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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 24, 2008, Vol. 9, No. 232

                            Headlines

A R G E N T I N A

AUTOPISTAS DEL SOL: S&P Changes Outlook on 'B-' Rating to Negative
CAJA DE VALORES: S&P Keeps 'B' Global Counterparty Credit Rating
CAJA DE VALORES: S&P Puts 'B+' For. Cur. Credit Rating to WatchNeg
COMPANIA SUD: S&P Puts BB+ Corp. & Sr. Unsec. Ratings on WatchNeg.
INDUSTRIAS METALURGICAS: S&P Puts B Corp. Credit Rtng. on WatchNeg

INTEGRAL SERVER: Proofs of Claim Verification Due on February 26
INSERTEC SRL: Proofs of Claim Verification Due on March 3


B A R B A D O S

* BARBADOS: BDS$1.4 Million Stolen from Central Bank


B R A Z I L

BANCO DO BRASIL: To Acquire Nossa Caixa for US$2.25 Billion
BNDES: To Lend BRL500 Million to Refinance Farm Debt
ELECTROBRAS: Mulls Building Five Hydroelectric Plants in Amazon
TELE NORTE: Gets Government's OK to Acquire Brasil Telecom


C A Y M A N  I S L A N D S

ASIAN EVENT: Requires Creditors to File Claims by December 15
ASIAN EVENT: Shareholders Final Meeting Set for December 15
ASIAN EVENT: Creditors' Proofs of Debt Due on December 16
ASIAN EVENT: Shareholders' Final Meeting Set for December 16
CASCADIA LIMITED: Creditors' Proofs of Debt Due on December 11

CASCADIA LIMITED: Shareholders' Final Meeting Set for December 11
FRONTERA INVESTMENT: Creditors' Proofs of Debt Due on December 17
IFA FUNDS: Requires Creditors to File Claims by December 11
ISLAND KZL: Creditors' Proofs of Debt Due on December 11
ISLAND KZL: Members' Final Meeting Set for December 12

PALLADIN HALIFAX: Creditors' Proofs of Debt Due on November 25
PALLADIN HALIFAX: Shareholders' Final Meeting Set for December 23
PALLADIN OVERSEAS: Creditors' Proofs of Debt Due on November 25
PALLADIN OVERSEAS: Shareholders' Final Meeting Set for December 23
SHELTER ISLAND: Creditors' Proofs of Debt Due on November 26

SHELTER ISLAND: Shareholders' Final Meeting Set for December 12


C H I L E

EMPRESAS IANSA: S&P Puts 'BB+' Ratings on CreditWatch Negative


D O M I N I C A N   R E P U B L I C

CLOROX CO: September 30 Balance Sheet Upside-Down by US$400 Mil.
BAUXITE ALUMINA: Lost US$8.6 Million in 3 Years to Theft
* JAMAICA: Banks to Get Liquidity Line from IDB


E C U A D O R

* ECUADOR: To Suspend Brazilian Loan Payment Over Unlawful Terms


M E X I C O

SYNCORA GUARANTEE: S&P's Rating Cuts Won't Affect Senior Debt
TERMOEMCALI FUNDING: S&P Affirms 'CCC+' Foreign Currency Rating


P E R U

GLOBAL CROSSING: Inks Technology Dev't With Chinalco's Peru Unit


V E N E Z U E L A

* VENEZUELA: Strengthens Ties w/ Vietnam Through US$200MM JV Fund


X X X X X X X X

* Ford and GM Fail to Convince Lawmakers on Bailout Urgency
* BOND PRICING: For the Week November 18 - November 21, 2008


                         - - - - -


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

AUTOPISTAS DEL SOL: S&P Changes Outlook on 'B-' Rating to Negative
------------------------------------------------------------------
On Nov. 5, 2008, Standard & Poor's Ratings Services revised its
outlook on Argentine toll-road operator Autopistas del Sol S.A.
(B-/--) to negative from stable.

This action follows S&P's perception of increasing macroeconomic
and institutional challenges in Argentina, which could impair the
company's ability to meet its financial obligations in the absence
of tariff adjustments (which have recently shown certain progress
but are still subject to approval by the executive branch).

The ratings on Ausol reflect high regulatory risk, the
uncertainties associated with renegotiating the company's
concession contract, high leverage, significant mismatch between
revenues in Argentine pesos and dollar-denominated debt, and a
relatively short tail for refinancing because the US$155 million
notes mature in 2017 and the concession ends in 2020.  Those
factors are partially counterbalanced by the good quality of the
asset resulting from solid traffic fundamentals.

As of Sept. 30, 2008, Ausol had about US$327 million in total
debt, comprised of US$13.4 million notes with final maturity in
2009, US$152.5 million notes with final maturity in 2014, and
US$155 million notes with final maturity in 2017.

Ausol's business risk profile is vulnerable because the company
faces high regulatory risk in Argentina.  This is due to the
ongoing and unresolved renegotiation of Ausol's concession
contract and the setting of toll-adjustment mechanisms, despite a
toll increase during 2006.

Although strong traffic performance (with equivalent traffic
growing on average more than 8% annually for the past four years)
has led to increased revenues, EBITDA generation and margins have
suffered, given the company's inability to transfer higher costs
(such as labor or maintenance) to tariffs in an inflationary
context.  Ausol's EBITDA margin dropped to 51.7% for the 12 months
ended Sept. 30, 2008, from a 68.3% average for 2003-2007.

Ausol's leverage is high, with a total debt-to-capitalization
ratio of 80.2% as of Sept. 30, 2008.  Ausol's cash-flow protection
metrics are very weak, with EBITDA interest coverage and funds
from operations -to-total debt ratios at 1.4x and 3%,
respectively, for the 12 months ended Sept. 30, 2008, and debt-to-
EBITDA at 9.3x.  Without assuming any further tariff increase,
Ausol should be able to generate about US$35 million in EBITDA
annually, which would allow the company to cover 1.5x to 2x its
interest payments.  The company will face low principal maturities
in 2008 and 2009 (about US$7 million).  However, a further
devaluation of the Argentine peso could add significant pressure
to the company's limited cash-flow generation considering the
currency mismatch between revenues and debt service.

Ausol holds the concession to operate and collect tolls until 2020
on the Autopistas del Sol Highway System, one of the most
important access roads to the city of Buenos Aires.  It includes
95 km of Acceso Norte Highway and 24 km of General Paz Avenue.
The toll road provides an important link to the suburbs
on the northwest side of Buenos Aires' downtown.

Liquidity

Ausol's liquidity is weak.  As of Sept. 30, 2008, the company had
about US$17 million in cash and short-term investments, which S&P
expects to be applied for debt service or additional debt
repurchases.  Ausol's financial flexibility is limited because of
the high regulatory risk related to the company's contract
concession renegotiation.  Despite the company's still-manageable
debt maturity schedule in the next year, S&P projects the company
will generate very modest free cash flow (less than 5% of total
debt).

Outlook

The negative outlook reflects the increasing macroeconomic and
regulatory challenges (particularly the delays in the approval of
tariff adjustments in a context of increasing costs and certain
level of local currency devaluation) that the company faces in
Argentina, which could impair its ability to meet its financial
obligations.  This is particularly relevant in a context of a
weak cash generation and limited financial flexibility.  The
ratings could come under pressure following a further strong
devaluation of the Argentine peso and/or if the current
negotiations regarding tariff adjustments do not show favorable
progress by first-quarter 2009.  On the contrary, the outlook
could go back to stable if Ausol is granted a tariff increase that
helps alleviate its financial situation.

                            Ratings List

Outlook Action                 To                From
--------------                 --                ----
Autopistas Del Sol S.A.
Corporate Credit Rating
  Foreign Currency             B-/Negative/--    B-/Stable/--


CAJA DE VALORES: S&P Keeps 'B' Global Counterparty Credit Rating
----------------------------------------------------------------
On Nov. 20, 2008, Standard & Poor's Ratings Services placed its
'B+' foreign currency counterparty credit rating on Caja de
Valores S.A., Argentina's central securities depository, on
CreditWatch with negative implications.  The action followed a
change in S&P's transfer and convertibility assessment on the
Republic of Argentina (B-/Stable/C) to 'B-' from 'B+'.  At the
same time, S&P affirmed its local currency counterparty credit
rating on Caja at 'B+' and its short-term global scale
counterparty credit ratings at 'B'.

The T&C assessment on Argentina is S&P's view of the probability
of the sovereign restricting access to foreign exchange needed by
Argentina-based non-sovereign issuers for debt service or other
obligations.  This assessment is now similar to the rating level
associated with the likelihood of the sovereign defaulting on its
foreign-currency obligations--our 'B-' foreign currency rating on
Argentina.

Although the T&C assessment does not always constrain the ratings,
the possibility of sovereign intervention restricting access to
foreign exchange to service debt and foreign-exchange obligations
is key to determining foreign currency ratings.

On the other hand, the revision of the T&C assessment does not
directly affect local currency ratings.  S&P's local currency
credit rating is a current opinion of an obligor's overall
capacity to generate sufficient local-currency resources to meet
all its financial obligations (both local- and foreign-currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.  The local currency
rating on Caja remains two notches higher than the sovereign
rating, reflecting the company's critical role and good track
record in serving the Argentine capital markets.

