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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

           Tuesday, December 23, 2008, Vol. 9, No. 254

                            Headlines

A R G E N T I N A

ALTO PALERMO: Fitch Cuts Issuer Default Rating to 'B'
CABLEVISION SA: Fitch Cuts Issuer Default Rating to B
CERVECERIA Y MALTERIA: Fitch Cuts Foreign Currency IDR to 'BB-'
INVERSIONERS Y REPRESENTACIONES: Fitch Cuts IDR to 'B'
PAN AMERICAN: Fitch Cuts Foreign Currency IDR to 'BB-'

PETROBRAS ENERGIA: Fitch Cuts Issuer Default Rating to 'BB-'
TELECOM ARGENTINA: Fitch Cuts Issuer Default Rating to 'B'
TELECOM PERSONAL: Fitch Cuts Issuer Default Rating to 'B'
TELEFONICA DE ARGENTINA: Fitch Cuts Issuer Default Rating to 'BB-'
TRANSENER: Fitch Cuts Foreign Cur. Issuer Default Rating to 'B-'

TRANSPORTADORA DE GAS: Fitch Cuts Issuer Default Rating to 'B'
YPF SA: Fitch Cuts Foreign Currency Issuer Default Rating to 'BB-'
TARJETA NARANJA: Fitch Downgrades Issuer Default Rating to 'B-'
BANCO MACRO: Fitch Downgrades Issuer Default Ratings to 'B'
* ARGENTINA: Fitch Downgrades Issuer Default Rating to 'B-'


B R A Z I L

COMPANHIA SIDERURGICA: Moody's Puts Stable Outlook on 'Ba1' Rating
DELPHI CORP: Can Sell Global Exhaust Business to Bienes for $17MM
FORD MOTOR: To Hold Talks with UAW for Cost Savings
GENERAL MOTORS: Will Start Talks With UAW in January
GERDAU SA: Moody's Affirms 'Ba1' Ratings; Outlook Stable

* Gov't Loans Can Convert into DIP Facility for GM & Chrysler


C A Y M A N  I S L A N D S

CUMULUS CLIMATE: Final Meeting Slated for December 25
LINNAEUS FEEDER: Shareholders' Final Meeting Set for Dec. 24
LINNAEUS FUND: Shareholders' Final Meeting Set for Dec. 24
MAMMOTH CBO: Final Meeting Slated for December 26
NATIONWIDE CBO: Final Meeting Slated for December 26

NYLIM HIGH: Final Meeting Slated for December 26
ON PROPERTY: Final Meeting Slated for December 26
STADIA CAPITAL: Final Meeting Slated for December 25
TAURUSFOUR CDS: Final Meeting Slated for December 26
TAURUSONECDS: Final Meeting Slated for December 26

TAURUSSIX CDS: Final Meeting Slated for December 26
TAURUSTWO CDS: Final Meeting Slated for December 26
THE 12 CAPITAL: Shareholders' Final Meeting Set for Dec. 29
THE 12 CAPITAL: Shareholders' Final Meeting Set for Dec. 29
TREMBLANT GROWTH: Shareholder to Hear Wind-Up Report on Dec. 24

TREMBLANT-TRIDENT: Shareholder to Hear Wind-Up Report on Dec. 24
* CAYMAN ISLANDS: Court Ruling Helps Troubled Hedge Fund Industry


E C U A D O R

* Moody's Examines Impact of Ecuador's Decision to Default


E L  S A L V A D O R

PACIFIC RIM: Posts US$1.2 Million Net Loss in Qtr. Ended Oct. 31


G U Y A N A

* GUYANA: BCGI Lays Off Workers on Declining Demand


J A M A I C A

GOODYEAR JAMAICA: Liquidation to be Determined at Friday's EGM
* JAMAICA: Sale of 5 Sugar Factories Affects 8,000 Jobs
* JAMAICA: Gov't Consultant Says Stimulus Won't Increase Deficit


M E X I C O

CEMEX INC: Moody's Cuts Rating on US Unit's Senior Notes to 'Ba3'
FEDERAL MOGUL: To Reduce Global Workforce by 10% in 2009
KEY PLASTICS: Court OKs Payment of Claims, Other 1st Day Motions


P U E R T O  R I C O

ANTIOCH CO: Committee Taps Taft Stettinius as Counsel
PILGRIM'S PRIDE: Board Faces Suit on Alleged ERISA Violations


T R I N I D A D  &  T O B A G O

PETROLEUM COMPANY: Moody's Rates Credit Assessment at Ba3


U R U G U A Y
FANAPEL SA: Moody's Confirms 'B1' Ratings; Outlook Stable


V E N E Z U E L A

VENEZOLANO DE CREDITO: Fitch Keeps B+ IDR Ratings; Outlook Stable


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ALTO PALERMO: Fitch Cuts Issuer Default Rating to 'B'
-----------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


CABLEVISION SA: Fitch Cuts Issuer Default Rating to B
-----------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


CERVECERIA Y MALTERIA: Fitch Cuts Foreign Currency IDR to 'BB-'
---------------------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


INVERSIONERS Y REPRESENTACIONES: Fitch Cuts IDR to 'B'
------------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


PAN AMERICAN: Fitch Cuts Foreign Currency IDR to 'BB-'
------------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


PETROBRAS ENERGIA: Fitch Cuts Issuer Default Rating to 'BB-'
------------------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


TELECOM ARGENTINA: Fitch Cuts Issuer Default Rating to 'B'
----------------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


TELECOM PERSONAL: Fitch Cuts Issuer Default Rating to 'B'
---------------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


TELEFONICA DE ARGENTINA: Fitch Cuts Issuer Default Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


TRANSENER: Fitch Cuts Foreign Cur. Issuer Default Rating to 'B-'
----------------------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


TRANSPORTADORA DE GAS: Fitch Cuts Issuer Default Rating to 'B'
--------------------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


YPF SA: Fitch Cuts Foreign Currency Issuer Default Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has taken rating actions on several Argentine
corporates following the downgrade of the Republic of Argentina's
local currency Issuer Default Rating to 'B-' from 'B' and its
Country Ceiling to 'B' from 'B+'.  The downgrades of the
sovereign's ratings were a result of heightened concern about
Argentina's fiscal and external financing requirements.

These corporate ratings have been downgraded by Fitch.  They have
also been removed from Rating Watch Negative, and a Rating Outlook
of Stable has been assigned.

Alto Palermo S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012 and 2017 to 'B/RR4' from
     'B+/RR4'.

Cablevision S.A.

  -- Foreign currency IDR to 'B' from 'B+';

  -- Senior unsecured notes due 2012, 2013, 2015 and 2016 to
     'B/RR4' from 'B+/RR4'.

Cerveceria y Malteria Quilmes S.A.I.C.A. y G. (CMQ)

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB-' from 'BB';
  -- Senior unsecured notes due 2012 to 'BB-' from 'BB'.

Inversiones y Representaciones S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

Pan American Energy LLC

  -- Foreign currency IDR to 'BB-' from 'BB';
  -- Local currency IDR to 'BB' from 'BB+';
  -- Senior unsecured notes due 2009 and 2012 to 'BB-' from 'BB'.

Petrobras Energia S.A. (Formerly Pecom Energia S.A.)

  -- Foreign currency IDR to 'BB-' from 'BB';

  -- Senior unsecured notes due 2009, 2010, 2011 and 2013 to 'BB-'
     from 'BB'.

Telecom Argentina S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2014 to 'B/RR4' from 'B+/RR4'.

Telecom Personal S.A.

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2010 to 'B/RR4' from 'B+/RR4'.


Telefonica de Argentina S.A. (TASA)

  -- Local currency IDR to 'BB-' from 'BB';

Transener S.A.

  -- Foreign currency IDR to 'B-' from 'B';
  -- Local currency IDR to 'B-' from 'B';
  -- Senior unsecured notes due 2016 to 'B-/RR4' from 'B/RR4'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Foreign currency IDR to 'B' from 'B+';
  -- Senior unsecured notes due 2017 to 'B/RR4' from 'B+/RR4'.

YPF S.A.

  -- Foreign currency IDR to 'BB-' from 'BB+';

  -- Local currency IDR to 'BB' from 'BBB-';

  -- Senior unsecured notes due 2009 & 2028 to 'BB-' from 'BB+';

  -- Senior unsecured notes due 2018 to 'BB-(exp)' from
     'BB+(exp)'.

In conjunction with the aforementioned rating actions, Fitch has
affirmed these Argentine corporate credit ratings.  These ratings
have been removed from Rating Watch Negative and have been
assigned a Rating Outlook of Stable.

Alto Palermo S.A.

  -- Local currency IDR at 'B+'.

Cablevision S.A.

  -- Local currency IDR at 'B+'.

Industrias Metalurgicas Pescarmona S.A. (IMPSA)

  -- Local currency IDR at 'B';
  -- Foreign currency IDR at 'B';
  -- Senior unsecured notes due 2009 & 2014 at 'B/RR4'.

Inversiones y Representaciones S.A.

  -- Local currency IDR at 'B+'.

Petrobras Energia S.A.(Formerly Pecom Energia S.A.)

  -- Local currency IDR at 'BB'.

Telecom Argentina S.A.

  -- Local currency IDR at 'B+'.

Telecom Personal S.A.

  -- Local currency IDR at 'B+'.

Telefonica de Argentina S.A. (TASA)

  -- Foreign currency IDR at 'B+';
  -- Senior unsecured notes due 2010 & 2011 at 'BB-/RR3'.

Transportadora de Gas del Sur S.A. (TGS)

  -- Local currency IDR at 'B+'.


TARJETA NARANJA: Fitch Downgrades Issuer Default Rating to 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded Argentina's Tarjeta Naranja S.A. and
Tarjetas Cuyana's ratings as described below, following the same
rating action taken on Argentina's sovereign ratings:

Tarjeta Naranja:

  -- International long-term local currency Issuer Default Rating
     downgraded to 'B-' from 'B';

  -- International short-term local currency IDR affirmed at 'B';

  -- National long-term Rating downgraded to 'A+(arg)' from
     'AA-(arg)'

The Rating Outlook is Stable.

At the same time, Fitch has downgraded the ratings on TN's
unsubordinated fixed-rate notes totaling US$126 million to long-
term local currency rating 'B-', Recovery Rating 'RR4' and
National long-term rating 'A+(arg)', and affirmed the National
short-term rating of 'A1(arg)' of its US$20 million Class VIII
short-term bond.  At the same time, Fitch withdraws the ratings of
TN's Class II US$26 million bond and Class V US$11.5 short-term
bond, which were paid in full at their maturities.

Tarjetas Cuyanas:

  -- International long-term local currency IDR downgraded to 'B-'
     from 'B';

  -- International short-term local currency IDR affirmed at 'B';

  -- National long-term Rating downgraded to 'A-(arg)' from
     'A(arg)'

The Rating Outlook is Stable.

At the same time, Fitch has downgraded the ratings on TC's
US$65 million senior unsecured notes to 'A-(arg)' National long-
term rating from 'A(arg)', and affirmed the National short-term
rating of 'A2(arg)' and 'B-/RR4' of its US$20 million short-term
notes.  Fitch's National Ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.

National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(arg)' for national ratings in Argentina.


BANCO MACRO: Fitch Downgrades Issuer Default Ratings to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded Banco Macro's international ratings
following the downgrade of Argentina's sovereign ratings.

  -- Foreign and local currency long-term Issuer Default Ratings
     to 'B' from 'B+';

At the same time, Fitch has affirmed these ratings:

  -- Foreign and local currency short-term IDRs 'B';
  -- Long-term National Rating at 'AA'(arg);
  -- Short-term National Rating at 'A1+(arg)';
  -- Individual at 'D';
  -- Support '5';
  -- Support Floor 'NF'.

The Rating Outlook is Stable.

In addition, Fitch has downgraded the international ratings on
BM's senior debt totaling US$250 million and US$150 million
subordinated debt to 'B/RR4' and 'CCC+/RR6' from 'B+/RR4' and 'B-
/RR6', respectively.  The national long-term ratings of these
issues are affirmed at 'AA(arg)' and 'A(arg)', respectively.
BM's ratings reflect its strong national franchise and growth
potential, its solid overall performance and sound liquidity and
capital base.  They also take into account the deterioration of
the operating environment in Argentina.

BM's long-term IDRs have a Stable Outlook and are at the new
country ceiling level, reflecting its strong local franchise and
its sound performance.

The Argentine economy has grown strongly since 2003, benefiting
the operating environment for banks, with rising deposits and
lending and steadily improving asset quality.  However, the
economy is now facing a sharp slowdown with high inflation and
this is likely to impact the quality of loan portfolios and reduce
the expansion of business volumes.  In this context, Fitch expects
BM's performance to remain adequate, based on its strong revenue
generation, cost control and good asset quality.  A good level of
income diversification has helped offset lower gains from its
securities portfolio due to market volatility.

BM's asset quality has improved significantly since 2002.
However, non-performing loans have started to rise and loan
portfolios are expected to deteriorate due to their seasoning and
the tougher environment.  NPLs accounted for 2.04% of total loans
at end-September 2008, loan loss reserve coverage has decreased
and stood at an acceptable 102.1%.

BM's liquidity is strong and its capital base is ample.  However,
the latter has significantly decreased due to strong loan growth,
share buy-backs totaling ARS339 million in 2008 and ARS171 million
dividends.  BM's US$150 million subordinated debt has strong
equity-like features and qualifies as Tier 1 under local
regulations.

BM is controlled by a group of Argentine individuals led by Jorge
Horacio Brito and Delfin Jorge Ezequiel Carballo.  The former is
also the bank's chairman and CEO.  The balance is widely held by
local and foreign investors.  At end-August 2008, BM was the
second-largest private sector bank in Argentina by deposits.
Fitch's National Ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.

