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

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

             Monday, April 27, 2009, Vol. 10, No. 81

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Liquidators Move to Place U.S. Ops Into Bankruptcy

A R G E N T I N A

BANCO HIPOTECARIO: Completes Tender Offer for 2010 Notes
TELECOM ARGENTINA: Telecom Italia May Sell Stake in Unit


B A H A M A S

CL FINANCIAL: CLICO (Bahamas) Eliminates More Than 100 Jobs


B E R M U D A

EQUITY PARTNER: Creditors' Proofs of Debt Due on May 8
EQUITY PARTNER: Members' Final Meeting Set for May 29
KEPLER HOLDING: S&P Withdraws 'BB' Rating on $200 Mil. Term Loan
MILLENNIUM GLOBAL: Appoints Thresh and Morrison as Liquidators
UNIONOIL OFFSHORE: Creditors' Proofs of Debt Due on May 6

UNIONOIL OFFSHORE: Members' Final Meeting Set for May 27
XL CAPITAL: To Release First Quarter 2009 Results Today


B R A Z I L

BANCO DO BRASIL: Cut to 'Underperform' at Banco Santander
BANCO INTERNACIONAL: Moody's Downgrades Global Rating to 'Ba2'
BANIF BANCO: Moody's Downgrades Long-Term Global Rating to 'Ba2'
BES INVESTIMENTO: Moody's Affirms Bank Strength Rating to 'D+'
JBS SA: Sells US$700Mln Five-Year Bonds in International Markets

REDE ENERGIA: Moody's Junks Corporate Family Ratings from 'B2'


C O L O M B I A

BANCOLOMBIA: Attorney Gen Office Bans Criminal Probe on Bank Pres.


C O S T A  R I C A

CEMEX SAB: To Cut 125 Jobs, Shut Down 5 Plants in Costa Rica


E C U A D O R

PETROECUADOR: Oil Export Revenues Dropped 65% in Jan-March


J A M A I C A

AIR JAMAICA: Contractor General Firm on Heathrow Slot Sale Report
AIR JAMAICA: To Offer Toronto-Jamaica Daily Flights
WALKERSWOOD: Pan-Jamaican to Acquire Majority Stake in Firm


M E X I C O

CEMEX SAB: Met With Investors in Mexico City
CEMEX SAB: CEO Pledges to Resume Acquisitions


P A N A M A

BLADEX: Posts $16.7 Million First Quarter Net Income


P U E R T O  R I C O

POPULAR INC: Posts US$52.5Mln Net Loss for Quarter Ended March 31


T R I N I D A D  &  T O B A G O

CL FINANCIAL: Government Plans $5 Billion Bail Out Fund
CL FIN'L: Methanol Holdings No Plans to Change Shareholding
HINDU CREDIT: Opposition Leader Calls for Government Bailout


V E N E Z U E L A

* VENEZUELA: Gold Reserve May File Arbitration


X X X X X X X X

* LATIN AMERICA: IMF Says Economy to Contract 1.5% in This Year
* BOND PRICING: For the Week April 20, 2009 to April 24


                         - - - - -


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

STANFORD INT'L: Liquidators Move to Place U.S. Ops Into Bankruptcy
------------------------------------------------------------------
Stanford International Bank Limited (SIBL) liquidators Nigel
Hamilton-Smith and Peter Wastell -- client partners at British
firm Vantis Business Recovery Services -- have made a move to have
the company's U.S. operations placed into bankruptcy,
Caribbean360.com reports, citing court documents filed with the
District Court in Texas last week.

According to the report, attorneys for Messrs. Hamilton-Smith and
Wastell asked the court to amend, modify and/or vacate an order
that prevents them from filing a Chapter 15 proceeding.

"Liquidators have been duly appointed by the Antigua Supreme Court
and are required under Antiguan law and the authority of that
court to take immediate steps to safeguard the assets of SIBL.
The sole way for liquidators to do that is through a chapter 15
petition," the documents cited in the report said.

The Securities and Exchange Commission (SEC), on Feb. 17, charged
Mr. Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  Mr. Stanford's
companies include SIBL, Stanford Group Company (SGC), and
investment adviser Stanford Capital Management.  As reported in
the Troubled Company Reporter-Latin America on April 8, 2009,
Bloomberg News said U.S. District Judge David Godbey seized all of
Mr. Stanford's corporate and personal assets and placed them under
the control of court-appointed SGC receiver Ralph Janvey.

Caribbean360.com relates in their filing, Messrs. Hamilton-Smith
and Wastell accused Mr. Janvey of not only being uncooperative,
but blocking their efforts to get information.

Caribbean360.com notes if a bankruptcy court finds the SIBL centre
of interest was Antigua, Messrs. Hamilton-Smith and Wastell will
get control of the Bank's operations, on the other hand, a ruling
that SIB's operations were primarily controlled in the US will
allow Janvey to maintain control.

                         About Vantis

Vantis Business Recovery Services –- http://www.vantisplc.com/--
is a trading division of Vantis Group Ltd, which is regulated by
the Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

                   About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.



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

BANCO HIPOTECARIO: Completes Tender Offer for 2010 Notes
--------------------------------------------------------
Banco Hipotecario S.A. disclosed that its previously announced
tender offer to purchase for cash up to US$85,850,000 aggregate
principal amount of its U.S. Dollar-Denominated Notes due 2010
(the "USD Notes") and up to US$53,772,000 aggregate principal
amount of its Argentine Peso-linked Notes due 2010 expired at
11:59 p.m., New York City time on April 23, 2009.