                          Ratings List

                     Caja de Valores, S.A.

                       CreditWatch Action

                                    To                 From
                                    --                 ----
Counterparty Credit Rating
  Foreign Currency                  B+/Watch Neg/B     B+/Stable/B

                        Ratings Affirmed

Counterparty Credit Rating
  Local Currency                        B+/Stable/B
  National Scale                        raAA+/Stable/raA-1+
Short-Term Counterparty Credit Rating
  Global Scale                          B
  National Scale                        raA-1+


CAJA DE VALORES: S&P Puts 'B+' For. Cur. Credit Rating to WatchNeg
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B+'
foreign currency counterparty credit rating on Caja de Valores
S.A., Argentina's central securities depository, on CreditWatch
with negative implications.  At the same time, S&P affirmed its
local currency counterparty credit rating on Caja at 'B+' and its
short-term global scale counterparty credit ratings at 'B'.

"The CreditWatch action followed a change in S&P's transfer and
convertibility assessment on Argentina," said Standard & Poor's
credit analyst Delfina Cavanagh.  "However, the local currency
rating on Caja remains two notches higher than the sovereign
rating on the country, reflecting the company's critical role and
good track record in serving the Argentine capital markets."

On Oct. 31, 2008, Standard & Poor's lowered its transfer and
convertibility assessment on the Republic of Argentina (B-
/Stable/C) to 'B-' from 'B+'.

The T&C assessment on Argentina is S&P's view of the probability
of the sovereign restricting access to foreign exchange needed by
Argentina-based nonsovereign issuers for debt service or other
obligations.  This assessment is now similar to the rating level
associated with the likelihood of the sovereign defaulting on its
foreign-currency obligations -- S&P's 'B-' foreign currency rating
on Argentina.

Although the T&C assessment does not always constrain the ratings,
the possibility of sovereign intervention restricting access to
foreign exchange to service debt and foreign-exchange obligations
is key to determining foreign currency ratings.

On the other hand, the revision of the T&C assessment does not
directly affect local currency ratings.  S&P's local currency
credit rating is a current opinion of an obligor's overall
capacity to generate sufficient local-currency resources to meet
all its financial obligations (both local- and foreign-currency),
absent the risk of direct sovereign intervention that may
constrain payment of foreign-currency debt.


COMPANIA SUD: S&P Puts BB+ Corp. & Sr. Unsec. Ratings on WatchNeg.
------------------------------------------------------------------
Standard & Poor's Rating Services said that it placed its 'BB+'
long-term corporate credit and senior unsecured debt ratings on
Compania Sud Americana de Vapores S.A. on CreditWatch Negative.

"The action reflects the deeper-than-expected deterioration in the
global container ship market, which for CSAV resulted in an
extremely poor performance that substantially weakened its credit
metrics and liquidity position," said S&P's credit analyst Diego
Ocampo.  Although the company has recently announced that it will
speed up an equity increase of US$200 million (originally planned
to be injected during the next two years), S&P is concerned about
the company's ability to improve its profitability and cash-flow
generation, which is currently negative.  S&P's concerns stem
mostly from the company's chartering strategy and its sizable
investment program in very tough market conditions.  The current
market affects mostly long-haul routes such as those covered by
one of CSAV's largest operating subsidiaries, Norasia Container
Lines Ltd.

S&P expects to resolve the CreditWatch within the next 90 days and
believe there may be a downgrade of more than one notch.

The ratings on Chile-based CSAV reflect its exposure to the highly
cyclical container ship industry, the company's aggressive fleet
composition, and weaker credit measures than its peers on a lease-
adjusted basis.  CSAV's strong market position in the Americas,
its smooth debt profile, and its adequate but rapidly
deteriorating liquidity position partially offset these factors.

CSAV is the largest container ship company in Latin America, with
services covering east-west, intra-America, and Asian routes. With
more than 60% of its revenues coming from container ship business
and given the share of its fleet under long-term charter
contracts, the company's profit margins are more exposed to sudden
market downturns than are those of competitors with larger weights
of owned fleet.

During the second half of 2008, traffic has substantially declined
as a consequence of the global economic downturn.  S&P expects
this trend to continue in the short to medium term.  This factor,
combined with high order book levels throughout the industry has
started to affect tariff levels in all trades.  The competitive
trades, such as those covered by CSAV's largest subsidiary Norasia
Container Lines Ltd., are most affected.


INDUSTRIAS METALURGICAS: S&P Puts B Corp. Credit Rtng. on WatchNeg
------------------------------------------------------------------
On Nov. 5, 2008, Standard & Poor's Ratings Services placed its 'B'
long-term corporate credit rating on Argentina-based Industrias
Metalurgicas Pescarmona S.A.I.C.y.F. on CreditWatch Negative.

The CreditWatch Negative on the local-currency ratings reflects
S&P's perception that the corporate sector in Argentina faces
tougher challenges than before and that overall credit quality has
weakened given S&P's view of a riskier business environment for
companies operating in the country.  As a result, S&P is analyzing
the impact of government intervention, financial flexibility,
parent support, cash-flow stability, and overall leverage on the
final ratings.  The ratings could remain above that on the
sovereign if S&P's analysis shows that, under a sovereign default
scenario, the company can generate sufficient local-currency
resources to meet all its financial obligations (both local and
foreign currency), absent the risk of direct sovereign
intervention that may constrain payment of foreign currency debt.

The CreditWatch Negative on the foreign-currency ratings reflects
a change in S&P's transfer and convertibility assessment for
Argentina to 'B-' from 'B+'.  In the case of IMPSA, ratings remain
above the T&C assessment while S&P reviews the impact of
mitigating factors, mainly a sufficiently strong export profile,
moderate leverage and strong cash position, sound free cash-flow
generation under a sovereign stress scenario, and modest debt-
maturity schedules.  These factors may allow the ratings to remain
above the current T&C assessment for Argentina.

The ratings on IMPSA reflect the company's high leverage and its
exposure to the inherent volatility of the capital goods industry
market and the fluctuations of the economic activity in the main
countries where IMPSA operates.  The ratings also incorporate the
significant concentration of the company's backlog in a small
number of large-scale projects.  Those factors are partially
mitigated by IMPSA's adequate competitive position in the
hydropower generation turbines business and some geographic
diversification.  The rating also incorporates the expected
improvement in IMPSA's cash generation and financial profile,
resulting from the company's sizable backlog and business
diversification coming from its relatively new wind power
division.

IMPSA is incorporated in the Republic of Argentina (B-/Stable/C).
However, exposure to Argentine country risk is partially offset by
IMPSA's well-diversified revenue base, with about 85% of revenues
coming from outside Argentina.  Nevertheless, the company's
backlog presents some concentration in emerging economies of Latin
America, mainly in the Federative Republic of Brazil (BBB-; 50% of
the current backlog) and the Bolivarian Republic of Venezuela
(BB-; 40% of backlog).

IMPSA's backlog significantly increased to approximately US$1.9
billion as of July 2008, from US$825 million as of December 2006.
The increase stems from sustained economic growth in most of the
countries where the company operates and the search for new
sources of renewable energy.  The current backlog represents about
6x sales for the 12 months ended July 31, 2008.  S&P expects
this backlog to result in a higher, more predictable level of
revenues and cash generation in the medium term.  According to the
project schedule, S&P expects IMPSA's EBITDA generation to
increase to approximately us$110 million and US$135 million in
fiscal 2009 and 2010 (both ended Jan. 31), respectively, compared
with US$74 million posted for the 12 months ended July 31, 2008.
In this context, S&P expects EBITDA interest coverage and the
debt-to-EBITDA ratio to improve to around 3.0x and 3.5x,
respectively, in fiscal 2009 and beyond, from 1.8x and 6.9x,
respectively, in 2008 (in all cases, excluding nonrecourse debt
and EBITDA regarding Ceara's wind generation project).

IMPSA's wholly owned subsidiary Inverall S.A. consolidates its
wind energy division, which is the second largest division in
terms of backlog, accounting for approximately US$540 million as
of July 2008.  IMPSA's wind division backlog comprises two
projects located in Brazil in the states of Ceara and Santa
Catarina involving an installed capacity of 100 MW and 217 MW,
respectively.  The financing of these two projects presents
project finance characteristics, with special purpose entities
being financed by Brazilian state-owned development banks on a
nonrecourse basis to IMPSA.  Both projects off-takers will be
national power company Eletrobras S.A. (BBB-/Stable/--) through
20-year power-purchase agreements.  S&P expects project completion
and operation start-up to take place in early 2009 for the Ceara
project, and late 2009 for the Santa Catarina Project.

IMPSA provides equipment mainly for hydroelectric power generation
and other renewable energies such as wind power projects.  The
company is also engaged in manufacturing and selling port crane
systems, as well as wire harnesses in the Mercado Comun del Sur.
IMPSA also offers waste collection and disposal services in
Argentina and Colombia.  Although profitability in the auto parts
and waste management businesses has shown some improvement in
recent fiscal years, S&P believes that the hydroelectric turbine
unit and the wind power generation unit's growth potential are the
main forces behind IMPSA's profitability and cash-flow generation.