National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk.  They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(arg)' for national ratings in Argentina.


* ARGENTINA: Fitch Downgrades Issuer Default Rating to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded the Republic of Argentina's ratings:

  -- Long-term local currency Issuer Default Rating to 'B-' from
     'B';

  -- Country Ceiling to 'B' from 'B+';

  -- Performing bonds in foreign and local currency governed by
     Argentine law to 'B-/RR4' from 'B/RR4';

The Rating Outlook on the local currency IDR is Stable.

In addition, Fitch has affirmed these ratings:

  -- Long-term foreign currency IDR remains in Restricted Default
      ('RD');

  -- Short-term IDR at 'B';

  -- Performing bonds in foreign currency governed by foreign law
     at 'B-/RR4';

  -- Defaulted senior unsecured notes at 'CC/RR4';

  -- Defaulted collateralized Brady bonds at 'CCC-/RR3'.

The downgrades reflect Fitch's concerns about the challenges ahead
with respect to meeting Argentina's fiscal and external financing
requirements over Fitch's rating horizon.

"Lower economic growth, falling commodity prices and limited
funding sources have increased the risk of Argentina facing
difficulties in meeting significant fiscal and external financing
needs over the next two years," said Erich Arispe, Associate
Director in Fitch's Latin America Sovereign Group.

The government's inadequate policy response to the global
financial crisis has heightened concerns about the sustainability
and credibility of the current policy framework as well as reduced
available sources of financing for the sovereign against a
backdrop of already limited access to international capital
markets and multilateral lenders.  Additionally, intensifying
balance of payments pressures, from both a decline in agricultural
commodity prices and capital outflows have put pressure on the
peso and reserves, which will result in a weaker external
position.  Political calculations due to the proximity legislative
elections, scheduled for 2009, will likely prevail over the
implementation of sustainable and credible policies to reduce the
country's vulnerabilities.

Economic growth is likely to decelerate sharply in 2009 to 1.6%
due to declining terms of trade, external demand and the current
administration's inadequate policy response which has amplified
the external shock on the domestic economy through a deterioration
of investor and consumer confidence and higher domestic interest
rates.  "The government's attempts to continue to provide a strong
fiscal stimulus will be constrained by slower revenue growth and
non-negligible financing needs", said Arispe.  Government debt
amortizations, estimated at 6.8% and 5.4% of GDP in 2009 and 2010,
respectively, are almost triple the median for sovereigns rated
'B' by Fitch.

Although private pension system nationalization is expected to
assist the government in meeting its financial obligations in the
next 12 to 18 months, the measure will also have long-term costs
for the Argentine economy and further reduces the available
sources of funding for the government.  The government is likely
to have to rely almost completely on the maintenance of a high
primary surplus and intra-public sector financing for the forecast
period.  Increased investor risk aversion, lower liquidity in the
domestic market as a result of the pension system's
nationalization and constraints for further Venezuelan financing
leave little room for policy slippage.  Moreover, challenges for
policy makers could increase in the event of sharper than
anticipated economic slowdown or capital flight.

Fitch maintains its view that a normalization of relations with
creditors is a factor for removing the long-term foreign currency
IDR out of 'RD'.  Fitch would remove the 'RD' if Argentina were to
open a new exchange offer for holdouts that was broadly accepted
without incurring the risk that proceeds or debt service that
would be attached by foreign courts.

Downward pressures on Argentina's local currency IDR could
intensify if fiscal slippage is greater than anticipated.
Conversely, liability management operations such as voluntary debt
exchanges, Paris Club repayments or a potential reopening of the
debt exchange for holdout creditors could ease Argentina's
financing prospects and stabilize its ratings.



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

COMPANHIA SIDERURGICA: Moody's Puts Stable Outlook on 'Ba1' Rating
------------------------------------------------------------------
Moody's Investors Service has changed the rating outlook for
Companhia Siderurgica Nacional backed notes to stable from
positive, and has affirmed the Ba1 senior unsecured long term debt
ratings of the notes.  The ratings are not constrained by Brazil's
foreign currency country ceiling of Baa3.  The rating action
reflects rapidly deteriorating market conditions for the steel
industry globally, which will likely result in weakened debt
protection metrics for CSN over the near term.

Ratings affirmed are:

CSN Islands VIII Corporation

  -- US$550 million Backed Senior Unsecured Notes Due 2013
     Guaranteed by CSN: Ba1 Foreign Currency Rating

CSN Islands IX Corporation

  -- US$400 million Backed Senior Unsecured Notes Due 2015
     Guaranteed by CSN: Ba1 Foreign Currency Rating

  -- Outlook: changed to stable from positive

The significantly weakened global demand for steel and rapidly
declining steel prices resulting from the current economic crisis
caused Moody's to change its outlook for the global steel industry
to negative from stable on November 21, 2008.  Moody's believes
the current downturn goes beyond typical cyclical downturns given
the underlying severity of the distress in the global financial
markets.  Although many producers, including Chinese, have
shuttered steel making capacity in an attempt to better match the
reduced demand levels, Moody's believes that steel producers will
face increasing challenges in earnings and cash flow generation,
which will last for a number of quarters.  With the stress in the
global financial system, essential collapse in demand at this time
and prices which may not have bottomed, more negative pressure
persists.  However, Moody's recognize that Brazilian steel
producers in general should benefit from the recent devaluation of
the Real to partially offset the impact of lower steel prices on
revenues and cash flow from operations.  As a result, and taking
into account CSN's aggressive investment program and track record
for high dividend payout, Moody's expects that the company's
overall debt protection metrics will deteriorate, with Cash From
Operations less Dividends to Net Debt (total adjusted debt less
estimated cash available for debt reduction) probably remaining
below 20% in the near term.  The stable outlook also considers
Moody's expectation that free cash flow will remain negative in
the coming years in virtue of elevated capex and continued
dividend payments.

CSN's Ba1 senior unsecured debt rating reflects its position as a
leading manufacturer of flat-rolled steel in Brazil, with a
favorable product mix focused on value-added products.

Historically, the company has reported a strong EBITDA margin in
the 40% range, supported by its solid domestic market position and
globally competitive production costs. CSN's operational
efficiency and low costs reflect the large scale of its integrated
steel mill, its own captive iron ore mine and its self-sufficiency
in electricity and 80% self-sufficiency in coke.  Also supporting
CSN's high margins are the company's strategic location in the
most industrialized region of Brazil and its proximity to high-
grade iron ore reserves and port terminals, as well as its
efficient logistics.  While Moody's believes that the company is
better-positioned than most of its global peers to face the ups
and downs of the cyclical steel industry from an operational
standpoint, CSN's ratings are primarily constrained by its
aggressive shareholder's return policy, low operational diversity,
with the concentration of its steel production at a single site,
and by the event risk from its multi-billion dollar capex program
to expand iron ore mining, cement and logistics operations.

Based on a further drop of CSN's American Depositary Receipts
during the fourth quarter of 2008, Moody's believes that CSN's
losses from its equity swap transaction potentially doubled from
the BRL 773 million reported in the company's third quarter
financial statements.  The deal, which matures in September 2009,
is secured with a one-time US$654 million (BRL 1,251 million at
September 30, 2008) collateral deposit.  Notwithstanding, Moody's
still views CSN's liquidity position as adequate, as short-term
debt of BRL 2.4 billion (net of short-term derivatives
receivables) at September 30, 2008 was fully covered by total
available liquidity of BRL 2.8 billion (excluding the collateral
deposit).  Although CSN does not have committed credit facilities
in place, similar to the majority of Brazilian issuers, additional
comfort with regard to CSN's liquidity position is provided by its
funding sources with BNDES (Brazilian Development Bank) and pre-
export financing based on its large amount of unencumbered
exports, in excess of 80% of annual export revenues over the
medium term.  Moody's believes that CSN will maintain its prudent
liquidity management during the ongoing investment program.
Moody's notes CSN does not have financial covenants on its debt,
which increases financial flexibility.

The stable outlook reflects Moody's expectation that CSN will
continue to report healthy, although lower, operating margins in
the coming quarters in spite of depressed prices and lowered
demand for steel and iron ore globally, reflecting the high level
of vertical integration of its operations.  Moody's expects CSN to
retain most of the proceeds from the sale of shares in Namisa,
helping it to keep adequate leverage and liquidity during the
execution of its capex program in the coming years.  Also, Moody's
expects CSN to benefit from additional cash generation from its
increased iron ore, cement and long steel production capacity in
the near term.

CSN's rating could be upgraded if the company maintains its high
margins relative to the industry during the current global
economic downturn, successfully concludes the sale of the 40%
interest in Namisa and retains most of the proceeds to maintain a
strong liquidity position and moderate leverage during the
execution of its large capex program.  Sustainable Cash From
Operations less Dividends to Net Debt (total adjusted debt less
estimated cash available for debt reduction) of above 25% would
also be necessary for an upgrade.

Conversely, the rating or outlook could be downgraded if CSN's
operating margins and net profits weaken significantly and
dividends remain high, resulting in CFO less Dividends to Net Debt
consistently below 20% or in the case of a substantive
deterioration of its liquidity position, with an inability to
cover short term debt with readily available liquidity.  Also, a
significant increase in consolidated secured debt could negatively
affect the rating or outlook.

The last rating action on CSN occurred on September 8, 2008 when
its senior unsecured long term debt rating were upgraded to Ba1
from Ba2 and the outlook was changed to positive from stable.

Companhia Siderurgica Nacional is a vertically integrated, low-
cost producer of flat-rolled steel, with an annual capacity of
5.6 million tons of crude steel and 5.1 million tons of rolled
products.  In the twelve months ended on September 30, 2008 CSN
recorded consolidated revenues of BRL 13.6 billion (US$7.2 billion
converted using the average exchange rate).


DELPHI CORP: Can Sell Global Exhaust Business to Bienes for $17MM
-----------------------------------------------------------------
Delphi Corporation said it received approval from the U.S.
Bankruptcy Court for the Southern District of New York for the
sale of assets related to the company's global exhaust business to
Bienes Turgon for $17 million, subject to adjustments.

"Delphi's sale of its global exhaust business is a significant,
meaningful step as the company progresses with ongoing corporate
and divisional transformation plans,"  said Ron Pirtle, president,
Delphi Powertrain Systems.  "This move further refines our
powertrain product portfolio to feature core, differentiated
technologies in which Delphi possesses competitive advantages and
for which customers are calling."

Delphi selected Bienes Turgon as the lead bidder and received
court approval to proceed with the sale process for the global
exhaust business.

Delphi will carefully manage the transition of the business, and
the sale will be completed in coordination with Delphi's
customers, suppliers, employees, unions and other stakeholders.

The transaction, which is subject to certain closing conditions,
including completion of consultation procedures with certain
unions and works councils, and completion of the closing
documents, is expected to close during the first half of 2009.

Although the company is divesting its exhaust business, Delphi
Powertrain continues to provide full engine management systems
-- including air and fuel management, combustion and valvetrain
technology -- through its gas EMS product business unit.

                     About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional headquarters
in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007.  The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008.  The
Plan has not been consummated after a group led by Appaloosa
Management, L.P., backed out from their proposal to provide
US$2,550,000,000 in equity financing to Delphi.


FORD MOTOR: To Hold Talks with UAW for Cost Savings
---------------------------------------------------
Ford spokesman Mark Truby said Friday that the company expected to
work with the United Automobile Workers union to achieve any
savings that G.M. and Chrysler might negotiate, Bill Vlasic at The
New York Times reports.

"We have a strong relationship with the U.A.W.," Mr. Vlasic quotes
Mr. Truby as saying.  "We're going to continue to work to
completely close the competitive gap with foreign transplants."

Ford has shun any federal assistance unlike its peers.  According
to Mr. Vlasic, Ford runs the risk of falling behind G.M. and
Chrysler if those two companies can wrest concessions from the
union and Ford cannot.

As reported in today's Troubled Company Reporter, the White House
announced Friday that the U.S. Treasury Department will extend a
$9.4 billion secured loan to GM and a $4.0 billion secured loan to
Chrysler from available Troubled Asset Relief Program funds.
Another $4.0 billion will be made available to GM if the Congress
approves the transfer of $350 billion to the TARP.

The loans, to the extent legally and contractually permissible,
will be secured by first-priority liens on all unencumbered
assets, and junior liens on all encumbered assets.  GM indicated
in testimony before the Congress that its unencumbered assets are
its trademarks and equity interests in foreign subsidiaries.
Chrysler told the Congress all of its assets are fully encumbered;
Chrysler's finance affiliates will guarantee $2.0 billion of
Chrysler's borrowings.

The New York Times notes that avoiding government bailout is a
risk that Ford is willing and able to take:

   -- Ford has more cash on hand than its larger rival G.M. --
      $18.9 billion at the end of the third quarter, compared
      with $16.2 billion for G.M.; and

   -- Ford has a backstop of a $10.8 billion line of credit with
      banks that it negotiated in 2006.

"At the time, industry analysts saw Ford's mortgaging of its
assets to get the line of credit as a sign of desperation," Mr.
Vlasic wrote.  "Now it appears to be a smart move that separates
Ford from its Detroit rivals, which have been shut out of the
tight credit market and forced to borrow from the government."

Mr. Vlasic notes that by not taking government loans now, Ford can
legitimately portray itself as the healthiest of Detroit's
automakers, and could possibly capitalize on that status in the
marketplace.  According to Mr. Vlasic, one study showed that Ford
benefited during October and November from G.M.'s financial
plight.