Banco Hipotecario received aggregate tenders for a total of
US$26,114,000 principal amount of Eligible Notes, consisting of
(i) US$16,424,000 aggregate principal amount of the outstanding
USD Notes and (ii) of US$9,690,000 aggregate principal amount of
the outstanding ARS Peso-linked Notes.  Banco Hipotecario accepted
for payment all of the Eligible Notes tendered prior to the
Expiration Date.  The settlement of all tendered Eligible Notes is
expected to occur tomorrow, April 28, 2009.

Banco Hipotecario believes that the transaction reflects its
financial flexibility to manage liabilities in a period of
volatile market conditions.

In connection with the tender offer, Barclays Capital acted as the
dealer manager and Bondholder Communications Group acted as the
information and tender agent.

                      About Banco Hipotecario

Banco Hipotecario S.A. is a commercial bank that accepts deposits
and offers retail and commercial banking services.  Banco
Hipotecario offers mortgage, personal and corporate loans, credit
cards, and insurance services.  It operates through a network of
43 branches and 43 additional points of sale located in Argentina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 1, 2009, Standard & Poor's Ratings Services lowered its
counterparty creditrating on Banco Hipotecario S.A. and the
ratings on two of the bank's notes issues to 'CC' from 'B-',
following the announcement of a cash tender offer that S&P
considers distressed under its criteria.


TELECOM ARGENTINA: Telecom Italia May Sell Stake in Unit
--------------------------------------------------------
Reuters reports Telecom Italia SpA Chairman Gabriele Galateri di
Genola said all options are being looked at for the company's
Argentina operations, including possible sale which he hoped to
conclude in a few months.

Earlier Wednesday, Reuters relates Il Sole 24 Ore newspaper had
said Telecom Italia was considering selling its 50 percent stake
in Sofora Telecomunicaciones SA, the holding company that controls
Telecom Argentina SA and has made contacts with Brazilian
businessmen.

Reuters recalls Argentina's antitrust authority has barred Telecom
Italia from making decisions regarding its Argentina unit and has
rejected the Italian company's appeal against the decision.

Spanish group Telefonica and United Internet are prospective
bidders, sources familiar with the matter told Reuters on Tuesday.

As reported in the Troubled Company Reporter-Europe on April 8,
2009, Bloomberg News said Telecom Italia was ordered by The
Argentine Competition Commission to stop using its voting rights
in local unit Telecom Argentina.

Citing a ruling on the authority's Web site, the report said
Telecom Italia's directors on Telecom Argentina's board were told
to abstain from exercising voting powers while the regulator
investigates Telco SpA's purchase of a controlling stake in
Telecom Italia.

According to Bloomberg News, Telefonica SA, Assicurazioni Generali
SpA, Intesa Sanpaolo SpA, Mediobanca SpA and the Benetton family
gained control of Telecom Italia, through holding company Telco,
in October 2007.  Telco owns 24.5 percent of the Milan-based
company.

The report said on Jan. 9, the Argentine regulator ordered
Telefonica, which also runs Telefonica de Argentina SA, and its
partners to provide documents on their stake in Telecom Italia.

Telecom Italia has said it plans to exercise an option to increase
its stake in Sofora, Bloomberg News noted.

In December, the commission ordered Telecom Italia not to exercise
the option to raise its stake in Sofora until the regulator issues
a final decision, the report said.

                   About Telecom Italia S.p.A.

Telecom Italia S.p.A. (NYSE:TI) --- http://www.telecomitalia.it/
--- is an Italy-based telecommunications group that operates in
the communications sector, in the television sector using both
analog and digital terrestrial technology, and in the office
products sector.  The Company is engaged principally in the
communications sector and, particularly, in telephone and data
services on fixed lines, for final retail customers and wholesale
providers, in the development of fiber optic networks for
wholesale customers, in Internet services, in domestic and
international mobile telecommunications (especially in Brazil), in
the television sector using both analog and digital terrestrial
technology and in the office products sector.  The Company
operates mainly in Europe, the Mediterranean Basin and in South
America.  In August 2008, ILIAD SA announced that it had finalized
the acquisition of Alice France, the broadband operations of the
Company.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                         *     *     *

As reported in the Troubled Company reporter-Latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services lowered Telecom
Argentina SA's foreign currency rating to B-/Stable/ and local
currency rating to B/Stable/.  The outlook on both ratings is
stable.



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

CL FINANCIAL: CLICO (Bahamas) Eliminates More Than 100 Jobs
-----------------------------------------------------------
CLICO Bahamas Limited (formerly British Fidelity Assurance
Limited), a subsidiary of CLICO (Holdings) Barbados Limited and a
subsidiary of the CL Financial group, terminated more than 100
jobs on April 16, sending home employees without severance
packages or letters detailing what compensation they would
receive, Trinidad and Tobago Express reports.

According to the report, citing Nassau Guardian, court-appointed
liquidator Craig Gomez informed the staff members that their
services would no longer be required.  The report relates the
workers were reportedly given termination letters that explained
why they were being let go.

The Express notes the Guardian said Mr. Gomez had anticipated the
company's folding and had budgeted $3 million for severance
payments to the laid off employees.  The report relates Mr. Gomez
made the listing as part of his liquidation projection, and listed
the payments under the rubric 'debts and preferential claims.'

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2009, CaribWorldNews said the Bahamian Supreme Court
granted a request from the islands government to liquidate Clico
Bahamas for the protection of company shareholders.  Craig Gomez
of Baker Tilley Gomez was appointed as the liquidator of the
company, according to CaribWorldNews.