                            Liquidity

As of Oct. 31, 2008, IMPSA's liquidity was relatively weak, with
consolidated cash and short-term investments of about US$37
million, compared with short-term debt of about US$130 million.

In the medium term, S&P expects IMPSA's liquidity to significantly
improve as a consequence of the combination of an enhanced free
cash-flow generation and new availability of funds coming from
existing customers' advance payments.  However, potential delays
in its backlog's work flow may affect IMPSA's cash generation, and
would result in an increase in the company's refinancing risk. S&P
will continue monitoring the company's liquidity stance and could
take rating actions if S&P perceives further deterioration.

                           Ratings List

          Industrias Metalurgicas Pescarmona S.A.I.C.y.F.

CreditWatch Action             To                From
------------------             --                ----
Corporate Credit Rating       B/Watch Neg/--    B/Stable/--


INTEGRAL SERVER: Proofs of Claim Verification Due on February 26
----------------------------------------------------------------
Liliana Rodriguez, the court-appointed trustee for Integral Server
Latinoamericana SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until February 26, 2009.

Ms. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Debtor can be reached at:

          Integral Server Latinoamericana SA
          Moreno 455
          Buenos Aires, Argentina

The trustee can be reached at:

          Liliana Rodriguez
          San Martin 66
          Buenos Aires, Argentina


INSERTEC SRL: Proofs of Claim Verification Due on March 3
---------------------------------------------------------
Norberto Volpe, the court-appointed trustee for Insertec SRL's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until March 3, 2008.

Mr. Volpe will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 22
in Buenos Aires, with the assistance of Clerk No. 44, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Debtor can be reached at:

          Insertec SRL
          Ballivian 3310
          Buenos Aires, Argentina

The trustee can be reached at:

          Norberto Volpe
          Maipu 859
          Buenos Aires, Argentina



===============
B A R B A D O S
===============

* BARBADOS: BDS$1.4 Million Stolen from Central Bank
----------------------------------------------------
The Central Bank of Barbados lost BDS$1.4 million (US$700 000) in
new 100-dollar bills after an ex messenger stole them,
Carribean360 reported.  The ex messenger, Corey Rock, 25, has been
charged with the theft, said the report.

According to Carribean360, after being in police custody for a
week, Mr. Rock appeared in court Nov. 19 to face the charge that
he stole the money between July 1, 2006 and October 31 this year.
He was not required to plead to the indictable charge and after
being denied bail, was remanded to prison.  December 17 was the
date set for his next court appearance.

In a statement, the Central Bank revealed that police were probing
the disappearance of a number of new Barbados 100-dollar notes,
Carribean360 related.
The Central Bank said the massive theft was discovered on October
30 this year.

The report noted the Bank will be conducting an audit and
evaluation of its systems and processes as a result of the theft.



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

BANCO DO BRASIL: To Acquire Nossa Caixa for US$2.25 Billion
-----------------------------------------------------------
Banco do Brasil SA will buy a majority stake in Banco Nossa Caixa
SA for BRL5.39 billion (US$2.25 billion) in cash after 7 months of
negotiations, Bloomberg News reports.

The report relates that Banco do Brasil is paying BRL70.63 a
share, an 18th month installment of BRL299.2 million beginning
March 2009, for a 71.2% stake in Nossa Caixa.

According to the report, negotiations between Banco do Brasil and
Nossa Caixa intensified after it was bumped by the combination of
Banco Itau Holding Financeira SA's and Uniao de Bancos Brasileiros
SA as the top ranking biggest financial group in Latin America.

Vice-President Aldo Mendes, the report notes, said the price per
share paid by Banco do Brasil gives Nossa Caixa a market value of
BRL7.6 billion.

"The price paid for Nossa Caixa is reasonable compared to some
market estimates, but most important is that the payment in cash
eliminates our concern of ownership dilution had Banco do Brasil
paid for Nossa Caixa in stock," the report cited Isa Musa de
Noronha, vice-president of Unamibb, an association that represents
individual minority shareholders of Banco do Brasil, as saying.

VP Mendez, the report points out, said the acquisition will boost
Banco do Brasil's total assets to BRL512.4 billion and total
deposits to BRL264 billion.

Meanwhile, Bloomberg News adds that Banco do Brasil is relying on
acquisitions of government-controlled banks to boost its presence
in a country where economic growth had created record demand for
credit.

"This year we will probably grow between 35 and 40%," Bloomberg
News cited Banco do Brasil Vice President Adezio Lima as saying.
And we are preparing our budget expecting for next year a total
loan portfolio growth of between 20 and 25%," he added.

                      About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

On Feb. 29, 2008, Moody's Investors Service assigned a Ba2 foreign
currency deposit rating to Banco do Brasil.


BNDES: To Lend BRL500 Million to Refinance Farm Debt
----------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social (BNDES) plans
to lend as much as BRL500 million (US$212 million) to help farmers
in the Center-West region to refinance debt, Bloomberg News
reports.

Agriculture Minister Reinhold Stephanes, the report relates, is
considering additional steps to help farmers, including measures
to boost the working capital of cooperatives.  "The government is
utilizing every instrument at its disposal to minimize the impact
of the crisis.  More measures "are being discussed and should
occur next week," she said.

According to the report, the Agriculture Ministry cut its corn and
soybean production forecasts this month as farmers lack the
financing they need to buy fertilizers.

Soybean output will fall to between 58.4 million and 59.3 million
metric tons next year, from 60 million tons this year, Bloomberg
News notes, citing the ministry's Conab crop-forecasting agency.

                       About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank.  It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.

                          *     *     *

Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service, and a BB+ long-
term foreign issuer credit rating from Standards and Poor's
Ratings Services.  The ratings were assigned in August and May
2007.


ELECTROBRAS: Mulls Building Five Hydroelectric Plants in Amazon
---------------------------------------------------------------
Centrais Eletricas Brasileiras SA, (Eletrobras) plans to build 5
new hydroelectric plants in the Tapajos River, which crosses the
northern states of Amazonas and Para, Brazil Magazine reports,
citing President Jose Antonio Muniz.

The report says the project, which will be tendered by mid-2010,
will have a production capacity of 10,680 megawatts (MW) of
energy.

According to the report, Eletrobras said the construction of the
units is part of a project turned to sustainable energy, and will
be integrated with the northern Brazilian communities.

The company, the report notes, is also contemplating the
installation of transmission lines, in order to further connect
the North of the country, by means of the so-called "Linhao" (Big
Line), to the National Interconnected System (SIN).  President
Muniz explained that the goal of Eletrobras is to build the new
units under the concept known as platform-plant - a model proposed
by the Brazilian minister of Environment, Carlos Minc, the report
says.

Brazzil Magazine relates President Muniz said they had already
submitted the studies that it conducted on the Tapajos River to
the National Electric Energy Agency (Aneel).  Now, Eletrobras is
going to negotiate with the Brazilian Environment and Renewable
Natural Resource Institute (Ibama) so that studies and reports on
environmental impact may be made available at the same time,
Brazzil Magazine adds.

                        About Eletrobras

Centrais Eletricas Brasileiras SA, a.k.a. Eletrobras, operates
in the electric power sector in Brazil.  The objective of
Eletrobras is to perform activities involving studies, projects,
construction and operation of electric power plants,
transmission and distribution lines as well as underlying trade
operations arising therefrom.  Eletrobras is tasked with the
preparation of studies and with drawing up construction projects
for hydroelectric generation, transmission lines and substations
to supply Brazil.  It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked to the generation,
transmission and distribution of electric power.

                          *     *     *

Centrais Eletricas Brasileiras S.A. aka Eletrobras continues to
carry a 'BB+' long-term foreign currency counterparty credit
rating from Standard & Poor's with positive outlook.  The rating
was raised by S&P to its current level from 'BB' in May 2007.


TELE NORTE: Gets Government's OK to Acquire Brasil Telecom
----------------------------------------------------------
Tele Norte Leste Participacoes S.A. received the government's
green light to acquire Brasil Telecom, as Luiz Inacio Lula da
Silva, President of the Federative Republic of Brazil, approved a
change in the country's telecommunications law.

Associated Press relates that the change in the law, would allow
fixed-line telecoms to operate in more than one region of the
country.  Communications Minister Helio Costa said he signed the
decree authorizing the change on November 20, 2008.

The Financial Times reported on April 27, 2008, that Tele Norte
agreed to buy Brasil Telecom for R$5.9 billion (US$3.5 billion)
and to make an offer to minority shareholders which, if completed,
would raise the total purchase price to about R$12.4 billion.

                         About Tele Norte

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes S.A. -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

                          *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services placed on CreditWatch with negative implications the
'BB+' corporate credit rating on Tele Norte Leste Participacoes
S.A.  The creditwatch resulted from TmarPart's decision to buy
out its holding company's preferred shares.



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

ASIAN EVENT: Requires Creditors to File Claims by December 15
-------------------------------------------------------------
The creditors of Asian Event Master Fund, Ltd. are required to
file their proofs of debt by December 15, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2008.