The Times also notes that chairman William C. Ford Jr., has said
that Ford is now in a position to lead the industry in its
transition to more fuel-efficient cars.  Mr. Ford said in an
interview last month that Ford hoped to be the model for Detroit's
recovery and to work closely on strategic initiatives favored by
President-elect Barack Obama, the Times says.

"Whether it was lucky or planned, the decision to borrow the money
has turned out to be a huge positive for Ford," Mr. Vlasic notes
John Casesa, principal in the auto consulting firm Casesa Shapiro
Group, as saying."

On Friday, Ford welcomed action by the Bush Administration to
provide emergency funding for GM and Chrysler.

"As we told Congress, Ford is in a different position.  We do not
face a near-term liquidity issue, and we are not seeking short-
term financial assistance from the government," Ford President and
CEO Alan Mulally said. "But all of us at Ford appreciate the
prudent step the Administration has taken to address the near-term
liquidity issues of GM and Chrysler. The U.S. auto industry is
highly interdependent, and a failure of one of our competitors
would have a ripple effect that could jeopardize millions of jobs
and further damage the already weakened U.S. economy."

Ford has submitted to Congress its comprehensive business plan,
which details the company's plan to return to pre-tax Automotive
profitability by 2011. In the plan, Ford said the transformation
of its North American automotive business will continue to
accelerate through aggressive restructuring actions and the
introduction of more high-quality, safe and fuel-efficient
vehicles -- including a broader range of hybrid-electric vehicles
and the introduction of advanced plug-in hybrids and full electric
vehicles.

Ford is asking for access to a line of credit of up to $9 billion
in bridge financing, but reiterated that it hopes to complete its
transformation without accessing a government loan.

"For Ford, a line of credit would serve only as a critical
backstop or safeguard against worsening conditions, as we drive
transformational change in our company," Mr. Mulally said.

Ford said it is more committed than ever to deliver more of the
safe, affordable, high-quality, fuel-efficient vehicles that
consumers want and value.

                      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-'.


GENERAL MOTORS: Will Start Talks With UAW in January
----------------------------------------------------
John D. Stoll and Alex P. Kellogg at The Wall Street Journal
report that General Motors Corp. would start talks in January with
the United Auto Workers union, bondholders, and the Obama
administration to try to work out agreements to comply with the
terms of the bailout President George W. Bush disclosed last week.

GM said that it appreciates the President extending a financial
bridge, which will help preserve many jobs and support the
continued operation of GM and the many suppliers, dealers, and
small businesses across the country that depend on GM.  The loan
will also allow the company to accelerate the completion of its
aggressive restructuring plan for long-term, sustainable success.

Today's Troubled Company Reporter relates that Ford Motor Co.
spokesman Mark Truby said Friday the company expects to work with
the United Automobile Workers union to achieve any savings that
G.M. and Chrysler might negotiate.

The White House announced Friday that the U.S. Treasury Department
will extend a $9.4 billion secured loan to GM and a $4.0 billion
secured loan to Chrysler from available Troubled Asset Relief
Program funds.  Another $4.0 billion will be made available to GM
if the Congress approves the transfer of $350 billion to the TARP.

The loans, to the extent legally and contractually permissible,
will be secured by first-priority liens on all unencumbered
assets, and junior liens on all encumbered assets.  GM indicated
in testimony before the Congress that its unencumbered assets are
its trademarks and equity interests in foreign subsidiaries.
Chrysler told the Congress all of its assets are fully encumbered;
Chrysler's finance affiliates will guarantee $2.0 billion of
Chrysler's borrowings.

According to WSJ, GM Chief Financial Officer Ray Young said on
Friday that the company expects to get its first round of loans
from the government by Dec. 29.  Mr. Young said that the loans
would just be in time to fund $6 billion to $8 billion in payments
due to autoparts makers at the start of January, the report
states.

Alex P. Kellogg at WSJ states that even with the government
bailout, GM and Chrysler LLC is still facing burdensome union
costs, long term financial strain, and a short timeline for
getting stakeholders to negotiate.  Citing KeyBanc Capital Markets
senior automotive analyst Brett Hoselton, GM and Chrysler would
have some tough talks with the UAW union, and must come away with
significant cost cuts quickly to qualify a second round of loans
in the first quarter.

WSJ says that GM and Chrysler would seek to eliminate the Jobs
Bank, a program in which laid-off workers continue to get paid
even when their plants close and they no longer report for work.
The union will suspend the Jobs Bank, WSJ relates, citing UAW
President Ron Gettelfinger.

GM's management team, along with advisers that include high-
profile bankruptcy attorneys, started to work on contingency plans
in the event it would have to file for Chapter 11 bankruptcy
protection, WSJ reports.

WSJ quoted turnaround firm O'Keefe & Associates Consulting
President Pat O'Keefe as saying, "Bankruptcy is a failed
negotiation.  If they're unable to get a deal on a negotiated
basis, they will use bankruptcy to push the parties that can't
seem to come to the table."

Monica Langley at WSJ relates that Michigan Gov. Jennifer Granholm
was advising car company chief executives last month on improving
their request for federal aid.  The report says that she was
privately urging President-elect Barack Obama to help the
automakers and order Michigan to buy about 1,600 vehicles from the
automakers' fleet cars.

          US$3.29 Billion in Loans From Canadian Gov't

The Canadian government and the province of Ontario said that they
will provide at least US$3.29 billion in loans to the Canadian
units of GM and Chrysler, WSJ states.

According to WSJ, Canada and Ontario were promising to provide
loans totaling 20% of whatever the U.S. offered.  The report
quoted Canadian Prime Minister Stephen Harper as saying, "We
cannot afford, in the United States or Canada, the catastrophic
short-term collapse of the Big Three auto makers.  The U.S. has
signaled that they are not going to allow these companies to fail,
and we will do our share of the North American package to see that
this doesn't happen either."

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of $110.425 billion, total
liabilities of $170.3 billion, resulting in a stockholders'
deficit of $59.9 billion.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of $16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

  -- Senior secured at 'B/RR1';
  -- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


GERDAU SA: Moody's Affirms 'Ba1' Ratings; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has revised the ratings outlook for
Gerdau S.A. and for Gerdau Ameristeel Corporation to stable from
positive, and affirmed the Ba1 corporate family ratings of both
companies and all related ratings.  The rating action reflects the
rapid deterioration of the steel industry conditions globally and
Moody's expectations for weakened debt protection metrics for
Gerdau and Ameristeel over the near term.

The significantly weakened global demand for steel and rapidly
declining steel prices resulting from the current economic crisis
caused Moody's to change its outlook for the global steel industry
to negative from stable on November 21, 2008.  Moody's believes
the current downturn goes beyond typical cyclical downturns given
the underlying severity of the distress in the global financial
markets.  Although many producers, including the Chinese, have
shuttered steel making capacity in an attempt to better match the
reduced demand levels, Moody's believes that steel producers will
face increasing challenges in earnings and cash flow generation
that will last for a number of quarters.  With the stress in the
global financial system, essential collapse in demand at this time
and prices which may not have bottomed, more negative pressure
persists.  However, Moody's recognize that Brazilian steel
producers, in general, should benefit from the recent devaluation
of the Real to partially offset the impact of lower steel prices
on revenues and cash from operations, since local steel prices
take into account the costs for importing steel.

Gerdau is expected to continue to report healthy, but lower,
margins in those markets where it benefits from leading market
positions and a higher level of cost control (namely Brazil and
Latin America, which together represent over 50% of consolidated
revenues and about 65% of EBITDA).  However, a more severe impact
is expected to occur on the group's operations in North America
and on the specialty steel business, where the major clients are
global automakers and auto parts manufacturers.  The good
operational diversity of Gerdau, namely in Brazil and North
America where it operates several mini-mills, while providing
flexibility for cost reduction during down cycles, is not
sufficient to fully eliminate the expected negative impact on cash
flows and, consequently, debt protection metrics.  Moody's expects
that the overall debt protection metrics of Gerdau will likely
deteriorate moderately in the coming quarters, reducing the
probability of a near-term reduction in leverage to a level which
Moody's would consider to be more appropriate for an investment
grade rating, including Consolidated Net Debt (considering a
minimum readily available liquidity cushion of US$1.5 billion) to
EBITDA below 1.8x on a sustained basis.

Gerdau's Ba1 rating continue to be supported by its solid cash
generation, which reflects its strong market position in the
several markets where it operates, its good operational and
geographic diversity, and cost-driven management.  The company's
acquisitive growth strategy, exposure to commodity products, and
the need for further improvement in operational efficiency in
North America are constraining factors for its ratings.  Moody's
recognizes, however, that acquisitions made so far have
contributed to Gerdau's improved business profile.  Gerdau's
liquidity position remains solid backed by BRL 5.5 billion cash
balance covering short-term debt 1.7x, in addition to the full
availability under its committed credit facilities totaling
US$1.35 billion.

At this time, Moody's believes the ratings of Gerdau and
Ameristeel should be highly correlated.  The factors behind this
judgment include the strong parent support to Ameristeel,
demonstrated by an equity infusion in the recent past, which
maintained the parent's 66.5% ownership, guarantees of Gerdau for
approximately 80% of Ameristeel's debt, and cross default
provisions under existing loan agreements.  However, there is no
assurance that the two companies' ratings will move in tandem in
the future.

The stable outlook reflects Moody's expectation that Gerdau will
continue to report healthy, although lower, operating margins in
the coming quarters in spite of depressed prices and lower demand
for steel globally, helped by its good operational flexibility and
efficient cost management.  Moody's expects Gerdau to reduce the
pace of acquisitions and focus on debt reduction, while prudently
managing capex and preserving robust liquidity.

Upward pressure on the ratings of Gerdau could result from the
decline in leverage as measured by Consolidated Net Debt
(considering a minimum readily available liquidity cushion of
US$1.5 billion) to EBITDA below 1.8x on a sustained basis during
the downcycle simultaneous with the maintenance of strong credit
fundamentals that include efficient cost management and adequate
liquidity levels.  An upgrade of Ameristeel's ratings would also
consider the secured nature of its US$950 million committed credit
facility, which is a limiting factor in achieving investment grade
status.

Conversely, Gerdau's ratings or outlook could come under downward
pressure if Consolidated Net Debt (considering a minimum readily
available liquidity cushion of US$1.5 billion) to EBITDA (pro-
forma for acquisitions) remains above 2.5x for an extended time
period or in case of a sharp deterioration in the group's
liquidity position or financial performance.

Ratings affirmed are:

Issuer: Gerdau S.A.

  -- Ba1 Corporate Family Rating

  -- Ba1 US$600 million guaranteed perpetual bonds

Issuer: Gerdau Ameristeel Corporation

  -- Ba1 Probability of Default Rating

  -- Ba1 Corporate Family Rating

  -- Ba1 US$405 million Senior Unsecured Guaranteed Notes due 2011
     (LGD 4, 62%)

Issuer: Jacksonville Economic Development Commission (FL)

  -- Ba1 US$23 million Industrial Revenue Senior Unsecured Bonds
     due 2037 (LGD4, 62%)

  -- Outlook: changed to stable from positive for all ratings

Moody's last rating action on Gerdau and Ameristeel occurred on
August 26, 2008, when both companies' outlooks were changed to
positive from stable.

Gerdau Ameristeel, headquartered in Tampa, Florida, serves
customers in the U.S. and Canada through a vertically integrated
network of 19 minimills, 23 scrap recycling facilities and 66
downstream operations.  The company had net revenues of
US$8.8 billion over the twelve months ended September 30, 2008.

Gerdau S.A., headquartered in Porto Alegre, Brazil, is the largest
long steel producer in the Americas, with consolidated net
revenues of approximately US$24 billion in the twelve months ended
September 30, 2008.


* Gov't Loans Can Convert into DIP Facility for GM & Chrysler
-------------------------------------------------------------
"Upon the filing of a voluntary or involuntary bankruptcy petition
by or in respect to" Chrysler or General Motors, the U.S. Treasury
Department "shall have the exclusive right, exercisable at its
option, to convert" the government loans scheduled to close on
Dec. 29, 2008, "into a debtor-in-possession facility," according
to the term sheets released by the Treasury Department on Fri.,
Dec. 19.

As widely reported, the White House announced Friday that the
Treasury Department will extend a $9.4 billion secured loan to GM
and a $4.0 billion secured loan to Chrysler from available
Troubled Asset Relief Program funds.  Another $4.0 billion will be
made available to GM if the Congress approves the transfer of $350
billion to the TARP.

The loans, to the extent legally and contractually permissible,
will be secured by first-priority liens on all unencumbered
assets, and junior liens on all encumbered assets.  GM indicated
in testimony before the Congress that its unencumbered assets are
its trademarks and equity interests in foreign subsidiaries.
Chrysler told the Congress all of its assets are fully encumbered;
Chrysler's finance affiliates will guarantee $2.0 billion of
Chrysler's borrowings.

                    Feb. 17 Restructuring Plan

By Feb. 17, 2009, the automakers are required to submit to the
President's Designee a plan to achieve and sustain the long-term
viability, international competitiveness and energy efficiency of
the Company and its subsidiaries.  That Restructuring Plan must
include specific actions intended to result in:

    (1) Repayment of the Loan Amount and any other financing
        extended by the Government under all applicable terms
        and conditions;

    (2) Ability of the Company and its subsidiaries to (x) comply
        with applicable Federal fuel efficiency and emissions
        requirements, and (y) commence domestic manufacturing of
        advanced technology vehicles, as described in section 136
        of the Energy Independence and Security Act of 2007
        (Public Law 110-140; 42 U.S.C. 17013);

    (3) Achievement by the Company and its subsidiaries of a
        positive net present value, using reasonable assumptions
        and taking into account all existing and projected future
        costs, including repayment of the Loan Amount and any
        other financing extended by the Government;

    (4) Rationalization of costs, capitalization, and capacity
        with respect to the manufacturing workforce, suppliers and
        dealerships of the Company and its subsidiaries; and

    (5) A product mix and cost structure that is competitive in
        the United States marketplace.