Mr. Ingraham, as cited by Caribbean Net News, said Clico (Bahamas)
went into liquidation because it was unable to pay US$2.6 billion
to policyholders.

According to an April 1 TCR-LA report, citing Trinidad and Tobago
Express, provisional liquidator Craig Tony Gomez's report filed
with the Bahamas Supreme Court disclosed that CLICO Bahamas's
liabilities exceed its assets by US$18 million.   The report said
Mr. Gomez's report listed CLICO Bahamas's total assets at
US$116,965,096 and total liabilities at US$135,085,964.

In the same report, Trinidad and Tobago Express related Mr. Gomez
also said the company had a "considerable amount of critical
claims", which were being reviewed, including death benefits,
emergency surgeries, cancer patient treatments and HIV patient
treatments.

In addition, Trinidad and Tobago Express noted Mr. Gomez said
CLICO Bahamas can't recover the US$73 million it loaned to CLICO
Enterprises Ltd as part of a Florida real estate deal because of
the downturn in the US real estate market.

Meanwhile, Trinidad and Tobago Express said CLICO Guyana and CLICO
Suriname are claiming policy packages of US$34 million and US$15.5
million respectively with CLICO Bahamas.

                       About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.



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

EQUITY PARTNER: Creditors' Proofs of Debt Due on May 8
------------------------------------------------------
The creditors of Equity Partner Ltd. are required to file their
proofs of debt by May 8, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 21, 2009.

The company's liquidator is:

        Robin J. Mayor
        Clarendon House, Church Street
        Hamilton, Bermuda


EQUITY PARTNER: Members' Final Meeting Set for May 29
-----------------------------------------------------
The members of Equity Partner Ltd. will hold their final meeting
on May 29, 2009, at 9:30 a.m., at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, in Hamilton,
Bermuda.

At the meeting, Christian Luthi, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


KEPLER HOLDING: S&P Withdraws 'BB' Rating on $200 Mil. Term Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'BB'
senior secured bank loan rating on Kepler Holding Ltd.'s
$200 million term loan at the company's request.

The rating withdrawal follows repayment of the obligations in
full.


MILLENNIUM GLOBAL: Appoints Thresh and Morrison as Liquidators
--------------------------------------------------------------
On April 16, 2009, Charles Thresh and Michael Morrison were
appointed as liquidators of Millennium Global Emerging Credit Fund
Limited.

The Liquidators can be reached at:

        Charles Thresh
        Michael Morrison
        KPMG Advisory Limited


UNIONOIL OFFSHORE: Creditors' Proofs of Debt Due on May 6
---------------------------------------------------------
The creditors of Unionoil Offshore Exploration, Ltd. are required
to file their proofs of debt by May 6, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 17, 2009.

The company's liquidator is:

        Gary R. Pitman
        Chevron House, 11 Church Street
        Hamilton, Bermuda


UNIONOIL OFFSHORE: Members' Final Meeting Set for May 27
--------------------------------------------------------
The members of Unionoil Offshore Exploration, Ltd. will hold their
final meeting on May 27, 2009, at 9:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on April 17, 2009.

The company's liquidator is:

        Gary R. Pitman
        Chevron House, 11 Church Street
        Hamilton, Bermuda


Harvested until April 24 legal notices


XL CAPITAL: To Release First Quarter 2009 Results Today
-------------------------------------------------------
XL Capital Limited intends to release its first quarter 2009
results after the close of regular stock market trading hours on
today, April 27, 2009.  A conference call to discuss the company's
results will be held at 11:00 a.m. Eastern Time tomorrow, Tuesday,
April 28, 2009.

For the quarter ended December 31, 2008, the company incurred a
net loss of US$1.43 billion compared with a net loss of US$1.22
billion for the quarter ended December 31, 2007.

For the twelve months ended December 31, 2008, the company`s net
loss was US$2.63 billion compared with net income of US$206.4
million for the twelve months ended December 31, 2007.

Headquartered in Hamilton, Bermuda, XL Capital Ltd provides
insurance and reinsurance coverages through its operating
subsidiaries to industrial, commercial and professional
service firms, insurance companies and other enterprises on a
worldwide basis.  As of December 31, 2008, XL Capital Ltd reported
total invested assets of US$34.3 billion and shareholders' equity
of US$6.6 billion.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Feb. 18, 2009, Moody's Investors Service affirmed XL Capital Ltd's
"Ba1" preferred stock rating.




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

BANCO DO BRASIL: Cut to 'Underperform' at Banco Santander
---------------------------------------------------------
Banco do Brasil SA was cut to "underperform" from "buy" at Banco
Santander SA on the prospect that cuts in interest rates will
reduce margins, Fabio Alves of Bloomberg News reports.

"We forecast lower margins from lower interest rates, lower
lending spreads and higher NPLs at Banco do Brasil due to the
bank's potentially more aggressive growth and pricing policies,"
analyst Boris Molina wrote in a note, the report relates.

According to the report, the lender also had its share-price
forecast reduced by 32% to US$6.20 per American depositary
receipt.

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

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


BANCO INTERNACIONAL: Moody's Downgrades Global Rating to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service downgraded the long-term global local-
currency deposit rating of Banif -- Banco Internacional do Funchal
(Brasil), S.A. -- to Ba2 from Ba1, and the bank's long-term
Brazilian national scale rating was lowered to Aa3.br from Aa2.br.
Both ratings went on review for possible downgrade.  At the same
time, Moody's affirmed Banif Brazil's bank financial strength
rating at D-, with a stable outlook.  The bank's long-term foreign
currency deposit rating of Ba2 was placed on review for downgrade.
The short-term local and foreign currency deposits ratings were
affirmed at Not Prime, and the short-term NSR at BR-1.