The company's liquidator is:

          Avalon Management Limited
          Mourant du Feu & Jeune
          Telephone:(+1) 345 949 4123
          Facsimile:(+1) 345 949 4647


ASIAN EVENT: Shareholders Final Meeting Set for December 15
-----------------------------------------------------------
The shareholders of Asian Event Master Fund, Ltd. will hold their
final meeting  on December 15, 2008, at 10:30 a.m., to hear the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 28, 2008.

The company's liquidator is:

          Avalon Management Limited
          Mourant du Feu & Jeune
          Telephone:(+1) 345 949 4123
          Facsimile:(+1) 345 949 4647


ASIAN EVENT: Creditors' Proofs of Debt Due on December 16
---------------------------------------------------------
The creditors of Asian Event Fund, Ltd. are required to file their
proofs of debt by December 16, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2008.

The company's liquidator is:

          Avalon Management Limited
          Mourant du Feu & Jeune
          Telephone:(+1) 345 949 4123
          Facsimile:(+1) 345 949 4647


ASIAN EVENT: Shareholders' Final Meeting Set for December 16
------------------------------------------------------------
The shareholders of Asian Event Fund, Ltd. will hold their final
meeting  on December 16, 2008, at 10:30 a.m., to hear the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 28, 2008.

The company's liquidator is:

          Avalon Management Limited
          Mourant du Feu & Jeune
          Telephone:(+1) 345 949 4123
          Facsimile:(+1) 345 949 4647


CASCADIA LIMITED: Creditors' Proofs of Debt Due on December 11
--------------------------------------------------------------
The creditors of Cascadia Limited are required to file their
proofs of debt by December 11, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 23, 2008.

The company's liquidators are:

          Bronwynne Arch
          Sylvia Lewis
          c/o Bronwynne Arch and Sylvia Lewis
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


CASCADIA LIMITED: Shareholders' Final Meeting Set for December 11
-----------------------------------------------------------------
The shareholders of Cascadia Limited will hold their final meeting
on December 11, 2008, at 10:30 a.m., to hear the liquidators'
report on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 23, 2008.

The company's liquidators are:

          Bronwynne Arch
          Sylvia Lewis
          c/o Bronwynne Arch and Sylvia Lewis
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


FRONTERA INVESTMENT: Creditors' Proofs of Debt Due on December 17
-----------------------------------------------------------------
The creditors of Frontera Investment Partners, Ltd. are required
to file their proofs of debt by December 17, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2008.

The company's liquidator is:

          Avalon Management Limited
          Mourant du Feu & Jeune
          Telephone:(+1) 345 949 4123
          Facsimile:(+1) 345 949 4647


IFA FUNDS: Requires Creditors to File Claims by December 11
-----------------------------------------------------------
The creditors of Ifa Funds Ltd are required to file their proofs
of debt by December 11, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 30, 2008.

The company's liquidator is:

          Stuart Sybersma
          Mervin Solas, Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone:(345) 949 7500
          Facsimile:(345) 949 8258


ISLAND KZL: Creditors' Proofs of Debt Due on December 11
---------------------------------------------------------
The creditors of Island KZL Ltd. are required to file their proofs
of debt by December 11, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 24, 2008.

The company's liquidator is:

          Mark Lande
          c/o Messrs. Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands


ISLAND KZL: Members' Final Meeting Set for December 12
------------------------------------------------------
The members of Island KZL Ltd. will hold their final meeting on
December 12, 2008, to receive the liquidators' report on the
company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Oct. 24, 2008.

The company's liquidator is:

          Mark Lande
          c/o Messrs. Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands


PALLADIN HALIFAX: Creditors' Proofs of Debt Due on November 25
--------------------------------------------------------------
The creditors of Palladin Halifax Overseas Fund Limited are
required to file their proofs of debt by December 25, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 22, 2008.

The company's liquidator is:

          Reid Services Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


PALLADIN HALIFAX: Shareholders' Final Meeting Set for December 23
-----------------------------------------------------------------
The shareholders of Palladin Halifax Overseas Fund Limited will
hold their final meeting  on December 23, 2008, at 10:00 a.m., to
hear the liquidators' report on the company's wind-up proceedings
and property disposal.

The company commenced liquidation proceedings on Oct. 22, 2008.

The company's liquidator is:

          Reid Services Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


PALLADIN OVERSEAS: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------------
The creditors of Palladin Overseas Fund Ltd. are required to file
their proofs of debt by November 25, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 22, 2008.

The company's liquidator is:

          Reid Services Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


PALLADIN OVERSEAS: Shareholders' Final Meeting Set for December 23
------------------------------------------------------------------
The shareholders of Palladin Overseas Fund Ltd. will hold their
final meeting  on December 23, 2008, at 10:00 a.m., to hear the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 22, 2008.

The company's liquidator is:

          Reid Services Limited
          Clifton House, 75 Fort Street
          PO Box 1350, Grand Cayman KY1-1108
          Cayman Islands


SHELTER ISLAND: Creditors' Proofs of Debt Due on November 26
------------------------------------------------------------
The creditors of Shelter Island Offshore Fund, Ltd. are required
to file their proofs of debt by November 26, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 30, 2008.

The company's liquidator is:

          Shelter Island Capital Management
          c/o Ogier
          Jonathan McLean
          Telephone:(345) 949 9876
          Facsimile:(345) 949 1986


SHELTER ISLAND: Shareholders' Final Meeting Set for December 12
---------------------------------------------------------------
The shareholders of Shelter Island Offshore Fund, Ltd. will hold
their final meeting  on December 12, 2008, at 10:00 a.m., to hear
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Oct. 30, 2008.

The company's liquidator is:

          Shelter Island Capital Management
          c/o Ogier
          Jonathan McLean
          Telephone:(345) 949 9876
          Facsimile:(345) 949 1986



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

EMPRESAS IANSA: S&P Puts 'BB+' Ratings on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' ratings on
Chilean sugar producer Empresas Iansa S.A. on CrediWatch Negative.
The CreditWatch placement reflects the deterioration in the
company's financial profile as a result of weakening conditions in
its core sugar business and increased working capital requirements
in its juice business related to its merger with Jugos
Concentrados S.A.  These factors led IANSA to increase its
financial debt to US$196 million as of Sept. 30, 2008, from
US$109 million one year earlier, causing a significant weakening
of its liquidity position.

"We expect the fundamentals of the sugar business to remain
vulnerable for the next two years -- a situation that may put
significant pressure on IANSA's financial profile.  S&P expects to
resolve the CreditWatch within the next 90 days after analyzing
the company's plans to face these challenges, and believe there
may be a downgrade of more than one notch," said S&P's credit
analyst Diego Ocampo.

During the past few quarters, IANSA's performance has been
negatively affected by a decrease in the availability of sugar
beets (since farmers have switched to more profitable crops such
as wheat and corn).  Since IANSA owns a very small portion of the
land required to maintain its sugar production volumes, it depends
on independent farmers.  Crop substitution reduces the company's
source of beet supply, raises beet prices, and causes sugar
imports to increase, reducing IANSA's overall profitability.

S&P foresees significant challenges ahead for the company in its
core sugar division, which would negatively affect the company's
profitability and cash flow generation.  S&P expects the crop
substitution process to slow down in 2009, given S&P's expectation
that prices for alternative crops will decline from their recent
peaks.  In addition, S&P expects productivity improvements in
sugar beet farming that should somewhat mitigate the reduction in
beet production.  However, S&P also anticipates that the Chilean
sugar price band protection system is likely to become less
effective in the future -- as the band prices diminishes
consistently from 2008 onwards -- creating more room for imports
to grow and also allowing the entrance of sugar substitutes which
are likely to put even more pressure on IANSA's sugar market share
and profitability.

IANSA's liquidity position is weak.  As of Sept. 30, 2008, the
company's cash holdings amounted to US$14 million, while its
short-term debt totaled US$116 million.  The company's currently
weak level of liquidity is a consequence of the combination of the
deterioration in its cash flow generation as evidenced by FFO
levels of US$8.8 million for the 12 months ended Sept. 30, 2008
(compared with US$28.6 million for the same period in 2007) and
its increased working capital requirements.

"Given the tightening in international credit market as well as
S&P's expectation that IANSA will be generating minimal free cash
flow for at least the next two years, S&P believes the company
will substantially reduce its investment program and dividend
payments as it focuses on refinancing its short-term debt
concentration in the coming quarters.  S&P will continue to
closely monitor the company's liquidity position, which is, in
S&P's opinion, a key driver for potential future rating actions,"
Mr. Ocampo added.



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

CLOROX CO: September 30 Balance Sheet Upside-Down by US$400 Mil.
----------------------------------------------------------------
The Clorox Company's balance sheet at Sept. 30, 2008, showed total
assets of US$4.5 billion and total liabilities of US$4.9 billion,
resulting in a stockholders' deficit of approximately
US$400 million.

Clorox reported first-quarter net earnings of US$128 million.
Current quarter earnings included about US$6 million in pretax
restructuring-related charges and a pretax loss of US$3 million
related to the Burt's Bees acquisition.

In the year-ago quarter, Clorox reported net earnings of
US$111 million.  These year-ago results included about US$27
million in pretax restructuring-related charges.  The charges for
both years were associated with the consolidation of the company's
manufacturing network and other actions the company decided to
take in light of its Centennial Strategy.