                        Debt, Wage & VEBA Cuts

Additionally, the automakers must use their best efforts to
achieve these targets:

    (A) Reduction of their outstanding unsecured public
        indebtedness (other than with respect to pension and
        employee benefits obligations) by not less than two-thirds
        through conversion of existing public debt into equity or
        debt and other appropriate means;

    (B) Reduction of the total amount of compensation, including
        wages and benefits, paid to their U.S. employees so that,
        by no later than December 31, 2009, the average of such
        total amount, per hour and per person, is an amount that
        is equal to the average total amount of such compensation,
        as certified by the Secretary of Labor, paid per hour and
        per person to employees of with Nissan Motor Company,
        Toyota Motor Corporation, or American Honda Motor Company
        whose site of employment is in the United States;

    (C) Elimination of the payment of any compensation or benefits
        to U.S. employees of the Company or any subsidiary who
        have been fired, laid-off, furloughed, or idled, other
        than customary severance pay.

    (D) Application of the work rules to their U.S. employees,
        beginning not later than December 31, 2009, in a manner
        that is competitive with Nissan Motor Company, Toyota
        Motor Corporation, or American Honda Motor Company whose
        site of employment is in the United States; and

    (E) Provision that not less than one-half of the value of
        each future payment or contribution made by them to the
        account of the voluntary employees beneficiary association
        (or similar account) (VEBA) of a labor organization
        representing the employees of the Company and its
        subsidiaries shall be made in the form of the stock of
        the Company or one of its subsidiaries, and the total
        value of any such payment or contribution shall not
        exceed the amount of any such payment or contribution
        that was required for such time period under the
        collective bargaining agreement that applied as of the
        day before the Closing Date.

                       Mar. 31 Certification

By Mar. 31, 2009, the automakers must submit to the President's
Designee a written certification and report detailing the progress
they've made in implementing their Restructuring Plans.  The
report shall identify any deviations from the Restructuring
Targets and explain the rationale for these deviations, including
an explanation of why such deviations do not jeopardize the
Borrower's long-term viability.  The report shall also include
evidence satisfactory to the President's Designee that these
events have occurred:

    (1) Approval of the Labor Modifications by the members of
        the Unions;

    (2) Receipt of all necessary approvals of the VEBA
        Modifications other than regulatory and judicial
        approvals, provided that the Company must have filed and
        be diligently prosecuting applications for any necessary
        regulatory and judicial approvals; and

    (3) The commencement of an exchange offer to implement the
        Bond Exchange.

Full-text copies of the 15-page Term Sheets released by the
Treasury Department are available at no charge at:

    General Motors -- http://bankrupt.com/misc/GMTermSheet.pdf

       -- and --

    Chrysler -- http://bankrupt.com/misc/ChryslerTermSheet.pdf

American Bankruptcy Institute has noted that Prof. Todd Zywicki
told The Wall Street Journal that a chapter 11 filing by the
Detroit automakers will likely result in a stronger domestic
industry.  Prof. Zywicki is Professor of Law at George Mason
University School of Law and Senior Fellow of the James Buchanan
Center, Program on Politics, Philosophy, and Economics, at George
Mason University.



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

CUMULUS CLIMATE: Final Meeting Slated for December 25
----------------------------------------------------
The members of Cumulus Climate Fund will hold their final meeting
on December 25, 2008, at 3:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/0 Bernadette Bailey-Lewis
         dms Corporate Services Ltd.
         dms House, 2nd Floor, P.O. Box 1344
         Grand Cayman KY1-1108
         Telephone:(345) 946 7665
         Facsimile:(345) 946 7666


LINNAEUS FEEDER: Shareholders' Final Meeting Set for Dec. 24
------------------------------------------------------------
The shareholders of Linnaeus Feeder Fund Limited will hold their
final meeting on December 24, 2008, at 2:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LINNAEUS FUND: Shareholders' Final Meeting Set for Dec. 24
----------------------------------------------------------
The shareholders of Linnaeus Fund Limited will hold their final
meeting on December 24, 2008, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Stuart Sybersma
         c/o Jessica Turnbull
         Deloitte & Touche, P.O. Box 1787GT
         Grand Cayman, Cayman Islands
         Telephone:(345) 949-7500
         Facsimile:(345) 949-8258


MAMMOTH CBO: Final Meeting Slated for December 26
-------------------------------------------------
The members of Mammoth CBO 2001-1 Ltd. will hold their final
meeting on December 26, 2008, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


NATIONWIDE CBO: Final Meeting Slated for December 26
----------------------------------------------------
The members of On Nationwide CBO 2000-1 Ltd. will hold their final
meeting on December 26, 2008, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


NYLIM HIGH: Final Meeting Slated for December 26
------------------------------------------------
The members of Nylim High Yield CDO 2001, Ltd. will hold their
final meeting on December 26, 2008, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


ON PROPERTY: Final Meeting Slated for December 26
-------------------------------------------------
The members of On Property Funding Corp will hold their final
meeting on December 26, 2008, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


STADIA CAPITAL: Final Meeting Slated for December 25
----------------------------------------------------
The members of Stadia Capital Intensive Fund, Ltd. will hold their
final meeting on December 25, 2008, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         David A.K. Walker
         Julia Yates
         PO Box 258, Grand Cayman KY1-1104
         Cayman Islands
         Telephone:(345) 914 8605
         Facsimile:(345) 945 4237


TAURUSFOUR CDS: Final Meeting Slated for December 26
----------------------------------------------------
The members of Taurusfour CDS will hold their final meeting on
December 26, 2008, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


TAURUSONECDS: Final Meeting Slated for December 26
--------------------------------------------------
The members of Taurusonecds will hold their final meeting on
December 26, 2008, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


TAURUSSIX CDS: Final Meeting Slated for December 26
---------------------------------------------------
The members of Taurussix CDS will hold their final meeting on
December 26, 2008, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


TAURUSTWO CDS: Final Meeting Slated for December 26
---------------------------------------------------
The members of Taurustwo CDS will hold their final meeting on
December 26, 2008, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David Dyer
         P.O. Box 1984, Grand Cayman KY1-1104
         Telephone: (345)949 8244
         Facsimile: (345)949 5223


THE 12 CAPITAL: Shareholders' Final Meeting Set for Dec. 29
-----------------------------------------------------------
The shareholders of The 12 Capital Fund SPC Ltd. will hold their
final meeting on December 29, 2008, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


THE 12 CAPITAL: Shareholders' Final Meeting Set for Dec. 29
-----------------------------------------------------------
The shareholders The 12 Capital Yen Fund Ltd. will hold their
final meeting on December 29, 2008, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:



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


TREMBLANT GROWTH: Shareholder to Hear Wind-Up Report on Dec. 24
---------------------------------------------------------------
The shareholder of Tremblant Growth Strategies Ltd will hold their
final meeting on December 24, 2008, at 10:35 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         Jonathan McLean
         Telephone:(345) 815-1705
         Facsimile:(345) 949 1986


TREMBLANT-TRIDENT: Shareholder to Hear Wind-Up Report on Dec. 24
----------------------------------------------------------------
The shareholder of Tremblant-Trident Partners Ltd. will hold their
final meeting on December 24, 2008, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ogier
         Jonathan McLean
         Telephone:(345) 815-1705
         Facsimile:(345) 949 1986


* CAYMAN ISLANDS: Court Ruling Helps Troubled Hedge Fund Industry
-----------------------------------------------------------------
Trent Jacobs at CaymanNetNews reports that the Cayman Islands
Court of Appeal has issued a ruling that gives hedge fund
administrators wider authority over worried investors looking to
cut their losses amid a worsening global economy.  With 80 percent
of the world's hedge funds based in Cayman, the decision will
affect most of the industry, Mr. Jacobs writes.

According to the report, the Court of Appeal, on December 12,
ruled in favor of the Strategic Turnaround Master Partnership,
which controlled a hedge fund from which Culross Global, a London-
based fund-management company, wanted to cash out.

The report says the court ruled that despite Culross Global
following the proper procedures to pull out of the fund and being
granted permission to do so by Strategic Turnaround, the hedge
fund had a right to suspend the withdrawal less than two weeks
before payment was to be delivered, according to the fund's terms
of agreement.

CaymanNetNews relates Anthony Akiwumi and Richard Annette at law
firm Stuarts Walker Hersant argued that because Strategic
Turnaround had between March 31 and April 30 to redeem the funds,
the decision to suspended redemption on April 17 was within that
timeframe and therefore not retroactive.

The lawyers, the report reveals, argued that the redemption of
funds is a process that begins with the request and ends with the
investor's name being taken off the fund, noting that since
Culross Global remained part of the fund during the process, even
as a creditor, the company was subject to the action taken by
Strategic Turnaround to suspend payouts.

Court documents obtained by CaymanNetNews say the directors of
Strategic Turnaround had suspended redemptions to protect the
assets of the fund for the benefit of all investors.

According to CaymanNetNews, in May 2007, Culross Global invested
US$1.84 million with Strategic Turnaround and applied for
redemption of its monies in October of the same year, after losing
almost half the original investment.  Strategic Turnaround granted
an application for a return of the funds and agreed to return 90
percent of the money, which was set at US$980,000.  The other 10
percent was to be returned after an annual audit.  The hedge fund
in question sought out "sophisticated investors" capable of a
minimum investment of US$50,000.  It focused primarily on buying
up shares of small companies typically worth less than US$50
million and underperforming, only to sell them that same day.  The
sector is known as micro-cap or penny stock trading and has been
especially hit hard by the global recession since the beginning of
2008, the report says.

CaymanNetNews notes that investors have pulled out of the loosely
regulated hedge fund industry to the tune of more than US$130
billion in November alone.

However, according to the report, Mr. Akiwumi warned that once
investors start to pull out en masse from funds, returns can
dwindle from dollars to cents.

"This is one of those cases that was waiting to happen and it
provided certainty for the fund industry.  Some investors may not
be happy about it but that ignores the reality that these are
sophisticated investors who went into these arrangements in the
first place," Mr. Akiwumi was quoted by CaymanNetNews as saying.
"Other investors in the fund who have agreed to be bound will know
that the fund will be protecting the interest as a collective
rather than the interest of one or two investors."



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

* Moody's Examines Impact of Ecuador's Decision to Default
----------------------------------------------------------
Three Latin American nations have political similarities to
Ecuador, but none appears likely to follow Ecuador's Dec. 12
politically-motivated decision to default, says Moody's Investors
Service in a new report.

"The region will likely feel increasing pressure from the global
economic downturn and credit market confusion but even the three
most politically-similar sovereigns -- Venezuela, Bolivia, and
Argentina -- are unlikely to imitate Ecuador," said Moody's Vice
President Gabriel Torres, author of the report, which examines the
external political impact of Ecuador's latest default.

Moody's downgraded Ecuador to Ca from Caa1 on Dec. 16, indicating
that expected losses to bondholders would likely be very high.
The rating agency concluded that Ecuador declined to make the
$31 million interest payment on its external debt because of
ideological and political reasons having little to do with
liquidity and solvency issues.

"This is a relatively small amount, well within the country's
capacity to pay even though oil prices have fallen sharply in the
last few months," said Torres.  "The default was not carried out
for economic or financial reasons."

While Ecuador has a history of defaults and that is an important
reason behind its consistently low credit ratings, said Torres,
this new instance raises the question of potential contagion.
Moody's expects negotiations with Ecuadorian bondholders to be
complicated and drawn out, and for Ecuador's macroeconomic
situation to deteriorate markedly over the next few months -- not
something that other countries would want to replicate.

"Of the three countries that might be prompted to follow Ecuador's
lead, only B3-rated Argentina appears to have the political and
financial circumstances that could lead to similar action, but
Moody's still consider that a very unlikely scenario," said
Torres.  Argentina is already in default on over $26 billion, and
about 40% of its debt is linked to inflation.  The government's
inflation numbers -- lower than market estimates -- subtract
billions of dollars from bondholders, raising concerns about the
country's willingness to pay.

"Bolivia is the most politically unstable of the three countries
but its debt profile is very different from Ecuador's, as it
borrows from different sources, and has already received billions
in debt forgiveness from bilateral and multilateral sources," said
Torres.  "While political risk remains high, and may yet lead to
default, a direct impact from Ecuador's actions is not expected."
Despite the strong political rhetoric from its leadership, Moody's
considers Venezuela the least likely of the three countries to
follow Ecuador's example.

"The Venezuelan government has never talked of default and has
prioritized debt payments, even during the 2002 oil strike that
significantly reduced government revenues," said Torres.

"Scheduled external debt payments in 2009 are very small, less
than $2 billion, and Venezuela has sizable assets abroad that
could be endangered in case of default."



====================
E L  S A L V A D O R
====================

PACIFIC RIM: Posts US$1.2 Million Net Loss in Qtr. Ended Oct. 31
----------------------------------------------------------------
Pacific Rim Mining Corp. reports its financial and operating
results for the three months ended October 31, 2008.

The company posted a net loss of $1,212,000 for the quarter ended
October 31, and a net loss of $4,481,000 for the half-year ended
October 31.  As of October 31, the company's balance sheet showed
total assets of $10,077,000, total liabilities of $2,261,000, and
total shareholders' equity of $7,816,000.