The rating actions follow Moody's downgrade of Banif -- Banco
Internacional do Funchal, SA's (Banif Portugal) BFSR and deposit
and senior debt ratings.

Moody's noted that the lowering of Banif Brazil's GLC rating was
prompted by the downgrade of Banif Portugal's BFSR and baseline
credit assessment, which serves as the parental support input for
the Brazilian bank's deposit ratings.

Banif Portugal and Banif Brazil are sister companies;
nevertheless, Moody's view is that parental support, if required,
would be provided through Banif Portugal since this entity is the
main originator of earnings within the group.  The downgrade of
Banif Brazil's NSR was also driven by lower GLC deposit ratings,
according to Moody's.

The review for downgrade on Banif Brazil's deposit ratings
indicates the possibility of further weakening of Banif Portugal's
intrinsic financial strength, as denoted by the review for
downgrade on its BFSR.

According to Moody's, the affirmation of Banif Brazil's BFSR was
supported by the bank's adequate financial indicators, which have
benefited from the organic growth of its operations.  Management's
prudent approach in preserving asset quality discipline also
favors the bank's franchise.

Moody's last rating action on Banif Brazil was on August 23, 2007,
when Moody's Investors Service upgraded the bank's long-term
foreign currency deposit rating to Ba2 from Ba3, following an
upgrade of Brazil's foreign currency ceiling.

Banif - Banco Internacional do Funchal (Brasil) S.A. is
headquartered in Sao Paulo, Brazil.  As of December 2008, the bank
had total assets of approximately R$1.4 billion (US$592 million)
and equity of R$130 million (US$55.6 million).

These ratings assigned to Banif - Banco Internacional do Funchal
(Brasil) S.A. were downgraded and placed on review for downgrade:

  -- Long-term global local-currency deposit rating: to Ba2 from
     Ba1

  -- Long-term Brazilian national scale deposit rating: to Aa3.br
     from Aa2.br

This rating of Banif - Banco Internacional do Funchal (Brasil)
S.A. was placed on review for downgrade:

  -- Long-term foreign currency deposit rating of Ba2

These ratings assigned to Banif - Banco Internacional do Funchal
(Brasil) S.A. were affirmed:

  -- Bank financial strength rating at D-, with stable outlook
  -- Short-term global local-currency deposit rating at Not Prime;
  -- Short-term foreign currency deposit rating at Not Prime;
  -- Short-term Brazilian national scale deposit rating at BR-1


BANIF BANCO: Moody's Downgrades Long-Term Global Rating to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service downgraded the long-term global local-
currency deposit rating of Banif Banco de Investimento (Brasil)
S.A. -- to Ba2 from Ba1, and the bank's long-term Brazilian
national scale rating was lowered to Aa3.br from Aa2.br. Both
ratings went on review for possible downgrade.  At the same time,
Moody's affirmed Banif BI's bank financial strength rating at D-,
with a stable outlook.  The bank's long-term foreign currency
deposit rating of Ba2 was placed on review for downgrade.  The
short-term local and foreign currency deposit ratings were
affirmed at Not Prime, and the short-term NSR at BR-1.

The rating actions follow Moody's downgrade of Banif -- Banco
Internacional do Funchal, S.A.'s (Banif Portugal) BFSR and deposit
and senior debt ratings (for further details, please refer to
press release dated April 6, 2009 "Moody's announces multiple
rating actions on Portuguese banks").

Moody's noted that the lowering of Banif BI's GLC rating was
prompted by the downgrade of Banif Portugal's BFSR and baseline
credit assessment, which serves as the parental support input for
the Brazilian bank's deposit ratings.

Banif BI is not a direct subsidiary of Banif Portugal; however,
Moody's view is that parental support, if required, would be
provided through Banif Portugal since this entity is the main
originator of earnings within the group.  Moreover, at this moment
there are no ratings assigned to Banif's investment banking
operation in Portugal.  The downgrade of Banif BI's NSR was also
driven by lower GLC deposit ratings, according to Moody's.

The review for downgrade on Banif BI's deposit ratings indicates
the possibility of further weakening of Banif Portugal's intrinsic
financial strength, as denoted by the review for downgrade on its
BFSR.

According to Moody's, the affirmation of Banif BI's BFSR was
supported by the bank's still adequate financial metrics,
particularly profitability, despite the decline in business volume
and competitive environment for investment banking in the recent
moths.  Moody's noted that Banif BI's home broker unit,
Banifinvest, has been a significant driving force of recurring
revenues for the bank.

Moody's last rating action on Banif BI was on April 17, 2008, when
Moody's Investors Service assigned first-time ratings to the bank.

Banif Banco de Investimentos (Brasil) S.A. is headquartered in Sao
Paulo, Brazil.  As of December 2008, the bank had total assets of
approximately R$968 million (US$414 million) and equity of
R$112 million (US$48 million).