First-quarter sales grew 12% to US$1.38 billion, compared with
US$1.24 billion in the year-ago quarter.  Excluding the Burt's
Bees acquisition, sales in the current quarter grew 8%.

Net cash provided by operations was US$93 million, compared to
US$163 million in the year-ago quarter.  The decrease was due to
higher working capital.  Working capital reflected the impact of
the Burt's Bees acquisition and higher inventory levels resulting
from increased commodity costs and inventory builds to support
both new product launches and the manufacturing network
consolidation.  Also contributing to the decline in cash flow were
higher incentive compensation and interest payments versus the
year-ago quarter.

A full-text copy of the company's 10-Q filing is available for
free at http://ResearchArchives.com/t/s?3506

                   About The Clorox Company

Headquartered in Oakland, California, The Clorox Company (NYSE:
CLX) -- http://www.thecloroxcompany.com/-- manufactures and
markets household cleaning products with fiscal year 2007
revenues of USUS$4.8 billion.  Clorox markets some of consumers'
most trusted and recognized brand names, including its namesake
bleach and cleaning products, Green Works(TM) natural cleaners,
Armor All(R) and STP(R) auto-care products, Fresh Step(R) and
Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden
Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R)
water-filtration systems, Glad(R) bags, wraps and containers,
and Burt's Bees(R) natural personal care products.

Clorox has manufacturing facilities in China, Costa Rica,
Dominican Republic, Malaysia, Panama, Peru, United Kingdom,
among others.



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

BAUXITE ALUMINA: Lost US$8.6 Million in 3 Years to Theft
--------------------------------------------------------
Jamaican bauxite company Bauxite Alumina Industry is losing
millions of dollars because of theft, Caribbean Net News reports.

Citing the Jamaica Gleaner, the report says the company's security
committee revealed that JA$660.9 million (US$8.6 million) worth of
diesel was stolen from the bauxite industry between 2005-2008.

Although the company spent JA$53.8.02 million (US$7 million) in
salaries for security officers, stealing of fuel is still rampant
from machinery and heavy equipment, the report relates.


* JAMAICA: Banks to Get Liquidity Line from IDB
-----------------------------------------------
Carribean360 reported the Jamaica government has negotiated a
liquidity line with the Inter-American Development Bank (IDB) that
will be made available to commercial banks, for on-lending to the
productive sectors, where lines of credit have been cancelled.

According to the report, Minister without Portfolio in the
Ministry of Finance and the Public Service, Senator Donald Wehby
said the facility was approved by the IDB earlier this month and
the government has submitted a formal request for access.

"We expect to hear from them shortly," Carribean360 quoted Senator
Wehby as saying.

Carribean360 said Jamaica also has ongoing negotiations with three
major international financial institutions - the World Bank, IDB
and the Caribbean Development Bank.  The report said that
according to the Minister, the talks pertain to a policy-based
loan that would cover the funding requirements needed for the
remainder of the current fiscal year, and also the external
payments for the following two years.  The negotiations are
expected to close by the end of the calendar year.



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

* ECUADOR: To Suspend Brazilian Loan Payment Over Unlawful Terms
----------------------------------------------------------------
Ecuador filed an international lawsuit to suspend payment on a
loan owed to a Brazilian government bank, charging that the
credit's terms are unlawful, Alexandra Valencia of Bloomberg News
reports.

The report relates that the lawsuit comes days after Ecuadorean
President Rafael Correa raised the specter of default by
threatening not to repay debt considered to be illegal or riddled
with irregularities when contracted by past governments.

As reported in the Troubled Company Reporter - Latin America on
November 21, 2008, Bloomberg News said Ecuador may halt bond
payments after its debt audit commission uncovered "illegality and
illegitimacy" in the country's foreign obligations.  The
commission said the government's global bonds due in 2012 and 2030
"show serious signs of illegality," such as a lack of government
authorization for their issuance, the same report said.

According to Bloomberg News, Jorge Glas, head of a government fund
handling the lawsuit, said the loan granted by BNDES, Brazil's
state development bank, was linked to a construction company that
was expelled from the country over a contractual dispute.  "We are
asking (for) precautionary measures, which includes the suspension
of the (loan) payment," the same report cited Mr. Glas as saying.
The US$320 million loan had indications of illegalities, he added.

In September, the report recounts, President Correa threatened not
to repay the the central bank, holding that the loan was granted
to Brazilian top construction firm Odebrecht to build a plant and
not to the government.

Ecuador's spat over the Brazilian loan, Bloomberg News points out,
has frayed ties with ally Brazil who is a potential source of
credit.

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2008, Fitch Ratings placed Ecuador's long-term foreign
currency Issuer Default Rating of 'CCC' on Rating Watch Negative
to reflect a reasonable probability of near term downgrades.
Ecuador's IDR already incorporates the risk that default is a real
possibility in the near term, particularly in light of ongoing
concerns about the government's willingness to pay its
obligations, Fitch said.



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

SYNCORA GUARANTEE: S&P's Rating Cuts Won't Affect Senior Debt
-------------------------------------------------------------
Standard & Poor's Ratings Services said that the downgrade and
CreditWatch listing of Syncora Guarantee Inc. (B/Watch Dev/--;
formerly XL Capital Assurance Inc.) does not affect the senior
secured debt rating on the Mexican pesos 550 million in bonds due
2032 issued by Libramiento de Matehuala.

This is because the Standard & Poor's Underlying Rating is higher
than the rating on Syncora.  The rating action on Syncora stems
from that company's delay in implementing its restructuring plan
and slow progress in its negotiations with counterparties of its
collateralized debt obligation on asset-backed securities.
Libramiento de Matehuala is a bypass located in the main freight
transportation corridor of Mexico, the Mexico--Nuevo Laredo
Corridor, in the State of San Luis Potosi.


TERMOEMCALI FUNDING: S&P Affirms 'CCC+' Foreign Currency Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised the
outlook on TermoEmcali Funding Corp.'s US$153.7 million
restructured senior secured notes due 2019 from positive to
stable.  At the same time, S&P affirmed its 'CCC+' foreign
currency rating.

Despite the improvements in Termoemcali's liquidity, the outlook
revision is based on S&P's expectations that the liquidity
position of Termoemcali's parent company, Emcali, will likely be
affected in light of currency depreciation and the current
slowdown in Latin America's economic activity.

The restructured senior secured notes issued by Temoemcali are
served with the proceeds from Tranche E.  The notes were
restructured after Emcali defaulted in 2003 on the power purchase
agreement it had with Termoemcali.  Proceeds from Tranche E are
used to pay off Emcali's obligations toward TermoEmcali, replacing
the cost of terminating the PPA after the 2004 restructuring
agreement.

Despite the recent improvements in Termoemcali's liquidity as a
result of the company diversifying its revenue sources through gas
sales in the secondary market -- as well as the higher reliability
charge paid by Colombia's electric power regulator -- S&P believes
that Emcali's liquidity position is still weak, leading to a great
deal of uncertainty regarding the timely payment of the notes.
(The reliability charge payments are compensation that the
regulator makes to electricity generators for their power plant
systems.)

The rating on the notes reflects the uncertainty regarding
Emcali's ability, and willingness, to honor its payment
obligations with Termoemcali under Tranche E.  Based on Emcali's
vulnerable historical financial position, as well as the lack of a
significant improvement, S&P believes Emcali's financial profile
is weak.  Furthermore, S&P believes that Emcali's willingness to
honor its Tranche E obligations in a tight liquidity scenario may
be questionable.

The rating also reflects a security package for the restructured
notes that includes a pledge on Emcali's Tranche E obligations and
a guarantee from promissory notes issued by Emcali -- which S&P
considers weak.  Moreover, S&P believes that Emcali's exposure to
foreign exchange risk is high, as debt service payments on the
restructured notes are in U.S. dollars.

Termoemcali is a 234 megawatt combined-cycle facility owned by
parent Emcali, which owns 88% of the equity stake. The facility is
located 10 kilometers outside of Cali, adjacent to the Guachal
electric substation.  The facility uses natural gas as the primary
fuel input and diesel as the backup fuel.  Cooling needs are
supplied through a water intake from the Cauca River, which runs
adjacent to the plant.  Emcali is a municipal industrial and
commercial state-owned company providing electricity, water,
sewage, and local landline telephone service in and around Cali,
Colombia.

The outlook on the notes is stable.  The stable outlook reflects
S&P's expectations that Emcali will generate enough cash to meet
its obligations to TermoEmcali under Tranche E over the next 12
months.  A slowdown in cash flow at Emcali, or any sign of its
unwillingness to comply with the tranche E amortization schedule,
could lead to a negative rating action.  Furthermore, any negative
impact resulting from the currency depreciation could also
pressure the rating.



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

GLOBAL CROSSING: Inks Technology Dev't With Chinalco's Peru Unit
----------------------------------------------------------------
Global Crossing said Minera Chinalco Peru, a subsidiary of the
Aluminum Corporation of China (Chinalco), has acquired an
extensive portfolio of technology and telecommunications solutions
for the development of its copper megaproject Toromocho.