Details of the company's financial results are provided in its Q2
2009 unaudited consolidated financial statements and Management's
Discussion and Analysis.  A full-text copy of the interim
financial statements is available for free at:

               http://researcharchives.com/t/s?36a1

         Fiscal 2008 Technical and Corporate Developments

Significant technical and corporate activities during the three
months ended October 31, 2008 include:

    * In September 2008 the company significantly reduced staffing
levels in its Vancouver office, including Peter Neilans, COO and
April Hashimoto, CFO. These cuts were a response to difficult
market conditions and ongoing delays in obtaining environmental
and mining permits for the El Dorado project. Both Mr. Neilans and
Ms. Hashimoto have continued their relationship with the company
on a consulting basis, with Ms. Hashimoto transitioning the
company to a contract accounting firm and Mr. Neilans managing the
completion of the El Dorado feasibility study. The company's
President and CEO concurrently took a voluntary pay cut to further
reduce general and administrative expenses related to executive
compensation.

    * In October 2008 the company sold the assets it held through
its 49% interest in the Denton-Rawhide joint venture to its 51%
partner Kennecott Rawhide Mining Company. Total compensation for
these assets consists of US $3.1 million plus 49% of all gold and
silver production from the Denton-Rawhide operation through to
December 31, 2008 (with an estimated value of $0.25 to $0.4
million net of taxes).

    * In September 2008 the company significantly reduced El
Salvador expenditures by making additional cuts to full-time staff
and contract employees and by cancelling service contracts for
numerous activities including community social programs.

Subsequent to the end of Q2 2009, these events occurred:

    * Pacific Rim appointed Steven Krause, CA, CPA (Illinois) to
the position of Chief Financial Officer of the company. Mr. Krause
is a founder and principal of Avisar Chartered Accountants and
brings to the company his expertise based on fourteen years of
accounting, audit and management experience related to public
exploration and mining companies.
    * On December 9, 2008 Pac Rim Cayman LLC, a Nevada corporation
and a wholly-owned subsidiary of Pacific Rim filed a Notice of
Intent to commence international arbitration proceedings against
the Government of El Salvador under the Central America-Dominican
Republic-United States of America Free Trade Agreement. Pac Rim
Cayman's claims under CAFTA are based on the Government of El
Salvador's breaches of international and El Salvadoran law arising
out of the Government's failure, within its own mandated time
frames and pursuant to the clear terms of applicable laws, to
issue exploration and exploitation permits to which Pac Rim Cayman
is entitled. This inaction by the Government of El Salvador has
resulted in significant loss to the company, its employees, and
the local communities.

The company has substantially reduced its El Salvador exploration
programs and anticipates continuing to operate at these reduced
levels during the remainder of fiscal 2009 and until the El Dorado
exploitation concession permit is received.  The company's plans
for the remainder of fiscal 2009 are:

    * to complete work on the El Dorado project feasibility study,
      expected to be completed by late January 2009;

    * to continue attempts to negotiate a solution to the El
      Dorado permitting dispute within the 90-day CAFTA NOI
      settlement period and if necessary pursue arbitration
      proceedings;

    * to conduct exploration work on the El Dorado, Santa Rita and
      Zamora-Cerro Colorado projects necessary to maintain the
      claims in good standing; and

    * to conduct a mapping and surface sampling program on the
      Company's two Costa Rican properties and to launch a
      grassroots reconnaissance program in Guatemala

The company anticipates that the exploration component of its
plans will cost approximately $1.0 million and that general and
administrative costs will decrease compared to recently quarterly
expenditures due to staffing and overhead reductions.

As of January 1, 2009, the company will no longer participate in
the proceeds from gold and silver production at the Denton-Rawhide
operation due to the company's sale of the assets associated with
its 49% interest in Denton-Rawhide.

                          Going Concern

According to President and CEO Tom Shrake and Chairperson
Catherine McLeod-Seltzer, as of October 31, 2008, the company has
an accumulated deficit of $79,336,000.  "The company will require
additional funding to maintain its ongoing exploration programs
and property commitments as well as for administrative purposes
and CAFTA arbitration and negotiation. These conditions and risks
cast substantial doubt on the validity of the going concern
assumption.  The company's ability to continue operations and
exploration activities as a going concern is dependent upon its
ability to obtain additional funding."

                        About Pacific Rim

Pacific Rim Mining Corp. is involved in the exploration,
development and operation of gold properties. The company owns a
100% interest in certain mineral properties, known as El Dorado,
located in El Salvador and carries out exploration activities in
Costa Rica and Guatemala.



===========
G U Y A N A
===========

* GUYANA: BCGI Lays Off Workers on Declining Demand
---------------------------------------------------
CarribeanNetNews reports that Russian bauxite giant United Company
(UC) RUSAL's subsidiary in Guyana has laid off 52 employees amid
increasing costs and slumping demand for aluminum.

The local subsidiary, Bauxite Company of Guyana Inc. (BCGI),
confirmed that employees from the administrative department of the
company have been cut, the report says.

The report relates the lay off came after RUSAL announced its
intention to cut production by 4 percent at its Russian smelters
and cut 5 percent of jobs worldwide.

According to CarribeanNetNews, BCGI has reportedly been struggling
to keep operations going and recently made the decision to cut
staff while reviewing its production plans.

A source told CarribeanNetNews the company is yet to scale back on
production expenditure since it believes that a reduced workforce
seems a more practicable solution at this time.

Carribean360.com relates Prime Minister Bruce Golding said his
administration is engaging local bauxite and alumina companies,
and the unions representing the sector's workers, to avoid closure
of the plants, which would result in the loss of hundreds of jobs.

Particularly, Carribean360.com discloses Mr. Golding expressed the
hope that an agreement would be reached with RUSAL.

Mr. Golding, as cited by Carribean360.com, said that talks were
vital since the global bauxite/alumina industry is in a
"precarious" position, as the market for alumina has virtually
"collapsed" in the face of the global financial downturn.



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

GOODYEAR JAMAICA: Liquidation to be Determined at Friday's EGM
--------------------------------------------------------------
Radio Jamaica reports that an extraordinary general meeting of
Goodyear Jamaica Limited shareholders is to be held Friday at the
Courtleigh Hotel to vote on a resolution to liquidate the tyre
distributor and for the proceeds to be distributed.

According to the report, two officials of the auditing firm
Deloitte and Touche are being proposed as the liquidators.

The report says that should Goodyear Jamaica be wound up, Goodyear
tyres will continue to be available in Jamaica under a
distribution agreement with Tropical Battery, and through the
independent tyre dealer and car service networks it serves.

Tire Review Online relates that the Goodyear subsidiary, which
ceased the local manufacture of tyres some 11 years ago, has faced
an uphill battle of late.  According to the report, a 65% dip in
profits during 2006 was followed on Jan. 10, 2007 by a fire that
badly damaged the company's distribution centre in St. Andrew.
Also, the report says Goodyear Jamaica's equity is now valued at
US$467.9 million (GBP4.1 million), down from US$471 million at
December 2007.

"At the extraordinary general meeting, shareholders will vote on a
resolution to liquidate Goodyear Jamaica Ltd.'s assets," Tire
Review Online quoted Goodyear Jamaica General Manager Steven
Miller as saying.  "Once the requisite number or percentage of
shareholders vote in favour of liquidation, the business of the
company changes and a liquidator is named who will collect all
moneys owed to the company and pay off all debts owed by the
company and distribute the remainder to the shareholders."

Goodyear Jamaica Limited (JAM:GYR) -- http://www.goodyear.com.jm/
-- is engaged in the importation and distribution of tires, tubes
and related rubber products, all of which are imported from
related parties.  Its product portfolio includes tires for
automobiles, light trucks, commercial trucks and farm vehicles.
In addition to Goodyear tires, the Company produces tires under
the Kelly brand name.  The Company's operations are focused in two
geographic segments: Jamaica and the Caribbean, and Central and
South America.  The Company is a 60% subsidiary of the Goodyear
Tire & Rubber Company, in Akron, Ohio, United States.


* JAMAICA: Sale of 5 Sugar Factories Affects 8,000 Jobs
-------------------------------------------------------
The Jamaican government's plan to sell five state-owned sugar
factories to Brazilian company Infinity Bio Energy sent about
8,000 workers home Thursday last week, Reuters reported citing
officials.

The sale, expected to be completed by Dec. 31, will also affect
another 12,000 sugar industry workers who were not on staff at the
factories, Reuters relates.

"The workers have received payment and from all accounts
everything went well," Agriculture Minister Christopher Tufton was
quoted by Reuters as saying.


* JAMAICA: Gov't Consultant Says Stimulus Won't Increase Deficit
----------------------------------------------------------------
Radio Jamaica reports that a government consultant has dismissed
claims that Jamaica's fiscal deficit will increase arising from
the US$862 million economic stimulus package unveiled this month.

According to the report, concern has been raised in some quarters
that the assistance scheme will have a devastating effect on the
2008/2009 Budget with the Government expected to lose revenues
over the next three months.

But advisor to the Ministry of Finance Dennis Chung said the fears
are much ado about nothing, the report discloses.



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

CEMEX INC: Moody's Cuts Rating on US Unit's Senior Notes to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service downgraded the rating of Rinker
Materials LLC's senior notes to Ba3 from Ba1.  This rating action
concludes the review for downgrade initiated on October 10, 2008.
The rating outlook is negative.

The downgrade reflects the unfavorable operating performance
outlook for Rinker's ultimate parent, Cemex, S.A.B. de C.V.,
Cemex's high leverage and limited near to medium term prospects
for debt reduction, as well as the potential for continued
refinancing risk after the currently ongoing lender negotiations
conclude.  Moody's notes that Rinker's rating reflects Cemex's
consolidated credit profile due to both companies' operational and
financial integration and the cross default clauses in Cemex's
existing debt agreements.

"Going into 2009, Moody's currently expect Cemex's leverage to
increase to a level that is high for the Ba rating category," said
Moody's Vice President Sebastian Hofmeister.  The analyst added
that while probably still positive, near term free cash flow will
likely remain modest compared to the company's fully adjusted debt
load. Any material debt reduction would likely have to be driven
by major asset disposals, which may be difficult to achieve under
currently depressed market conditions.

For the 12 months ended September 30, 2008, Cemex's reported
EBITDA was US$4.8 billion, up 10% year over year because of the
addition of Rinker's business (consolidated starting in 3Q07).
However, LTM EBITDA margin dropped 140 basis points to 20.3% on
continued weakness primarily in U.S. residential construction,
which could not be fully offset by continued solid earnings in
Mexico and cost reduction efforts.  For the U.S., LTM EBITDA
margin dropped 810 basis points to 16.7%, while for Mexico it
increased 120 basis points to 38.1%.

On December 15, 2008, Cemex announced that it expects US$800
million in EBITDA for 4Q08, implying US$4.4 billion for the full
year 2008.  The latter would be down 5% from the midpoint of the
company's US$4.6-4.7 billion guidance range provided in September.
Cemex has also further reduced its 2008 volume expectations for
the U.S., Mexico and Spain.  No guidance was provided for the UK,
another key market with negative volume trends in recent quarters.

Moody's believes that in 2009 Cemex will experience continued
earnings pressure because of lower demand across its major
markets, with EBITDA potentially dropping well below its current
LTM run rate despite ongoing cost reduction initiatives (the
company expects US$500 million in savings by year-end 2009).

Mexican construction markets, while holding up well so far, are
exposed to downside risk, in Moody's opinion, as GDP growth
forecasts continue to be revised downward.  The infrastructure
programs various governments have announced in recent weeks are a
positive, but their size and timing remain uncertain, with
potential benefits unlikely to accrue before 2010.

LTM Debt/EBITDA adjusted for perpetual notes and off balance sheet
debt was about 4.8 times, close to year-end 2007 levels pro forma
for a full year's contribution of Rinker.  However, Moody's
estimates that leverage could increase to between 5.0 and 6.0
times in 2009, assuming a further drop in EBITDA, about
US$1 billion of free cash flow being available for debt reduction
and US$1.5 billion or less in asset disposals.  LTM free cash flow
after expansion capital expenditures was about US$1 billion, or 4%
of total adjusted debt.

Moody's expects Cemex's liquidity to improve after the current
refinancing negotiations with lenders are concluded but to stay
weak because of refinancing needs that, potentially, will remain.
Cemex currently faces an estimated US$7 billion in debt maturities
before year-end 2009.  Assuming that US$4 billion of that amount
will be refinanced and that 2009 free cash flow will reach US$1
billion, about US$2 billion in asset disposal proceeds may be
required to cover near term debt maturities, which may be
challenging to achieve under current market conditions.

Moody's estimates that Cemex's unrestricted cash reserves and
availability under backup facilities would only provide limited
support in meeting potential refinancing needs.  On a positive
note, Moody's expects lenders to agree to amend the existing
maximum 3.5 times Net Debt/EBITDA covenant in Cemex's major debt
agreements in order to accommodate higher leverage going forward.
In addition, the potential for further derivative losses appears
limited because Cemex has closed out most of its currency
derivates in early 4Q08 and additional loss potential under equity
derivatives is reduced given the low level of the company's stock
price.

As of September 30, 2008, Cemex's total adjusted debt was
US$24.3 billion, down 3% from June 30 because of positive free
cash flow in the quarter and certain favorable exchange rate
effects.  Adjusted debt included US$17.9 billion in reported debt
(as per Mexican GAAP), US$4 billion in perpetuals, US$1.1 billion
in securitization, US$1 billion in capitalized leases and US$400
million in under-funded pension obligations.  Under its hybrid
methodology, Moody's treats Cemex's perpetuals as 100% debt, in
line with the treatment under U.S. GAAP.