These ratings assigned to Banif Banco de Investimento (Brasil)
S.A. were downgraded and placed on review for downgrade:

  -- Long-term global local-currency deposit rating: to Ba2 from
     Ba1

  -- Long-term Brazilian national scale deposit rating: to Aa3.br
     from Aa2.br

This rating of Banif Banco de Investimento (Brasil) S.A. was
placed on review for downgrade:

  -- Long-term foreign currency deposit rating of Ba2

These ratings assigned to Banif Banco de Investimento (Brasil)
S.A. were affirmed:

  -- Bank financial strength rating at D-, with stable outlook
  -- Short-term global local-currency deposit rating at Not Prime;
  -- Short-term foreign currency deposit rating at Not Prime;
  -- Short-term Brazilian national scale deposit rating at BR-1


BES INVESTIMENTO: Moody's Affirms Bank Strength Rating to 'D+'
--------------------------------------------------------------
Moody's Investors Service affirmed BES Investimento do Brasil
S.A.'s bank financial strength rating of D+ and foreign currency
deposit ratings of Ba2/NP.  Moody's also affirmed BES's Aaa.br/BR-
1 Brazilian national scale ratings, as well as the short-term
global local currency deposit rating of Prime 2.  The outlook for
these ratings is stable.  At the same time, Moody's placed on
review for possible downgrade BES's long-term GLC deposit rating
of Baa1.

Moody's also assigned long and short-term foreign currency debt
ratings of Baa3 and Prime 3, respectively, to BES's Short Term
Note Program of up to US$300,000,000.  The outlook on the ratings
is stable.

Moody's noted that the rating action follows the agency's review
for possible downgrade of Banco Espírito Santo S.A.'s - BES's
parent - BFSR and deposit and senior debt ratings.

According to Moody's, BES's ratings were affirmed because of the
bank's adequate profitability and capital indicators, supported by
management's conservative approach to trading, which has partially
mitigated downside risks.

The review for downgrade on BES's long-term GLC deposit rating
indicates the potential weakening of Banco Espírito Santo's
intrinsic financial strength, as indicated by the review for
downgrade on its BFSR.

Moody's last rating action on BES was on August 23, 2007, when
Moody's Investors Service upgraded the bank's long-term foreign
currency deposit rating to Ba2 from Ba3, following an upgrade of
Brazil's foreign currency ceiling.

BES Investimento do Brasil S.A is headquartered in Sao Paulo,
Brazil.  In December 2008, the bank had total assets of
approximately R$3.3 billion (US$1.4 billion) and equity of R$252
million (US$108 million).

These ratings assigned to BES Investimento do Brasil S.A. were
affirmed:

  -- Bank financial strength rating at D+, with stable outlook

  -- Foreign currency deposit ratings at Ba2/NP, with stable
     outlook

  -- Brazilian national scale deposit ratings at Aaa.br/BR-1, with
     stable outlook

  -- Short-term global local-currency deposit rating at Prime 2

This rating assigned to BES Investimento do Brasil S.A. was placed
on review for downgrade:

  -- Long-term global local-currency deposit rating of Baa1

These ratings were assigned to BES Investimento do Brasil S.A.'s
Short Term Note Program:

  -- Up to US$300 million STN Program: Long and short-term

     foreign-currency rating of Baa3/P-3, stable outlook.


JBS SA: Sells US$700Mln Five-Year Bonds in International Markets
----------------------------------------------------------------
JBS SA sold US$700 million five-year bonds in international
markets, exceeding its initial offering by 75%, Bloomberg News
reports.

The report relates the company sold the bonds to yield 13%.

According to the report, Jose Luis Villanueva, an analyst at Fitch
Ratings in New York, said the international bond sale will help
the company gain market share and improve profitability as
competitors struggle with debt.  The sale gives JBS "increasing
liquidity at a time when the availability of bank credit is
declining," Mr. Villanueva said, as cited in the report.  "With
bankruptcies, the big players will benefit from less competition."

As reported in the Troubled Company Reorter-Latin America on
April 23, 2009, Brazzil Magazine said Banco Nacional de
Desenvolvimento Economico e Social SA (BNDES) will offer BRL10
billion credit line to support activities in agribusiness
following Brazil National Monetary Council's approval during an
extraordinary meeting.  The report related Brazil Finance Minister
Guido Mantega said the funds would go mostly to support Brazil's
ailing meatpacking sector and would be offered at an annual
interest rate of 11.25%.

According to Brazzil Magazine, the move is the latest of a series
of Brazilian government initiatives to boost local credit
circulation.

Brazil's meatpacking industry, Brazzil Magazine noted, has been
particularly hard hit by falling demand during a slowdown of the
global economy.

With the credit line "the government aims to avoid further
deterioration in the production chain, which has been under
pressure" due to weak global demand, high debt levels and costlier
credit, Credit Suisse AG analyst Marcel Morares wrote in a press
column obtained by Brazzil Magazine.

The report related Banco Bradesco SA analyst Fabio Monteiro,
citing a note, said the credit line will likely provide the most
benefit to the most indebted companies.

                        About JBS SA

JBS is one of the world's largest beef producers with operations
in Brazil, the United States, Argentina, Australia and Italy.  The
company is the largest producer and exporter of fresh meat and
meat by-products in Brazil, Argentina and Australian and the third
largest in the USA.

                       *      *     *

As reported in the Troubled Company Reporter-Latin America on
April 17, 2009, Standard & Poor's Ratings Services affirmed its
'B+' long-term corporate credit rating on Brazil-based meat-
processing company JBS S.A.  The outlook is negative.