Minera Chinalco Peru is developing one of the most important
copper production projects worldwide, with an estimated total
investment of US$2.2 billion.

"Given the magnitude of the project, we needed a strategic
alliance with a company capable of providing the necessary
expertise and skills to implement a technological integration
between Lima, the mining camp and Chinalco's headquarters in
Beijing," said Yvan García, IT manager of the mining company.

"This experience illustrates the complete service portfolio that
Global Crossing can offer to multinational companies. In addition,
it reaffirms our leadership as a carrier and technology provider
in the mining sector," stated Dante Passalacqua, Global Crossing's
Sales and Services vice-president in Peru.

Data transmission, Internet, international connections,
collaboration, managed security and telephony services in Lima are
among the services that Global Crossing has implemented in Minera
Chinalco Peru.

"Furthermore, all the services of the mining company operate from
our data center in Lima, assuring information availability and
operations continuity in the company," highlighted Passalacqua.

"The acquisition of these services is key to the company's
activities. Minera Chinalco Peru will now be ready for the first
phase of the mine in 2009," said Yvan García.  "This phase entails
the implementation of a communications technology ring for the
Toromocho Project, providing high-speed land networks, alternative
satellite contingency networks and real-time connectivity between
Lima and Beijing."

                 About Minera Chinalco Peru S.A.

Aluminum Corporation of China (Chinalco) is a multinational
company devoted to polymetallic mining.  It is the second largest
producer of alumina; and the third largest producer of primary
aluminum worldwide.  At the same time Chinalco is the largest
mining company of China and a holding oriented to investment
management, under the direct administration of the Chinese
government, with assets for US$27 billion.  In addition to Peru,
the company is actively operating in Australia, Indonesia, Saudi
Arabia, Vietnam, Guinea and Myanmar (formerly Burma).

                     About Toromocho Project

The Toromocho Project is located in the district of Morococha,
department of Junín, in Peru. It is placed at 4,700 and 4,900
meters above sea level.  This mineral deposit holds reserves for
over 2 billion tons of copper, and its operations will continue
for approximately 36 years.

Chinalco, headquartered in Beijing, will invest around US$2.2
billion in the construction of the Toromocho mine, beginning by
mid 2009, including a mineral concentrate facility.  It will
become one of the largest red metal mines worldwide as from 2012,
time when the mine operations and exploitation will begin.

                     About Global Crossing

Global Crossing (NASDAQ: GLBC) is a leading global IP solutions
provider with the world's first integrated global IP-based
network.  The company offers a full range of secure data, voice,
and video products to approximately 40 percent of the Fortune 500,
as well as to 700 carriers, mobile operators and ISPs.  It
delivers services to more than 690 cities in more than 60
countries and six continents around the globe.

In Latin America, Global Crossing´s business has operations in
Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru, Mexico,
Venezuela, the United States (Florida) and the Caribbean region.
In addition to its IP-based, fiber-optic network, Global
Crossing's regional infrastructure includes 15 metropolitan
networks and 15 world-class data centers located in the main
business centers of Latin America.

                          *     *     *

As of June 30, 2008, the company reported US$2.65 billion in total
assets, US$2.80 billion in total liabilities, and US$150 million
in stockholders' deficit.



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

* VENEZUELA: Strengthens Ties w/ Vietnam Through US$200MM JV Fund
-----------------------------------------------------------------
Venezuelan President Hugo Chavez and Vietnamese President Nguyen
Minh Triet agreed to create a US$200 million joint development
fund to strengthen economic cooperation between the socialist
countries, Associated Press reports.

According to the report, Mr. Chavez said among other projects, the
development fund will finance the construction of lightbulb and
truck factories.

Venezuela, the report relates, is considering the construction of
an oil refinery in Vietnam as it seeks to tap into fast-growing
energy markets in Asia while reducing its dependency on the United
States as its top buyer of crude.

Venezuela's state oil company, PDVSA, is looking into the
possibility of supplying crude to Vietnam for refining and storage
with the Asian nation's state oil monopoly, Petrovietnam, AP says.

AP adds that Mr. Chavez also has raised the possibility of
cooperating with Vietnam to build oil tankers.

                         About Venezuela

The Bolivarian Republic of Venezuela is a country on the northern
coast of South America.  The country comprises a continental
mainland and numerous islands located off the Venezuelan coastline
in the Caribbean Sea.  The Bolivarian Republic of Venezuela
possesses borders with Guyana to the east, Brazil to the south,
and Colombia to the west.  Trinidad and Tobago, Grenada, St.
Lucia, Barbados, Curaçao, Bonaire, Aruba, Saint Vincent and the
Grenadines and the Leeward Antilles lie just north, off the
Venezuelan coast.  Falling within the tropics, Venezuela sits
close to the equator, in the Northern Hemisphere.

According to Moody's Rating Agency, the country continues to carry
a B2 foreign currency rating and a B1 local currency rating with
stable outlook.



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

* Ford and GM Fail to Convince Lawmakers on Bailout Urgency
----------------------------------------------------------
Greg Hitt, Jeffrey McCracken, and Matthew Dolan at The Wall Street
Journal report that General Motors Corp., Ford Motor, and Chrysler
LLC failed to convince lawmakers of their urgent need for
financial assistance.

According to WSJ, Congressional Democratic leaders wanted to take
out the US$25 billion financial aid for the automakers out of the
government's US$700 billion bailout to the financial markets.
Many Republicans and the Bush administration have resisted the
proposal, and instead favored loosening controls over US$25
billion in already approved loans -- meant to help the industry
retool -- to aid in the current crisis.  The report says that the
Republican-backed proposal could be added on Thursday as an
amendment to a separate measure that would extend jobless
benefits.  Some Democrats, including Michigan Senator Carl Levin,
suggested they would be willing to consider it, while more senior
Democrats strongly opposed it.

Senate Majority Leader Harry Reid, says WSJ, backed away from
efforts to force a vote this week on a Democratic-backed bill that
will allow the bailout, saying that he might move a Republican
alternative proposal on Thursday, but it faced strong opposition.

According to Detroit Free Press, former Republican presidential
candidate Mitt Romney said automakers should go bankrupt rather
than obtain a US$25-billion government bailout.  "A managed
bankruptcy may be the only path to the fundamental restructuring
the industry needs."

Many lawmakers still had grave doubts about whether the auto
makers were too weak to be saved, Patrick Yoest and Josh Mitchell
at WSJ relate, citing Democratic leaders.  Many lawmakers were
unconvinced that the executives of GM, Ford Motor, and Chrysler
could turn their companies around, the report says.

According to WSJ, public anger about the prospect of another
taxpayer-funded rescue of corporations appeared to play a major
role in the Democrat's failure to secure government financial
assistance for GM, Ford Motor, and Chrysler.  WSJ states that
Senator Reid told reporters, "The sad reality is that no one has
come up with a plan that can pass the House and Senate and get
signed by President Bush.  The executives of the auto companies
have not been able to convince the Congress and the American
people that this government bailout will be its last."

Congressional leaders will consider a special session for the
second week of December if GM, Ford Motor, and Chrysler submit
comprehensive business plans showing how they will return their
firms to stability, and the plans must be submitted by Dec. 2, WSJ
reports, citing Senator Reid.

Failure to gain support in Washington could force GM to file for
bankruptcy protection, but the company is resisting suggestions
from advisers that it make preparations for a Chapter 11 filing,
WSJ says, citing people familiar with the matter.  The sources
said that GM admitted to the Congress this week that it could soon
run out of cash, WSJ states.  Ford Motor and Chrysler also ruled
out filing for bankruptcy, according to the report.

WSJ states that United Auto Workers President Ron Gettelfinger
told the Bush administration and the Congress must come to an
agreement on aid, or one or more of the Detroit Three auto makers
could collapse by the year-end, and "the costs that would come
from this are just too great."

If one of the automakers would file for bankruptcy, some estimates
put U.S. job losses as high as 2.5 million in 2009, according to
WSJ.  The report says that GM, Ford Motor, and Chrysler employ
almost a quarter-million workers.  More than 730,000 other workers
produce materials and parts that go into cars, and one million
more people work in dealerships nationwide, the report states.

WSJ relates that Senator Reid said that the Bush administration
could act on its own, noting "the authority to provide funds to
the auto industry lies with the Treasury Department," which
administers the market-rescue fund.

     Automakers Split Over Condition for US$25BB Bailout

Siobhan Hughes at Dow Jones Newswires reports that GM, Ford Motor,
and Chrysler were split over whether to accept a new round of
mandatory increases in fuel-mileage standards in return for a
US$25 billion in emergency loans from the government.

GM, Ford Motor, and Chrysler are seeking additional, more
immediate loans, Dow Jones states.  As reported in the Troubled
Company Reporter on Nov. 20, 2008, the CEOs of GM and Ford said
that they would refuse a US$1 salary in exchange for government
aid, while Chrysler's CEO agreed to the wage.

Congress voted in 2007 to boost fuel-efficiency standards to an
average 35 miles per gallon by 2020, Dow Jones says.   According
to the report, the Congress already approved US$25 billion in
loans to help factories make more fuel-efficient cars.