Rinker's rating continues to reflect Cemex's strong business
profile, with leading market positions and solid diversification
across a number of major countries and product lines.  Cemex's
business consists of cement, ready mix and aggregates with most of
the earnings coming from North America and Europe.  On an LTM
basis, Mexico generated 32% of consolidated EBITDA, the U.S. 18%
and Spain 12%.  The UK's EBITDA contribution was only 1% although
the country accounts for 8% of revenues.  South/Central America
and the Caribbean contributed about 15% and other Europe (which
besides France and Germany also includes several Central and
Eastern European countries) accounted for 12% of EBITDA.

The negative rating outlook reflects the risk of additional
earnings pressures as global growth decelerates over the coming
quarters, which could weaken Cemex's financial position more than
currently anticipated.  The outlook also incorporates the
potential need for major asset disposals in order to satisfy any
near term refinancing requirements that may remain after lender
negotiations conclude.

The outlook could be stabilized if performance trends improve, for
example as a result of additional cost initiatives or the positive
effects from the public economic stimulus packages currently being
contemplated in various of the countries the company operates in.
It could also stabilize if refinancing risk is lower than
currently anticipated or reduced through major asset disposals.
Ratings could be downgraded if performance, liquidity, or credit
metrics deteriorated beyond current expectations.

The last rating action on Rinker was a downgrade to Ba1 from Baa3
on October 10, 2008, after which the rating remained on review for
possible further downgrade.

Rinker Materials LLC (Rinker, formerly Rinker Materials
Corporation), a U.S. entity, is owned by Cemex, Inc., which is the
intermediate holding company of Cemex, S.A.B. de C.V.'s U.S.
operations and in turn is owned by Cemex Espana, the holding for
Cemex's non-Mexican business.  Cemex, headquartered in Monterrey,
Mexico, is a leading global building materials company that
manufactures and distributes building products such as cement,
ready mix concrete and aggregates, with customers in more than 50
countries.  Cemex gained control of Australia-based Rinker Group
Limited, Rinker's former parent company, in June 2007.  For the 12
months ended September 30, 2008, Cemex's reported revenues and
EBITDA reached US$23.3 billion and US$4.8 billion, respectively.


FEDERAL MOGUL: To Reduce Global Workforce by 10% in 2009
--------------------------------------------------------
Federal-Mogul Corporation (NASDAQ:FDML) has expanded its existing
restructuring plan announced September 17, 2008, in response to
the continued challenging conditions in the global automotive
market. Federal-Mogul plans to implement several initiatives
designed to further consolidate, downsize or close additional
locations. These actions are expected to reduce the company's
global workforce by approximately 4,600 additional positions or
about 10%.  The company is not disclosing the specific sites at
this time, pending further evaluation and consultations with
appropriate parties.  The additional restructuring actions will
begin during the first quarter of 2009.  Preliminary cost
estimates for the additional restructuring are approximately $80
million through the end of 2009, and are in addition to expense
estimates included in the original plan announced in September
2008.

"We continue to take actions in response to the ongoing
significant downturn in regional markets and global industry
outlook.  These measures are required to prepare the company for
the unprecedented challenges in the automotive industry," said
Jose Maria Alapont, Federal-Mogul President and CEO.

                About Federal-Mogul Corporation

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket.  Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries.  Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford.  Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan.  On July 28, 2004, the
District Court approved the Disclosure Statement.  The estimation
hearing began on June 14, 2005.  The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007.  The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
November 14.  Federal-Mogul emerged from chapter 11 on Dec. 27,
2007.

(Federal-Mogul Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                            *    *    *

As reported by the Troubled Company Reporter on Nov. 4, 2008,
Standard & Poor's Ratings Services said it has revised its outlook
on Federal-Mogul Corp. to negative from stable and affirmed its
'BB-' corporate credit rating on the company.  Southfield,
Michigan-based Federal-Mogul had total balance sheet debt of
$3 billion as of Sept. 30, 2008.


KEY PLASTICS: Court OKs Payment of Claims, Other 1st Day Motions
----------------------------------------------------------------
Key Plastics L.L.C. has received a variety of first day orders
from the U.S. Bankruptcy Court for the District of Delaware that
will allow it to continue managing its operations in the ordinary
course.  It received court orders authorizing the company to pay
certain prepetition claims of unsecured creditors in the ordinary
course of business. In addition, the company received
authorization to utilize its existing cash management system.  As
a result, all obligations owed to trade creditors, suppliers,
customers and employees in the ordinary course of business will be
unaffected by the restructuring.  Moreover, the company will also
provide timely payments to providers of goods and services
delivered post-petition.

Ralph Ralston, President and Chief Operating Officer of the
company's North American operations, stated, "We are pleased to
have received approval of all of the requested first day orders.
We are on schedule and hope to move through our consensual
restructuring process quickly.  We hope to have our prepackaged
plan approved by the end of January, 2009."

Headquartered in Northville, Michigan, Key Plastics LLC --
http://www.keyplastics.com/-- supplies plastic components to the
automotive industry.  The company has 24 manufacturing facilities
located in the United States, Canada, Mexico, Germany, Portugal,
Spain, the Czech Republic, France, Slovakia, Italy and China.

On March 23, 2000, Key Plastics L.L.C. and certain of its domestic
affiliates filed a voluntary petition under Chapter 11 of the
United States Bankruptcy Code in the U.S. Bankruptcy Court for the
Eastern District of Michigan, Southern Division.  The case number
is 00-44478-R.  Sandra Mayerson, Esq., at Holland & Knight ((212)
513-3200) in NYC is attorney to the debtor.  Automotive News said
David Resnick of Peter J. Solomon Co. was working as the company's
financial advisor immediately prior to the filing.

Key Plastics LLC sold substantially all of its North American and
European assets to Carlyle Management Group.  As reported by the
Troubled Company Reporter on December 13, 2000, financial
consultants pegged consideration for the transaction in the range
of $185 million to $195 million, which includes a combination of
cash, notes, equity and assumption of certain debts. In addition,
CMG also assumed payables that Key has incurred in the ordinary
course during chapter 11 which are outstanding on the closing
date.

The TCR reported on April 3, 2001, that the Court confirmed Key
Plastics' plan of reorganization, allowing the Debtors to close
the CMG deal and emerge from Chapter 11 by the end of that month.

On April 26, 2001, Carlyle Management Group finalized and closed
its acquisition of Key Plastics.

On December 15, 2008, Key Plastics LLC made its second trip to the
bankruptcy court together with affiliate Key Plastics Finance
Corp. (Bankr. D. Del. Lead Case No. 08-13326).  Mark D. Collins,
Esq., at Richards Layton & Finger PA, in Wilmington, Delaware
((302) 651-7700), serves as bankruptcy counsel.  When they filed
for bankruptcy, the Debtors estimated both assets and debts to be
between US$100 million and US$500 million.



====================
P U E R T O  R I C O
====================

ANTIOCH CO: Committee Taps Taft Stettinius as Counsel
-----------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
bankruptcy cases of Antioch Company and its debtor-affiliates asks
the United States Bankruptcy Court for the Western District of
Ohio for permission to employ Taft Stettinius & Hollister LLP as
its counsel.

The firm is expected to:

  a) advise the Committee with respect to its powers, duties and
     responsibilities in these cases;

  b) provide assistance in the Committee's investigation of the
     acts, conduct, assets, liabilities and financial condition of
     the Debtors, the operation of the Debtors' businesses
     and desirability of the continuance of such businesses, and
     any other matters relevant to the case or the proposed plan;

  c) prepare on behalf of the Committee all necessary pleadings
     and other documentation;

  d) advise the Committee with respect to the Debtors' proposed
     reorganization plan, the Debtors' proposed plan with respect
     to the prosecution of claims against various third parties
     and any other matters relevant to the case;

  e) provide assistance, advice and representation with respect to
     any legal decision involving interests represented by this
     Committee;

  f) represent the Committee in hearings and proceedings involving
     the Committee; and

  g) perform such other legal services as may be necessary and in
     the interest of the creditors and this Committee.

The firm's professionals and their compensation rates are:

     Professionals         Hourly Rates
     -------------         ------------
     Members               $200-$475
     Associates            $165-$325
     Paralegals            $115-195

W. Timothy Miller, Esq., an attorney at the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors' estate and their creditors, and is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

                         About Antioch Co.

The Antioch Co. -- http://www.antiochcompany.com/-- owns St.
Cloud-based Creative Memories. The company was founded in 1926.
It consists of operating and business units located in Ohio,
Minnesota, Nevada, and Virginia.  The direct-selling division
encompasses the U.S. and Puerto Rico, Canada, Australia, New
Zealand, Germany, Japan and the United Kingdom, with expansion
planned in other European countries.  The Antioch employs more
than 1,090 people and manufactures, packages and markets more than
3,000 products to tens of thousands of independent sales
consultants and retail dealers. As reported in the Troubled
Company Reporter on Nov. 17, 20 08, The Antioch reached an
agreement with lenders to restructure its debt.  To facilitate
this agreement, Antioch and six of its subsidiaries filed
voluntary petitions for Chapter 11 protection on Nov. 13, 2008
(Bankr. S.D. Ohio Lead Case No. 08-35741).  McDonald Hopkins LLC
represents the Debtors in their restructuring efforts.  The United
States Trustee for Region 9 appointed creditors to serve on an
Official Committee of Unsecured Creditors.  In their summary of
schedules, the Debtors listed $66,388,321 in total assets and
$141,142,236 in total liabilities.


PILGRIM'S PRIDE: Board Faces Suit on Alleged ERISA Violations
-------------------------------------------------------------
Bankruptcy Law360 reports that a Pilgrim's Pride Corp. worker has
filed a proposed class action alleging that the Debtors' board of
directors and compensation committee have violated the Employee
Retirement Income Security Act by mishandling pension plans.
According to the report, the lawsuit was filed by Kenneth
Patterson before the U.S. District Court for the Eastern District
of Texas.  The suit seeks to recover pension plan losses,
according to the report.

Separately, Bankruptcy Law360 reports that several gas and
electric companies have objected to Pilgrim's Pride Corp.'s
request to preclude utility companies from halting or altering
services on account of the Debtors' bankruptcy filing.  The
utility companies, according to the report, seek more favorable
terms from the Debtors.  One of the objectors is the Southeast
Alabama Gas District, which also disclosed its potential financial
exposure to Pilgrim's Pride's bankruptcy.

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  In addition, the company owns 34
processing plants in the United States and 3 processing plants
n Mexico.  The processing plants are supported by 42 hatcheries,
31 feed mills and 12 rendering plants in the United States and 7
hatcheries, 4 feed mills and 2 rendering plants in Mexico.
Moreover, the company owns 12 prepared food production facilities
in the United States.  The company employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and Utah.

Pilgrim's Pride Corporation and six other affiliates filed Chapter
11 petitions on December 1, 2008 (Bankr. N. D. of Texas, Lead Case
No. 08-45664).  Pilgrim's Pride has engaged Stephen A. Youngman,
Esq., Martin A. Sosland, Esq., and Gary T. Holzer, Esq., at Weil,
Gotshal & Manges LLP, as bankruptcy counsel.  The Debtors have
also tapped Baker & McKenzie LLP as special counsel.  Lazard
Freres & Co., LLC is the company's investment bankers and William
K. Snyder of CRG Partners Group LLC as chief restructuring
officer.  The company's claims and noticing agent is Kurtzman
Carson Consulting LLC. Pilgrim's Pride had total assets of
$3,847,185,000, and debts of $2,700,139,000 as of June 28, 2008.

A nine-member committee of unsecured creditors has been appointed
in the case.

(Pilgrim's Pride Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).



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

PETROLEUM COMPANY: Moody's Rates Credit Assessment at Ba3
---------------------------------------------------------
Moody's Investors Service changed the rating outlook for Petroleum
Company of Trinidad & Tobago to negative from stable.

The negative rating outlook is based on the possibility that
Moody's could lower Petrotrin's underlying baseline credit
assessment. Since Petrotrin is 100% owned by the government of
Trinidad & Tobago, Petrotrin's Baa2 ratings reflect the
application of Moody's joint default rating methodology for
government-related issuers.  The ratings combine: (i) Petrotrin's
underlying baseline credit assessment, and (ii) the willingness
and ability of the government of Trinidad & Tobago to provide
credit support to Petrotrin in a distress situation.

Moody's ranks Petrotrin's underlying baseline credit assessment at
13 (mapping to a Ba3).  The government of Trinidad & Tobago's
ability to provide support to Petrotrin is measured by its Baa1
local currency rating and stable outlook, weakened somewhat by the
medium dependence of the government and the company on credit
factors that could cause stress on both simultaneously.  Moody's
considers the government's willingness to support the company as
high.

The negative rating outlook reflects Moody's concern that high
levels of capital spending over the near to medium term could
result in a material increase in Petrotrin's financial leverage,
particularly given recent declines in oil and gas prices and
refining margins.  While the baseline credit assessment of 13
anticipates a certain level of increased financial leverage to
fund the company's capital projects, Moody's believes that given
the expectation of reduced internal cash flow generation over the
near-term, Petrotrin's leverage could increase to a range
incompatible with the current baseline credit assessment.  In
addition, the company is likely to face significant funding
requirements in the context of a challenging financing
environment.

Petrotrin's capital expenditures during the fiscal 2009-2011
period are expected to reach approximately US$2.4 billion
primarily to fund its refinery upgrade program, which is expected
to be completed in March 2010, and its low sulfur diesel project,
which is expected to be completed in 2011.  Moody's notes that
Petrotrin's capital projects will contribute to an enhanced
operational and financial profile, improving the competitiveness
of its refined products.  However, until these projects are
successfully completed, the company faces execution risk. The
company's gasoline optimization project has faced delays and
considerable cost increases (over 60%).  While considerable
progress has been made on the GOP project, the project continues
to face inherent project delay, completion, and post-completion
performance risk, particularly as several of its EPC contracts
have reimbursable components.  Additionally, while Moody's
recognizes the current declining price environment, the company's
ultra low sulfur diesel project remains exposed to cost volatility
risk until all raw material costs, labor costs, and construction
terms are finalized.