REDE ENERGIA: Moody's Junks Corporate Family Ratings from 'B2'
--------------------------------------------------------------
Moody's downgraded the corporate family ratings of Rede Energia
S.A. to Caa1 from B2 on the Global Scale and to Caa1.br from
Ba1.br on the Brazilian National Scale.  At the same time, Moody's
downgraded Rede's US$575 million unsecured perpetual bonds to Caa3
from B3.  Moody's also downgraded the issuer ratings of Rede's
operating subsidiaries Centrais Eletricas do Para S.A., Centrais
Eletricas Mato-grossenses S.A. and Comp. de Ener. Eletr. do Est.
do Tocantins to B3 on the Global Scale and B1.br on the Brazilian
National Scale from B2 and Ba1.br.  All ratings remain under
review for downgrade.

The downgrades were principally driven by Moody's expectation that
cash flow at Rede, which is composed of dividends from the
operating subsidiaries, will likely continue to be insufficient to
make interest payments on total holding company debt of
BRL 2 billion (considering par value of debt).  In 2008, at the
holding company level, Rede had cash interest expense of
BRL 258 million and received BRL 42 million in dividends from
operating subsidiaries.  Moody's view is that the current holding
company debt level is not sustainable with expected cash
generation, and thus some form of capital restructuring is likely
in the near term.  The cash requirement at the holding company
level also creates pressure for a higher dividend payout at the
operating subsidiaries, thus likely impacting their free cash flow
available for debt amortization.  Thus, despite relatively strong
consolidated credit metrics for the Caa1 rating category, the
downgrades principally reflect structural considerations, with a
disproportional amount of debt at the holding company.

"The ratings remain under review for possible further downgrade
because of the uncertainties as to Rede's strategy to reach a
viable capital structure", said Moody's AVP Analyst, Jose Soares.
"Furthermore, the more adverse credit environment since September
2008 has led many banks to renew Rede's short-term debt at higher
interest rates, thus aggravating its already weak debt service
capacity."

The B3 issuer ratings for the operating subsidiaries are one notch
higher than the Caa1 corporate family rating to reflect a likely
better standing of creditors at Rede's operating subsidiaries, in
light of regulatory limitations on their ability to upstream cash
to Rede.  Moody's continuing review of the ratings at the
operating subsidiaries will focus on the degree of ring fencing of
their cash flow and the implications of a potential default at
Rede on their liquidity profile.

Rede's operating subsidiaries presented poor performance in 2008
due to lower operating margins caused by their second periodic
tariff review, which reduced electricity tariffs for most of its
subsidiaries.  Higher interest expenses also pressured overall
profitability and dividend capacity at the operating subsidiaries.
Lower electricity tariffs were partly offset by the significant
growth in sales volume of 6.5%, which allowed for some gains of
scale.  Rede's consolidated EBITDA (calculated according to
Moody's standard adjustments) reached BRL 1,211 million or 30.3%
of net sales in 2008 compared to BRL 1,133 million or 34.3% of net
sales in 2007.  These operating margins are not directly
comparable in light of an asset swap transaction in September
2008.  In the transaction, Rede acquired 100% of Enersul (not
rated), a distribution company, in exchange for generation assets
mostly represented by its participation in Rede Lajeado (not
rated) and Investco (rated Ba1; stable).

The BRL 205 million net profit posted by Rede in 2008 is largely a
reflection of mark to market accounting of Rede's bonds.  Rede
posted a BRL 772 million non-cash and nonrecurring gain related to
the market value of its US$575 million perpetual bonds, which
traded at a substantial discount to par value as of December 31,
2008.  Rede also recognized as revenues approximately
BRL 178 million of fiscal gains in association with accumulated
losses at the level of the holding company.  If it were not for
these accounting adjustments, Rede would have recorded a net loss
of around BRL 500 million net of the income tax effects in 2008.

The Caa1.br and B1.br national scale ratings reflect the standing
of credit quality relative to domestic peers.  Moody's National
Scale Ratings are intended as relative measures of
creditworthiness among debt issuances and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Brazil are designated by the ".br"
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 last rating action for Rede was on December 22, 2008, when the
ratings were placed on review for possible downgrade in face of
deteriorated liquidity and weaker credit metrics.

Rede Energia S.A., headquartered in Sao Paulo, Brazil, is a
holding company with interests in electricity distribution and
generation.  Through majority-owned subsidiaries Companhia de
Energia Eletrica do Estado do Tocantins - Celtins, Centrais
Eletricas Matogrossenses S.A. - Cemat, Centrais Eletricas do Pará
S.A. - Celpa and Empresa Energ. do Mato Grosso Sul - Enersul, the
group operates concessions to distribute electricity in the states
of Tocantins, Mato Grosso, Para and Mato Grosso do Sul,
respectively.  In addition, Rede operates small power distribution
concessions in a number of municipalities in the states of Sao
Paulo, Minas Gerais and Parana.  Overall, the group serves
approximately 4.2 million clients.  In 2008, Rede reported
consolidated net revenues of BRL 4.0 billion (US$2.2 billion) and
distributed 16TWh of electricity, which is equivalent to
approximately 4.5% of the electricity consumed in the country's
national integrated system during this period.



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

BANCOLOMBIA: Attorney Gen Office Bans Criminal Probe on Bank Pres.
-----------------------------------------------------------------
Bancolombia S.A. disclosed that on April 21, 2009, the Colombian
Attorney General's Office (Fiscal Delegado ante la Corte Suprema
de Justicia) delivered an order ("preclusion order") barring a
criminal investigation of the president of Bancolombia, Mr. Jorge
Londono Saldarriaga, and others.  The investigation was related to
the acquisition by Bancolombia (formerly Banco Industrial
Colombiano S.A.) of Banco de Colombia S.A. and their subsequent
merger.