Loans should be contingent upon a commitment to develop a new
generation of cars that reduce greenhouse-gas emissions and
operate more efficiently, Dow Jones says, citing Democratic
lawmakers.  The executives of the companies, according to the
report, suggested that automakers were already struggling to meet
the new fuel-efficiency standards mandated by a 2007 law.

Dow Jones quoted Ford Motor CEO Alan Mulally as saying, "I think
the work we did last year was very, very good work.  We completely
stretched the enabling technology to be able to meet the fuel-
efficiency improvement.  I don't think we know of any more
technology that we can bring to bear to accelerate that."

GM CEO Richard Wagoner, according to Dow Jones, said, "We're
stretching to meet the requirements as they are."

Dow Jones reports that Chrysler Robert Nardelli said that "given
our situation, we'd be open to any requirements that you felt
appropriate."

According to Dow Jones, the Democratic-controlled Congress has
been asking car makers to make more fuel-efficient vehicles, which
Detroit has resisted.

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                      *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'


* BOND PRICING: For the Week November 18 - November 21, 2008
------------------------------------------------------------

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

   ARGENTINA
   ---------
Alto Palermo SA          7.875    05/11/17     USD      34.82
Argnt-Bocon PRE8         2.000    01/03/10     ARS      53.49
Argnt-Bocon PR11         2.000    12/03/10     ARS      30.42
Argnt-Bocon PRE9         2.000    03/15/24     ARS      47.67
Argnt-Bocon PR12         2.000    01/03/16     ARS      44.45
Argnt-Bocon PR13         2.000    03/15/24     ARS      17.44
Argnt-Par                0.630    12/31/38     ARS      17.70
Arg Boden                2.000    09/30/14     ARS      27.97
Arg Boden                7.000    10/03/15     USD      21.80
Autopistas Del Sol      11.500    05/23/17     USD      19.96
Bonar V                  7.000    03/28/11     USD      29.16
Bonar Arg $ V           10.500    06/12/12     ARS      35.00
Bonar VII                7.000    09/12/13     USD      26.89
Bonar V                  7.000    03/28/11     USD      29.16
Bonar X                  7.000    04/17/17     USD      25.65
Argentina – DIS          5.830    12/31/33     ARS      41.58
Argentina - NGB          2.000    02/04/18     ARS      33.98
Argentina Nobac          8.000    04/21/10     ARS      70.09
Argent-$DIS              7.820    12/31/33     EUR      18.82
Argent-$DIS              8.280    12/31/33     USD      25.75
Argent-$DIS              8.280    12/31/33     USD      41.58
Argent-Par               0.630    12/31/38     ARS      17.70
Banco Hipot SA           9.750    11/16/10     USD      36.50
Banco Hipot SA           9.750    04/27/16     USD      30.00
Banco Macro SA           8.500    02/01/17     USD      43.96
Banco Macro SA          10.750    06/07/12     USD      30.93
Banco Macro SA           9.750    12/18/36     USD      29.88
Bonar X                  7.000    04/17/17     USD      25.65
Buenos-$DIS              9.250    04/15/17     USD      18.45
Buenos-$DIS              8.500    04/15/17     USD      18.50
Buenos Aire Prov         9.625    04/18/28     USD      17.46
Industrias Metal        11.250    10/22/14     USD      46.14
Inversiones y Rep        8.500    02/02/17     USD      36.92
Loma Negra Ciasa         7.250    03/15/13     USD      59.43
Mendoza Province         5.500    09/04/18     USD      29.50
Pan America              7.750    02/09/12     USD      67.48
Petrobras Energi         5.875    05/15/17     USD      71.37
Transener                8.875    12/15/16     USD      29.25
Trasport De Gas          7.875    05/14/17     USD      47.00
YPF SA                  10.000    11/02/28     USD      74.13

   BERMUDA
   -------
AIG Sunamerica           5.625    02/01/12     GBP      66.06
AIG Sunamerica           6.375    10/05/20     GBP      59.81

   BRAZIL
   ------
AMBEV Int'l Finance      9.500    07/24/17     BRL      70.00
Arantes International
Limited                 10.250    06/19/13     USD      26.50
Banco BPI                4.150    11/14/35     EUR      73.09
Banco Brasil (CI)        9.750    07/18/17     BRL      69.50
Banco BMG                7.250    05/23/11     USD      59.25
Banco BMG SA             9.150    01/15/16     USD      62.58
Banco Cruzeiro          10.750    11/24/16     USD      69.41
Banco Ind E Com          8.250    09/21/09     USD      65.50
Banco Ind E Com          7.000    04/23/10     USD      64.90
Banco Ind E Com          9.750    03/03/16     USD      49.42
Banco Mercantil          7.750    05/08/12     USD      67.19
Banco Mercantil          8.500    11/08/10     USD      74.86
Banco Safra CI          10.875    04/03/17     BRL      64.00
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     EUR       5.24
Barion Funding           0.250    12/20/56     EUR       5.24
Barion Funding           0.250    12/20/56     EUR       5.24
Barion Funding           0.250    12/20/56     EUR       5.24
BCP Finance Company      5.543    06/29/49     EUR      60.16
Bertin Ltda             10.250    10/05/16     USD      46.00
Bertin Ltda             10.250    10/05/16     USD      48.09
Braskem Financial
Limited                  7.250    06/05/18     USD      66.75
Braskem Financial
Limited                  7.250    06/05/18     USD      68.31
Braskem SA               9.000    04/29/49     USD      59.00
Braskem SA               9.750    06/29/49     USD      64.37
Braskem SA               8.000    01/26/17     USD      75.00
Brazil Rep of           10.250    01/10/19     BRL      75.00
BR Malls Int Fi          8.500    04/15/17     EUR      54.88
BR Malls Int Fi          9.750    11/29/49     USD      54.88
Cosan Finance            7.000    02/01/17     USD      64.06
Cosan Finance            7.000    02/01/17     USD      61.50
Cosan SA Industria       8.250    02/28/49     USD      47.57
JBS SA                   9.375    02/07/11     USD      57.00
JBS SA                  10.500    08/04/16     USD      57.11
Gerdau S/A               8.875    09/29/49     USD      75.50
Independencia In         9.875    05/15/15     USD      38.00
Independencia In         9.875    01/31/17     USD      36.00
Mazarin FDG Limited      0.250    09/20/68     USD       3.94
Mazarin FDG Limited      0.250    09/20/68     USD       3.94
National Steel           9.875    05/29/49     USD      58.00
Net Servicos             9.250    11/29/49     USD      68.37
Sadia Overseas           6.875    05/24/17     USD      70.00
Soc Gen Accept           0.750    12/21/11     EUR      38.23
Soc Gen Accept          10.350    11/24/08     EUR      67.13
Soc Gen Accept           8.000    12/20/13     EUR      23.04
Soc Gen Accept           7.000    12/19/12     EUR      51.48
Soc Gen Accept           7.000    12/19/12     EUR      56.08
Soc Gen Accept           7.000    02/27/13     EUR      13.32
Soc Gen Accept          14.000    04/09/09     EUR      41.95
Soc Gen Accept          17.750    01/05/09     EUR      16.52
Suntech Power            0.250    02/15/12     USD      47.50
RBS-Zero Hora Ed        11.250    06/15/17     BRL      53.70
Rede Empresas           11.125    04/29/49     USD      40.00
Rede Empresas           11.125    04/29/49     USD      51.35
Vigor                    9.250    02/23/17     USD      45.56