The last rating action on Petrotrin was on April 23, 2007, at
which time the ratings were affirmed.

Based in Pointe-a-Pierre, Trinidad & Tobago, Petroleum Company of
Trinidad & Tobago is a state-owned integrated oil company.



=============
U R U G U A Y
=============

FANAPEL SA: Moody's Confirms 'B1' Ratings; Outlook Stable
---------------------------------------------------------
Moody's Latin America confirmed Fanapel's B1 local currency
corporate family rating and the A3.uy Uruguay national scale
rating.  At the same time, Moody's confirmed the B1 senior
unsecured rating and the A3.uy Uruguay national scale rating on
the US$12.2 million in outstanding domestic market senior
unsecured notes due 2012.  This action concludes the review for
possible upgrade initiated on July 2, 2008, after Celulosa
Argentina SA. signed a definitive agreement to acquire 97.6% of
the shares of Fanapel previously held by the Tapebicua Group.

The change in the outlook to stable is prompted by the ongoing
softening of the company's end markets as well as its tight
liquidity profile.  It also reflects the increased likelihood that
Fanapel's ultimate parent, CASA, may not, over the near to medium
term, be able to restore its liquidity and financial position to
levels in line with its rating category.  Moody's anticipates a
high chance that CASA will continue to face margin pressures in
its key markets and that its liquidity profile will remain weak
due to continued material debt refinancing needs and adverse
credit market conditions.  Moody's notes that Fanapel's ratings
reflect CASA's consolidated credit profile given the companies'
operational and financial integration and the cross default
clauses in CASA's existing debt agreements.

The B1 and A3.uy ratings reflect Fanapel's leadership and highly
recognized brand name in the Uruguayan domestic paper market.  The
rating incorporates Moody's current expectation that CASA will be
appeal to address its ongoing refinancing needs with cash flow and
reliance on uncommitted bank lending for trade fiancé and working
capital.  However, Moody's is closely monitoring CASA's margins
and cash flow prospects and the impact of potential underlying
weakness in the Argentine economy and uncoated paper prices.
Finally, the rating incorporates that CASA will use free cash flow
to reduce leverage in the near term.

Fanapel's B1 local currency corporate family rating reflects its
global default and loss expectation, while the A3.uy national
scale rating reflects the standing of Fanapel's credit quality
relative to its domestic peers.  Issuers or issues rated A3.uy
present above-average creditworthiness relative to other domestic
issuers. Moody's National Scale Ratings are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks.  NSRs in Uruguay are designated by the ".uy"
suffix.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

The stable outlook is supported by Moody's expectation that CASA
will strengthen its current credit profile as its margins benefit
from a weaker Argentine Peso against the dollar, since 70% of its
costs are in ARS and 75% of its revenues are in US$.

Although a rating upgrade is not likely in the near term, upward
rating pressure could build if CASA's debt to EBITDA is
sustainable below 3.5 times and EBITDA to interest above 5 times.
Additionally, given the evolving macroeconomic situation, an
important factor for an upgrade would be greater stability in the
business and operating environment.

The downgrade in the ratings or outlook could result from
deterioration in CASA's market position, business model, operating
efficiency or market share.  Quantitatively, a downgrade could
result from Debt to EBITDA above 5.0 times and/or EBITDA to
Interest of below 3 times.

Based in Montevideo, Uruguay, FANAPEL S.A. is owned by CASA, which
is an Argentinean company specialized in kraft pulp and uncoated
papers, with a 31% of the Argentine paper market share and a well-
known variety of trademarks and products.  Fanapel is the leading
company in the Uruguayan paper sector, which fulfills 65% of local
demand for paper and generates 80% of the country's paper exports.
For the last twelve months ending August 31 2008, CASA's reported
revenues and EBITDA reached US$325 million and US$140 million,
respectively



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

VENEZOLANO DE CREDITO: Fitch Keeps B+ IDR Ratings; Outlook Stable
------------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook of the Venezuela-
based Venezolano de Credito Banco Universal to Stable from
Negative.  In addition, Fitch has affirmed Venezolano's ratings:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'B+';

  -- Short-term foreign and local currency rating at 'B';

  -- Individual at 'D';

  -- Support at '5';

  -- Long-term National rating at 'A+(ven)';

  -- Short-term National rating at 'F1(ven)';

  -- Support Floor rating at 'NF'.

The Outlook for the long-term IDR is Stable.  Government
intervention is a major risk for Venezuelan banks, nevertheless,
Venezolano conservative management, long lasting expertise, strong
profitability and current capital base, provide some room of
maneuver in case of further interventions.

Venezolano ratings reflect its well established franchise, good
asset quality, above average profitability and overall
conservative risk appetite.  Venezolano's ratings are constrained
by the negative effects of government intervention over the bank
business.

Along years, Venezolano asset quality have compared favorably with
market trends (despite its higher concentration levels), based not
only on its conservative credit risk approach, but also, given its
ample participation on the corporate and high net worth segment;
market sector where the bank enjoys a valuable franchise.  As
such, the past due loan to gross loan portfolio ratio have
remained below 1% in the last five years.  Loan loss reserves have
averaged 1.5% since year 2005, a level that might be tight
considering the volatility of the operating environment.
Government exposure is limited to short-term deposits at Central
Bank (1.8 times equity at end-June 2008).

Despite the nature of its funding base (corporate and high net
worth market) Venezolano's strong franchise have resulted in a low
funding cost, somehow pressured by the interest rate control
imposed by the government.  This privilege has allowed the bank to
preserve and enhance its margins.  As such, expanded margins still
controlled but increasing overheads and a very low credit cost
have sustained its profitability ratios.  For the 2005-2008 period
its return on average assets ratio stood at 4.7%, below its
previous records but still ample.  Fierce competition and
government controls will keep pressure over the bank's
profitability.

Despite historic sizable cash dividends, a more moderate growth of
its balance sheet and still high profitability have enhanced the
capitalization ratios for Venezolano.  At end-June 2008 total
equity to assets improved to 10.2%, above the market average but
below the historic records of the bank.

Venezolano is a small bank with less than 2% market share in terms
of invested funds (assets + investment funds) at June-2008.
Despite this fact, the bank is well positioned in the corporate
and high net worth client market and also has been considered a
refuge bank in times of stress.  Established in 1925, Venezolano
is owned by an array of local and international investors.



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                  Shareholders          Total
                                                       Assets
Company               Ticker           (US$MM)        (US$MM)
-------               ------       ------------       -------

ARGENTINA

IMPSAT FIBER NET   330902Q GR      -17165000        535007008
COMERCIAL PL-ADR      SCPDS LI     -747305024        422118016
SOC COMERCIAL PL       COME AR     -747305024        422118016
IMPSAT FIBER-CED       IMPT AR      -17165000        535007008
SOC COMERCIAL PL       CADN SW     -747305024        422118016
SOC COMERCIAL PL        CAD IX     -747305024        422118016
COMERCIAL PLA-BL      COMEB AR     -747305024        422118016
COMERCIAL PL-C/E      COMEC AR     -747305024        422118016
SOC COMERCIAL PL      CVVIF US     -747305024        422118016
IMPSAT FIBER NET      IMPTQ US      -17165000        535007008
COMERCIAL PLAT-$      COMED AR     -747305024        422118016
IMPSAT FIBER NET      XIMPT SM      -17165000        535007008
IMPSAT FIBER-BLK      IMPTB AR      -17165000        535007008
IMPSAT FIBER-C/E      IMPTC AR      -17165000        535007008
IMPSAT FIBER-$US      IMPTD AR      -17165000        535007008
SOC COMERCIAL PL      SCDPF US     -747305024        422118016


BRAZIL

FER C ATLANT-PRF      VSPT4 BZ      -85429000       2074043008
WETZEL SA-PREF        MWET4 BZ       -8903000        150210992
TECEL S JOSE-PRF      SJOS4 BZ      -37557000         79567000
SANSUY                SNSY3 BZ      -63134000        235182000
ESTRELA SA-PREF       ESTR4 BZ      -80125000        153186000
TECEL S JOSE          SJOS3 BZ      -37557000         79567000
SANSUY SA-PREF A     SNSYAN BZ      -63134000        235182000
SANSUY SA-PREF B     SNSYBN BZ      -63134000        235182000
PARQUE TEM-RCT P     PQTM10 BZ     -388872000        152268000
SANSUY-PREF B         SNSY6 BZ      -63134000        235182000
TELEBRAS-ADR            RTB US     -187984000        226080000
TELEBRAS-CM RCPT     RCTB31 BZ     -187984000        226080000
TECBLU-PR A RC       TENE11 BZ      -13127000         14637000
FER C ATL-RCT PF     VSPT10 BZ      -85429000       2074043008
SCHLOSSER             SCLO3 BZ      -95113000         45358000
SCHLOSSER-PREF        SCLO4 BZ      -95113000         45358000
TELEBRAS-CED C/E      TEL4C AR     -187984000        226080000
SCHLOSSER SA-PRF      SCHPN BZ      -95113000         45358000
TELEBRAS/W-I-ADR      TBH-W US     -187984000        226080000
TECBLU-PREF A        TBLUAN BZ      -13127000         14637000
HOPI HARI-PREF        PQTM4 BZ     -388872000        152268000
TELEBRAS-ADR            TBH US     -187984000        226080000
TECBLU               TBLUON BZ      -13127000         14637000
TELEBRAS-ADR          TBRAY GR     -187984000        226080000
TEKA-PREF             TEKA4 BZ     -449536992        526557984
TECBLU-PREF C        TBLUCN BZ      -13127000         14637000
STAROUP SA-PREF      STARPN BZ       -3164000         66833000
BOTUCATU TEXTIL       STRP3 BZ       -3164000         66833000
NOVA AMERICA SA       NOVA3 BZ     -353104000         40955000
STAROUP SA           STARON BZ       -3164000         66833000
TELEBRAS-ADR          TBAPY US     -187984000        226080000
TELEBRAS SA           TBASF US     -187984000        226080000
TEC TOY SA-PREF       TOYB5 BZ       -2539000         41684000
TELEBRAS-PF RCPT      TBAPF US     -187984000        226080000
PARQUE TEM-RT PF      PQTM2 BZ     -388872000        152268000
HOPI HARI SA          PQTM3 BZ     -388872000        152268000
FERROVIA CEN-DVD     VSPT12 BZ      -85429000       2074043008
SANSUY-PREF A         SNSY5 BZ      -63134000        235182000
PROMAN                PRMN3 BZ        -591000         24461000
SAUIPE                PSEG3 BZ      -16319050         17641202
TECTOY-RCT PREF      TOYB10 BZ       -2539000         41684000
PARQUE TEM-RCT C      PQTM9 BZ     -388872000        152268000
NORDON METAL         NORDON BZ      -33521000         36317000
SCHLOSSER SA          SCHON BZ      -95113000         45358000
FERRAGENS HAGA       HAGAON BZ     -110814000         25668954
TECTOY SA-PREF       TOYBPN BZ       -2539000         41684000
PARQUE TEM-DV CM       PQT5 BZ     -388872000        152268000
PARQUE TEM-DV PF       PQT6 BZ     -388872000        152268000
TELEBRAS-RECEIPT     TLBRUO BZ     -187984000        226080000
NOVA AMERICA-PRF     NOVAPN BZ     -353104000         40955000
EXCELSIOR-RCT         BAUH9 BZ       -3589000         20444000
TELEBRAS-RCT         RCTB33 BZ     -187984000        226080000
CAF BRASILIA-PRF      CAFE4 BZ    -1042639040         38244000
GASCOIGNE EMP-PF     1GASPN BZ    -1048602048       1586146944
TELEBRAS-PF RCPT     RCTB41 BZ     -187984000        226080000
BUETTNER SA-RTS       BUET1 BZ      -54926000        148186992
DHB IND E COM         DHBON BZ     -555984960        209212992
TELEBRAS-PF RCPT     RCTB40 BZ     -187984000        226080000
SAUIPE SA-PREF       PSEGPN BZ      -16319050         17641202
TELEBRAS-CEDE BL      RCT4B AR     -187984000        226080000
CIMOB PART-PREF       GAFPN BZ      -77366408         90471752
SAUIPE SA            PSEGON BZ      -16319050         17641202
TELEBRAS-RTS CMN      RCTB1 BZ     -187984000        226080000
TELEBRAS-RTS PRF      RCTB2 BZ     -187984000        226080000
TECTOY-RCT ORD        TOYB9 BZ       -2539000         41684000
TELEBRAS-CEDEA $      RCT4D AR     -187984000        226080000
NORDON MET-RTS        NORD1 BZ      -33521000         36317000
TEC TOY SA-PF B       TOYB6 BZ       -2539000         41684000
TELEBRAS-CED C/E      RCT4C AR     -187984000        226080000
TECTOY                TOYB3 BZ       -2539000         41684000
TECTOY-PREF           TOYB4 BZ       -2539000         41684000
TEC TOY SA-PREF       TOYDF US       -2539000         41684000
TEXTIL RENAUXVIE      TXRX3 BZ     -135343008         86140000
TECTOY SA            TOYBON BZ       -2539000         41684000
NOVA AMERICA-PRF      NOVA4 BZ     -353104000         40955000