The decision rendered by the Colombian Attorney General's Office
bars the:

   (i) investigation of Jorge Londono Saldarriaga
       regarding the alleged aiding and abetting of the
       crimes of willful misconduct and willful neglect
       by a public officer (prevaricato por accion and
       prevaricato por omision); and

  (ii) investigation of the members of the board of
       directors of Banco Industrial Colombiano S.A.
       in office at the time of the merger with Banco
       de Colombia S.A. regarding the alleged aiding
       and abetting of the crimes of willful misconduct
       and willful neglect by a public officer
       (prevaricato por accion and prevaricato por
       omision), procedural fraud and fraud.

The order also bars the investigation of the members of the board
of directors of the Central Bank of the Republic of Colombia and
certain officers of the Colombian Superintendency of Finance.

                     About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                         *     *     *

Based on Moody's Web site, the company continues to carry  Ba2
foreign currency deposits rating and D financial strength rating.



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

CEMEX SAB: To Cut 125 Jobs, Shut Down 5 Plants in Costa Rica
------------------------------------------------------------
Cemex S.A.B de C.V's Costa Rica operations will shut down 5 plants
across the country and cut 125 jobs –- which represents 50% of the
total staff -- as the economic crisis hits the country's
construction industry, Inside Costa Rica News reports, citing
CEMEX General Manager Carlos Gonzalez.

The report relates Mr. González said the company is also reducing
its investment in Costa Rica.  "The next three to six months will
be very complicated, as projects come to an end and nothing new is
on the horizon", the report quoted Mr. González as saying.

According to the report, Mr. Gonzales said the company will
continue to invest, but only about US$2 million dollars for this
year.

CEMEX, the report notes, has seen the demand for cement drop 20%
and concrete 30%, as the construction of large projects like
hotels, commercial centres, especially in the Pacific north, has
dropped.

                          About Cemex

Cemex S.A.B de C.V is the third-largest cement producer in the
world based on production capacity of approximately 97 million
metric tons and operates in more than 50 countries.  The company
is also the global leader in the ready mix concrete market with
sales of over 80.5 million cubic meters, and an important global
player in the aggregates business with sales of 222.7 million
tons.  In 2008, Cemex generated US$4.370 billion of EBITDA on
US$21.8 billion of sales revenues.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
March 2, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit ratings on Cemex S.A.B de C.V.
and its key operating subsidiaries (Cemex Espana S.A., Cemex
Mexico S.A. de C.V., and Cemex Inc.) remain on CreditWatch, where
they were placed with negative implications on Jan. 21, 2009.  At
the same time, S&P assigned a 'BB+' rating to Cemex's
intermediate-maturity notes in the amount of about US$500 million.
The recovery rating is '3', indicating that lenders can expect
substantial (70% to 90%) recovery in the event of a payment
default.



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

PETROECUADOR: Oil Export Revenues Dropped 65% in Jan-March
----------------------------------------------------------
Petroecuador oil export revenues between January and March dropped
65% to US$608 million from US$1.76 billion in the same period of
2008 amid the fall in oil international prices, Mercedes Alvaro of
Dow Jones Newswires reports.

According to the report, citing company data, Petroecuador
exported 19.8 million barrels of crude oil between January and
March, up 20% from 16.50 million barrels registered in the 2008
period.

The report relates exports of Oriente crude were 15.13 million
barrels in the first three months of 2009, while exports of Napo
crude were 4.67 million barrels.

Headquartered in Quito, Ecuador, Petroecuador --
http://www.petroecuador.com.ec-- is an international oil
company owned by the Ecuador government.  It produces crude
petroleum and natural gas.

                          *     *     *

In previous years, Petroecuador, according to published reports,
was faced with cash-problems.  The state-oil firm has no funds
for maintenance, has no funds to repair pumps in diesel,
gasoline and natural gas refineries, and has no capacity to pay
suppliers and vendors.  The government refused to give the much-
needed cash alleging inefficiency and non-transparency in
Petroecuador's dealings.  In 2008, a new management team was
appointed to turn around the company's operations.



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

AIR JAMAICA: Contractor General Firm on Heathrow Slot Sale Report
-----------------------------------------------------------------
Contractor General Greg Christie said he will stand by the
statements in his report following a probe into the divestment of
Air Jamaica Limited's London Heathrow slots despite sharp
criticisms from former finance minister Dr Omar Davies and former
Air Jamaica chairman O.K Melhado, Go Jamaica News reports.

The report relates Mr. Christie said his office stands firmly and
unconditionally behind every word of its findings, conclusions,
recommendations and referrals set out in the report.

According to the report, Mr. Christie reported that the Office of
the Contractor General (OCG) has abundant unimpeachable
documentary and sworn written evidence to fully support and defend
its stated position.

Go Jamaica News notes OCG will soon release three letters, dated
April 23, 2007, written by Dr. Davies to Virgin Atlantic, British
Airways and O.K. Melhado, which according to Mr Christie, were the
pivotal documents that influenced or directed the divestment of
the Heathrow Slots to Virgin.

As reported in the Troubled Company Reporter-Latin America on
April 8, 2009, the Jamaica Gleaner said Air Jamaica former Finance
Minister Dr Omar Davies rejected Mr. Christie's probe report that
claims he had illegally and improperly intervened into the sale of
Air Jamaica's London Heathrow routes to Virgin Atlantic.  The
Gleaner related Mr. Christie also reportedly alleged that the sale
was unfair because Virgin Atlantic was placed in advantageous
position over British Airways which was the second bidder.