   CAYMAN ISLANDS
   --------------
801 Grand B-2            1.225    09/20/16     USD      63.84
Agile Property           9.000    09/22/13     USD      48.00
Aig Sunamerica           5.625    02/01/12     GBP      66.06
Ambev Intl Finan         9.500    07/24/17     BRL      70.00
Apex Silver              2.875    03/15/24     USD       3.00
Apex Silver              4.000    09/15/24     USD      12.00
Asif II                  5.125    01/28/13     GBP      67.50
Banco Brasl              9.750    07/18/17     BRL      69.50
Banco BPI                4.150    11/14/35     EUR      73.07
Banco Safra CI          10.875    04/03/17     BRL      64.00
Barion Funding           0.100    12/20/56     EUR       4.59
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.250    12/20/56     USD       5.24
Barion Funding           0.630    12/20/56     GBP      12.46
Barion Funding           1.440    12/20/56     GBP      23.30
BCP Finance Company      4.239    10/29/49     EUR      57.08
BCP Finance Company      5.543    06/29/49     EUR      60.16
Bes Finance Limited      6.625    05/08/49     EUR      60.93
Bes Finance Limited      5.580    07/29/49     EUR      55.05
Bes Finance Limited      4.500    12/29/49     EUR      53.55
Blue City Co             1.000    11/07/13     USD      60.62
Braskem Fin Limited      7.250    06/05/18     USD      68.31
Braskem Fin Limited      7.250    06/05/18     USD      66.75
Cayman Exchange Fund     6.750    11/17/10     USD      62.97
China Med Tech           4.000    08/15/13     USD      49.61
China Properties         9.125    05/04/14     USD      33.00
Choda Mod Agri           7.750    02/08/10     USD      70.00
Country Garden           2.500    02/22/13     CNY      44.02
Dasa Finance             8.750    05/29/18     USD      61.42
Dasa Finance             8.750    05/29/18     USD      64.56
DP World Sukuk           6.250    07/02/17     USD      53.00
Dubai Holding Comm       4.750    01/30/14     EUR      55.92
DWR CYMN FIN             4.473    03/31/57     GBP      67.37
Embraer Overseas         6.375    01/24/17     USD      62.50
ESFG International       5.753    06/29/49     EUR      41.12
Gol Finance              7.500    04/03/17     USD      42.50
Greentown China          9.000    11/08/13     USD      27.07
Hutch Whampoa            4.125    06/28/15     EUR      74.67
Imcopa Intl Caym        10.375    11/27/09     USD      72.42
Ja Solar Hold Company    4.500    05/15/13     USD      30.71
Lai Fung Holding         9.125    04/04/14     USD      47.79
Lupatech Finance         9.875    07/29/49     USD      47.43
Mazarin Fdg Ltd          0.250    09/20/68     EUR       3.94
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.94
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.94
Mazarin Fdg Ltd          0.630    09/20/68     GBP      10.47
Mazarin Fdg Ltd          1.440    09/20/68     GBP      21.57
Minerva Overse           9.500    02/01/17     USD      47.50
Mizuho Capital I         5.020    06/29/49     EUR      69.00
Mufg Cap Fin1            6.346    07/29/49     EUR      63.00
Mufg Cap Fin2            4.850    07/29/49     EUR      54.50
Mufg Cap Fin4            5.271    01/29/49     EUR      55.66
Mufg Cap Fin5            6.299    01/25/49     GBP      56.99
Odebrecht Finc           7.500    10/18/17     USD      72.00
Parkson Retail           7.125    05/30/12     USD      57.04
Parkson Retail           7.875    11/14/11     USD      66.55
Pubmaster Fin            6.962    06/30/28     GBP      68.52
Resona PFD Glob          7.191    12/29/49     USD      45.00
Seagate Tech HDD         6.800    10/01/16     USD      62.31
Shimao Property          8.000    12/01/16     USD      31.12
Shinsei Fin Caym         6.418    01/29/49     USD      25.00
SMFG Preferred           6.078    01/29/49     USD      69.44
SMFG Preferred           6.164    01/29/49     USD      53.69
STB Finance              5.834    09/29/49     GBP      72.11
Subsea                   2.800    06/06/11     USD      64.17
Suntech Power            3.000    03/15/13     USD      27.12
Tam Capital Inc.         7.375    04/25/17     USD      44.00
Tam Capital Inc.         7.375    04/25/17     USD      46.42
TMB Bank PCL/CI          7.750    05/29/49     USD      54.89
Transocean Inc.          1.500    12/15/37     USD      72.82
Trina Solar Limited      4.000    07/15/13     USD      31.60
Vestel Elec Fin          8.750    05/09/12     USD      38.89
Vontobel Cayman         11.350    01/23/09     USD      51.20
Vontobel Cayman         17.900    01/23/09     USD      43.20
Vontobel Cayman         11.300    04/24/09     USD      56.60
Vontobel Cayman         10.650    02/27/09     USD      36.20
Vontobel Cayman         10.550    02/27/09     USD      68.80
Xinao Gas Holdings       7.375    08/05/12     USD      60.00
XL Capital Limited       6.500    12/31/49     USD      33.87

   COLOMBIA
   --------
Bancolombia              6.875    05/25/17     USD      72.00
Chaoda Mod Agri          7.750    02/08/10     USD      70.00

   DOMINICAN REPUBLIC
   ------------------
Dominican Republic       9.040    01/23/18     USD      57.14

   ECUADOR
   -------
Rep of Ecuador          12.000    11/15/12     USD      23.62
Rep of Ecuador           9.375    12/15/15     USD      25.75

  EL SALVADOR
  -----------
El Salvador Rep          8.250    04/10/32     USD      64.45
El Salvador Rep          7.625    09/21/34     USD      67.56
El Salvador Rep          7.650    06/15/35     USD      56.37

   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      73.15
Jamaica Govt             8.000    06/24/19     USD      69.37
Jamaica Govt             8.000    03/15/39     USD      68.29
Jamaica Govt             9.250    10/17/25     USD      74.24
Jamaica Govt LRS        12.750    06/29/22     JMD      68.70
Jamaica Govt LRS        12.750    06/29/22     JMD      68.69
Jamaica Govt LRS        12.850    05/31/22     JMD      69.29
Jamaica Govt LRS        13.375    12/15/21     JMD      72.28
Jamaica Govt LRS        13.375    04/27/32     JMD      67.60
Jamaica Govt            10.500    10/27/14     EUR      71.00
Jamaica Govt             8.500    02/28/36     USD      72.26

    MEXICO
    ------
Agile Property           9.000    09/22/13     USD      48.00
Mer Lynch Int CV         8.000    01/30/09     CHF      48.60
Mer Lynch Int CV        10.400    06/23/10     CHF      69.00
Mer Lynch Int CV        10.760    03/16/09     CHF      35.02
Mer Lynch Int CV        11.200    03/16/09     CHF      26.22
Mer Lynch Int CV        11.330    03/16/09     CHF      65.59
Mer Lynch Int CV        11.400    03/16/09     CHF      63.31
Mer Lynch Int CV        11.540    03/16/09     CHF      68.71
Mer Lynch Int CV        11.660    03/16/09     CHF      11.76
Mer Lynch Int CV        11.720    03/16/09     CHF      26.70
Mer Lynch Int CV        11.730    03/16/09     CHF      73.77
Mer Lynch Int CV        12.200    03/16/09     CHF      19.81
Mer Lynch Int CV        12.460    03/16/09     CHF      27.81
Mer Lynch Int CV        12.760    03/16/09     CHF      22.43
Mer Lynch Int CV        13.100    03/16/09     CHF      42.04
Mer Lynch Int CV        13.280    03/16/09     CHF      11.34
Mer Lynch Int CV        13.720    03/16/09     CHF      50.54
Mer Lynch Int CV        14.530    03/16/09     CHF      17.06
Mer Lynch Int CV        14.890    03/16/09     CHF      28.36
Mer Lynch Int CV        15.000    03/16/09     CHF      57.20
Mer Lynch Int CV        15.220    03/16/09     CHF      23.22
Mer Lynch Int CV        15.520    03/16/09     CHF      30.67
Mer Lynch Int CV        15.710    03/16/09     CHF      64.42
Mer Lynch Int CV        16.330    03/16/09     CHF      11.51
Mer Lynch Int CV        16.380    03/16/09     CHF      10.27
Mer Lynch Int CV        16.450    03/16/09     CHF      41.12
Mer Lynch Int CV        16.800    03/16/09     CHF      31.78
Mer Lynch Int CV        17.140    03/16/09     CHF      44.55
Mer Lynch Int CV        18.000    03/27/09     CHF      49.20
Mer Lynch Int CV        18.020    03/27/09     CHF      67.41
Mer Lynch Int CV        19.110    03/16/09     CHF      09.22
Mer Lynch Int CV        19.380    03/16/09     CHF      02.69
Mer Lynch Int CV        22.000    03/16/09     CHF      09.80
Mer Lynch Int CV        22.670    03/16/09     CHF      06.42


PUERTO RICO
  -----------
Puerto Rico Cons         6.100    05/01/12     USD      69.00
Puerto Rico Cons         6.200    05/01/17     USD      70.00
Puerto Rico Cons         6.500    04/01/16     USD      69.75

PANAMA
  ------
Wilbros Group            2.750    03/15/24     USD      61.14

URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      41.41
Uruguay                  4.250    04/05/27     UYU      51.83
Uruguay                  5.000    09/14/18     UYU      67.08
Uruguay                  7.625    03/21/36     UYU      67.50


   VENEZUELA
   ---------
Petroleos de Ven         5.250    04/12/17     USD      35.12
Petroleos de Ven         5.375    04/12/27     USD      31.25
Petroleos de Ven         5.500    04/12/37     USD      29.92
Venezuela                5.375    08/07/10     USD      69.00
Venezuela                5.750    02/26/16     USD      43.00
Venezuela                6.000    12/09/20     EUR      39.00
Venezuela                7.000    03/16/15     EUR      58.53
Venezuela                7.000    03/16/15     EUR      54.24
Venezuela                7.000    12/01/18     USD      43.50
Venezuela                7.000    03/31/38     USD      37.75
Venezuela                7.650    04/21/25     USD      41.00
Venezuela                8.500    10/08/14     USD      59.00
Venezuela                9.000    05/07/23     USD      46.37
Venezuela                9.250    09/15/27     USD      64.50
Venezuela                9.250    05/07/28     USD      46.25
Venzod - 189000          9.375    01/13/34     USD      46.37
Venzod - 189000         10.750    09/19/13     USD      64.00
Venezuela               10.750    09/19/13     USD      74.07
Venezuela               13.625    08/15/13     USD      73.00




                            ***********

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

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

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

                            ***********


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

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


Copyright 2008.  All rights reserved.  ISSN 1529-2746.

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

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

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


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