TELEBRAS-PF RCPT     TLBRUP BZ     -187984000        226080000
TELEBRAS-PF RCPT      CBRZF US     -187984000        226080000
TELEBRAS SA-PREF     TLBRPN BZ     -187984000        226080000
NOVA AMERICA SA      NOVAON BZ     -353104000         40955000
TECTOY-PF-RTS5/6     TOYB11 BZ       -2539000         41684000
TECTOY-BONUS RTS     TOYB13 BZ       -2539000         41684000
TECTOY-RTS/3          TOYB1 BZ       -2539000         41684000
TELEBRAS-ADR          TBASY US     -187984000        226080000
FER C ATL-RCT CM      VSPT9 BZ      -85429000       2074043008
CAF BRASILIA          CAFE3 BZ    -1042639040         38244000
FER C ATLANT          VSPT3 BZ      -85429000       2074043008
COARI PART            COAR3 BZ         -56000       3270861056
TEKA-PREF             TKTPF US     -449536992        526557984
HAGA                  HAGA3 BZ     -110814000         25668954
WIEST-PREF            WISA4 BZ     -140973008         71372000
DTC DIRECT CO SA     1DTCON BZ      -16264999         11902000
VARIG SA-PREF         VAGV4 BZ   -10176870400       2094450944
VARIG SA             VARGON BZ   -10176870400       2094450944
TEXTEIS RENAU-PF      TXRX4 BZ     -135343008         86140000
ARTHUR LANG-RC P     ARLA10 BZ      -26011000         34053000
FERROVIA CEN-DVD     VSPT11 BZ      -85429000       2074043008
DOCA INVESTI-PFD      DOCA4 BZ      -23571000        206494000
VARIG SA-PREF        VARGPN BZ   -10176870400       2094450944
TEXTEIS RENAUX       RENXPN BZ     -135343008         86140000
TECBLU-RCPT PREF       TEN9 BZ      -13127000         14637000
PARQUE TEM-RT CM      PQTM1 BZ     -388872000        152268000
TELEBRAS-CEDEA $      TEL4D AR     -187984000        226080000
TELEBRAS-COM RTS      TELB1 BZ     -187984000        226080000
TELEBRAS SA-PREF      TELB4 BZ     -187984000        226080000
ARTHUR LANGE-PRF      ARLA4 BZ      -26011000         34053000
VARIG SA              VAGV3 BZ   -10176870400       2094450944
TELEBRAS-CEDE PF      TELB4 AR     -187984000        226080000
TEKA                  TEKA3 BZ     -449536992        526557984
BOMBRIL SA-ADR        BMBPY US     -485678016        442846016
TELEBRAS-ADR            TBX GR     -187984000        226080000
TELEBRAS-RTS CMN      TCLP1 BZ     -187984000        226080000
TEKA-ADR              TEKAY US     -449536992        526557984
SANSUY SA            SNSYON BZ      -63134000        235182000
TEKA                 TEKAON BZ     -449536992        526557984
TEKA-PREF            TEKAPN BZ     -449536992        526557984
TECBLU-COM RCT        TENE9 BZ      -13127000         14637000
DTC DIRECT CO-RT    1DTCONR BZ      -16264999         11902000
ARTHUR LANGE          ARLA3 BZ      -26011000         34053000
TECBLU-PREF C         TENE7 BZ      -13127000         14637000
TEKA-ADR              TKTQY US     -449536992        526557984
FABRICA TECID-RT      FTRX1 BZ      -55261000        126672000
TEKA-ADR              TKTPY US     -449536992        526557984
TEKA                  TKTQF US      -449536992       526557984
TELEBRAS-RTS PRF      TLCP2 BZ      -187984000       226080000
TELEBRAS-RCT PRF     TELB10 BZ      -187984000       226080000
TELEBRAS-CM RCPT     TELE31 BZ      -187984000       226080000
TELEBRAS-PF RCPT     TELE41 BZ      -187984000       226080000
GASCOIGNE EMPREE     1GASON BZ     -1048602048      1586146944
CAMBUCI SA-PREF      CAMBPN BZ       -42495000       177378992
TECBLU -RTS           TENE1 BZ       -13127000        14637000
TEXTEIS RENAUX       RENXON BZ      -135343008        86140000
TECBLU-PREF B         TENE6 BZ       -13127000        14637000
BOMBRIL SA-ADR        BMBBY US      -485678016       442846016
NORDON MET            NORD3 BZ       -33521000        36317000
CAMBUCI SA-PREF       CAMB4 BZ       -42495000       177378992
CAMBUCI SA           CAMBON BZ       -42495000       177378992
TECBLU-RCPT CMN        TEN8 BZ       -13127000        14637000
CHIARELLI SA          CCHI3 BZ       -85685000        42853000
COBRASMA              CBMA3 BZ     -2764018944        19346000
COBRASMA-PREF         CBMA4 BZ     -2764018944        19346000
EXCELSIOR-RCT        BAUH10 BZ        -3589000        20444000
WIEST                 WISA3 BZ      -140973008        71372000
BUETTNER SA-PRF      BUETPN BZ       -54926000       148186992
ARTHUR LAN-DVD P     ARLA12 BZ       -26011000        34053000
CONST A LIND-PRF      CALI4 BZ       -13659000        51808000
ARTHUR LANG-RC C      ARLA9 BZ       -26011000        34053000
TELEBRAS-CM RCPT     RCTB30 BZ      -187984000       226080000
CONST A LINDEN        CALI3 BZ       -13659000        51808000
WETZEL SA-PREF       MWELPN BZ        -8903000       150210992
CAFE BRASILIA SA     CSBRON BZ     -1042639040        38244000
ARTHUR LAN-DVD C     ARLA11 BZ       -26011000        34053000
TELEBRAS-BLOCK       TELB30 BZ      -187984000       226080000
TECBLU                TENE3 BZ       -13127000        14637000
CAMBUCI SA-PREF       CXDOF US       -42495000       177378992
CAFE BRASILIA-PR     CSBRPN BZ     -1042639040        38244000
KUALA-PREF            ARTE4 BZ       -33570000        11856000
HERCULES SA-PREF     HERTPN BZ      -273456000        25126000
FER C ATLANT-PRF      VSPT4 BZ       -85429000      2074043008
CHIARELLI SA-PRF      CCHI4 BZ       -85685000        42853000
CHIARELLI SA          CCHON BZ       -85685000        42853000
MINUPAR SA-PREF      MNPRPN BZ       -34191000       179201008
DOC IMBITUBA          IMBI3 BZ       -25164000       202283008
COARI PART-PREF       COAR4 BZ          -56000      3270861056
AZEVEDO-PREF          AZEV4 BZ       -10976000       116398000
EXCELSIOR-RT          BAUH1 BZ        -3589000        20444000
ARTHUR LANG-RT P      ARLA2 BZ       -26011000        34053000
AZEVEDO E TRAVAS     AZEVON BZ       -10976000       116398000
AZEVEDO E TRA-PR     AZEVPN BZ       -10976000       116398000
EXCELSIOR-PREF        BAUH4 BZ        -3589000        20444000
TELEBRAS-CM RCPT     RCTB32 BZ      -187984000       226080000
EXCELSIOR-RT          BAUH2 BZ        -3589000        20444000
EXCELSIOR ALIMEN      BAUH3 BZ        -3589000        20444000
KUALA                 ARTE3 BZ       -33570000        11856000
CENT AMAPA            CTAP3 BZ   -11996000           15000
ALL MALHA PAULIS      GASC3 BZ     -1048602048      1586146944
CAMBUCI SA            CAMB3 BZ       -42495000       177378992
AZEVEDO               AZEV3 BZ       -10976000       116398000
COBRASMA SA          COBRON BZ     -2764018944        19346000
ARTEX SA             ARTXON BZ       -33570000        11856000
ARTEX SA-PREF        ARTXPN BZ       -33570000        11856000
BOMBRIL CIRIO-PF     BOBRPN BZ      -485678016       442846016
TELEBRAS-PF RCPT     RCTB42 BZ      -187984000       226080000
BOMBRIL-PREF          BOBR4 BZ      -485678016       442846016
BOMBRIL CIRIO SA     BOBRON BZ      -485678016       442846016
BUETTNER-PREF         BUET4 BZ       -54926000       148186992
SAUIPE-PREF           PSEG4 BZ       -16319050        17641202
BUETTNER SA-RT P      BUET2 BZ       -54926000       148186992
BUETTNER              BUET3 BZ       -54926000       148186992

BOMBRIL               BMBBF US      -485678016       442846016
MINUPAR-PREF          MNPR4 BZ       -34191000       179201008
BAUMHARDT IRMAOS     BAUMON BZ        -3589000        20444000
BAUMHARDT IRM-PR     BAUMPN BZ        -3589000        20444000
BOMBRIL-RGTS PRE      BOBR2 BZ      -485678016       442846016
MINUPAR               MNPR3 BZ       -34191000       179201008
TECBLU-PREF B        TBLUBN BZ       -13127000        14637000
BOMBRIL-RIGHTS        BOBR1 BZ      -485678016       442846016
ARTHUR LANGE SA      ALICON BZ       -26011000        34053000
CHIARELLI SA-PRF      CCHPN BZ       -85685000        42853000
HERCULES SA          HERTON BZ      -273456000        25126000
FERRAGENS HAGA-P     HAGAPN BZ      -110814000        25668954
CONST A LINDEN       LINDON BZ       -13659000        51808000
DOC IMBITUBA-RTP      IMBI2 BZ       -25164000       202283008
DOC IMBITUBA-RTC      IMBI1 BZ       -25164000       202283008
HERCULES-PREF         HETA4 BZ      -273456000        25126000
TELEBRAS-PF BLCK     TELB40 BZ      -187984000       226080000
BUETTNER SA          BUETON BZ       -54926000       148186992
CIMOB PART-PREF       GAFP4 BZ       -77366408        90471752
CIMOB PARTIC SA       GAFP3 BZ       -77366408        90471752
TELEBRAS-CM RCPT      TBRTF US      -187984000       226080000
FER HAGA-PREF         HAGA4 BZ      -110814000        25668954
TECTOY-RCPT PF B     TOYB12 BZ        -2539000        41684000
GASCOIGNE EMP-PF      GASC4 BZ     -1048602048      1586146944
MINUPAR SA           MNPRON BZ       -34191000       179201008
TECBLU-PREF A         TENE5 BZ       -13127000        14637000
BOMBRIL               BOBR3 BZ      -485678016       442846016
CONST A LIND-PRF     LINDPN BZ       -13659000        51808000
ACO ALTONA            EALT3 BZ       -31429000       170270992
WIEST SA             WISAON BZ      -140973008        71372000
WETZEL SA            MWELON BZ        -8903000       150210992
COBRASMA SA-PREF     COBRPN BZ     -2764018944        19346000
HERCULES              HETA3 BZ      -273456000        25126000
DOCAS IMBITUB-PR     IMBIPN BZ       -25164000       202283008
DOCAS IMBITUBA       IMBION BZ       -25164000       202283008
DOC IMBITUB-PREF      IMBI4 BZ       -25164000       202283008
TELECOMUNICA-ADR     81370Z BZ      -187984000       226080000
WIEST SA-PREF        WISAPN BZ      -140973008        71372000
NOVA AMERICA-PRF     1NOVPN BZ      -353104000        40955000
TELEBRAS-CEDE PF      RCTB4 AR      -187984000       226080000
D H B                 DHBI3 BZ      -555984960       209212992
DTCOM DIRECT-RCT      DTCY9 BZ       -16264999        11902000
ACO ALTONA SA         EAAON BZ       -31429000       170270992
DTCOM- DIR TO CO      DTCY3 BZ       -16264999        11902000
FABRICA RENAUX-P     FRNXPN BZ       -55261000       126672000
ACO ALTONA-PREF       EALT4 BZ       -31429000       170270992
CIMOB PARTIC SA       GAFON BZ       -77366408        90471752
ACO ALTONA-PREF       EAAPN BZ       -31429000       170270992
WETZEL SA             MWET3 BZ        -8903000       150210992
FABRICA RENAUX        FTRX3 BZ       -55261000       126672000
ESTRELA SA-PREF      ESTRPN BZ       -80125000       153186000
D H B-PREF            DHBI4 BZ      -555984960       209212992
ARTHUR LANG-RT C      ARLA1 BZ       -26011000        34053000
DOCAS SA             DOCAON BZ       -23571000       206494000
DOCAS SA-PREF        DOCAPN BZ       -23571000       206494000
DOCA INVESTIMENT      DOCA3 BZ       -23571000       206494000

TELEBRAS SA           TELB3 BZ      -187984000       226080000
DOCAS SA-RTS PRF      DOCA2 BZ       -23571000       206494000
TELEBRAS SA          TLBRON BZ      -187984000       226080000
DHB IND E COM-PR      DHBPN BZ      -555984960       209212992
FABRICA RENAUX       FRNXON BZ       -55261000       126672000
DTCOM- DIRECT-PR      DTCY4 BZ       -16264999        11902000
TECEL S JOSE-PRF     FTSJPN BZ       -37557000        79567000
BOTUCATU-PREF         STRP4 BZ        -3164000        66833000
FABRICA RENAUX-P      FTRX4 BZ       -55261000       126672000
TECEL S JOSE         FTSJON BZ       -37557000        79567000
NOVA AMERICA SA      1NOVON BZ      -353104000        40955000
ARTHUR LANGE-PRF     ALICPN BZ       -26011000        34053000
ESTRELA SA            ESTR3 BZ       -80125000       153186000
ESTRELA SA           ESTRON BZ       -80125000       153186000
ENACAR                EMPOF US     -9463063552      3226756096
ENACAR               ENACAR CI     -9463063552      3226756096
ENACAR-RT           ENACARO CI     -9463063552      3226756096
CARVILE-RT         CARVILEO CI     -6212240384      1295758976
CARVILE             CARVILE CI     -6212240384      1295758976

                            ***********

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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