc. is an independent contractor serving the
oil, gas and power industries, providing engineering and
construction, and facilities development and operations
services to industry and government entities worldwide.

CONTACT: Willbros USA, Inc.
         Michael W. Collier
         Investor Relations Manager
         Tel: (713) 403-8016

         DRG&E
         Jack Lascar / Partner
         Tel: (713) 529-6600
         URL: http://www.willbros.com



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

CADAFE: Revamps Billing, Customer Services for Enforcement
----------------------------------------------------------
State electric company Cadafe is overhauling its billing and
customer services operations, Business News Americas reports.
This is because Cadafe suspects that it may have about 900,000
unlawful users tapping into its network.

According to Cadafe president and deputy energy and oil
minister Nervis Villalobos, the Company has 2.6 million clients
and if for every three paying customers there is one
unregistered user, the total number of users would be 3.5
million.

The Venezuelan electric company would spend about US$200
million for the revamp plan, which would take another two years
to implement.

"Processes here are totally manual, so it is very difficult to
have control... that's why we need automation. For years we
have been trying to optimize our commercial operations. Now we
are widening this to other administrative areas, budgeting,
finances, accountability and purchases. We will have an
integrated platform for all processes," said Villalobos.

Stating that Cadafe managers are getting advice and expertise
from Uruguay's state electric company UTE, Villalobos expects
that everything would be in place by late 2007.




                            ***********


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
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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