According to Radio Jamaica, the Office of the Contractor
General (OCG) investigation on Air Jamaica's slot sale to Virgin
Atlantic Airlines was initiated last April after Air Jamaica CEO
Don Wehby raised concern about impropriety and a lack of
transparency in the sale of state assets.  Questions were raised
about breach of the Government's Procurement Guidelines,
mismanagement and a breach of accounting procedures, Radio Jamaica
noted.

Radio Jamaica said the Bruce Golding administration had taken
issue with the decision by the previous government to divest
the Heathrow slots.  Finance Minister Audley Shaw maintained that
they were sold too cheaply and accused the People's National Party
administration of gross dereliction of duty in the manner it
disposed of the slots, Radio Jamaica said.

                        About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.


AIR JAMAICA: To Offer Toronto-Jamaica Daily Flights
---------------------------------------------------
Air Jamaica Limited is now offering daily flights between Toronto
and Jamaica starting April 23 to June 12, South Florida Caribbean
News reports.

"We are anticipating a busy spring and summer season, and with
daily flights, our passengers will find it more convenient to
arrange that perfect vacation in Jamaica," SFCN quoted Chief
Revenue Officer Tom Hill as saying.

According to the report, from June 13, 2009 through the remainder
of the summer season, the schedule will remain the same Sunday
through Friday.

                         About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.

The Jamaican government owned 25% of the company after it went
private in 1994.  However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Nov. 6, 2008, Moody's Investors Service placed the debt ratings of
Air Jamaica Limited, B1 senior unsecured notes guaranteed by the
Government of Jamaica, on review for possible downgrade.  The
review coincides with Moody's action placing the ratings of the
Government of Jamaica under review for downgrade on November 4,
2008.


WALKERSWOOD: Pan-Jamaican to Acquire Majority Stake in Firm
-----------------------------------------------------------
Seasoning manufacturer Walkerswood Partners Limited could be
acquired by Pan-Jamaican Investment Trust Limited (Pan-Jam) by
May 1, Radio Jamaica News reports.

The report relates St. Ann-based Walkerswood Partners reportedly
owes its creditors as well as scores of local farmers hundreds of
millions of dollars.

In a filing with the Jamaica Stock Exchange, Pan-Jam advised that
it is part of an investment consortium intending to acquire 90% of
the ordinary shares of Walkerswood Partners.

The filing says the acquisition would be consummated after
acceptance of a court-approved Scheme of Arrangement by the
requisite majority of each class of creditors of each of the
Walkerswood group companies, and agreement with other stakeholders
in respect of any other liabilities and contingencies of the
group.

The investment consortium, the filing says, would purchase 90% of
Walkerswood Partners for approximately $350 million in cash, to be
used for badly-needed working capital and the future development
of the company.

Pan-Jam`s equity interest in the consortium is expected to be
approximately 25%, and it intends to play an active role in the
management of the Walkerswood group to ensure the success of the
revitalised operation.



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

CEMEX SAB: Met With Investors in Mexico City
--------------------------------------------
Cemex S.A.B de C.V met with investors Thursday in Mexico City
to talk about a proposal to pay dividends on the past year's
earnings, and, by extension, paying coupons on perpetuals; as well
as provide an update on the debt renegotiation talks with bank
creditors, Latin France reports.

The report relates it is not clear how much detail the company
will divulge on its restructuring, some expect the company will
look to deliver a positive progress report.

As reported in the Troubled Company Reporter-Latin America on
April 2, 2009, Bloomberg News said Mexico's central bank said it
will tap a US$30 billion swap line with the Federal Reserve to
help companies meet financing needs.  "If they open a line of
support to corporations, Cemex S.A.B de C.V could be one of those
that benefits," Bloomberg News quoted Francisco Suarez, head of
equity research at Actinver SA, as saying.

According to Bloomberg News, Cemex SAB started discussions with
banks to renegotiate about US$14.5 billion of debt after
postponing its bond sale.  Company spokesman Jorge Perez, as cited
by Bloomberg News, said the US$14.5 billion is all of Cemex's bank
debt and doesn't include any bonds.  At the end of December, Cemex
had total debt of US$18.8 billion, the report noted.

Bloomberg News recalled that Cemex delayed a US$500 million bond
sale after its borrowing costs surged amid a tumble in global
financial markets, with plans to revive the offering.  The cost of
protecting Cemex's debt against default jumped on March 6, to the
highest since at least November 2005, according to Bloomberg data.

Reuters noted Cemex has been slammed by debt problems after its
ambitious Rinker takeover in 2007, slumping sales, and losses on
derivatives amid turmoil caused by the global credit debacle.

                         About Cemex

Cemex S.A.B de C.V is the third-largest cement producer in the
world based on production capacity of approximately 97 million
metric tons and operates in more than 50 countries.  The company
is also the global leader in the ready mix concrete market with
sales of over 80.5 million cubic meters, and an important global
player in the aggregates business with sales of 222.7 million
tons.  In 2008, Cemex generated US$4.370 billion of EBITDA on
US$21.8 billion of sales revenues.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
March 2, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit ratings on Cemex S.A.B de C.V.
and its key operating subsidiaries (Cemex Espana S.A., Cemex
Mexico S.A. de C.V., and Cemex Inc.) remain on CreditWatch, where
they were placed with negative implications on Jan. 21, 2009.  At
the same time, S&P assigned a 'BB+' rating to Cemex's
intermediate-maturity notes in the amount of about US$500 million.
The recovery rating is '3', indicating that lenders can expect
substantial (70% to 90%) recovery in the event of a payment
default.


CEMEX SAB: CEO Pledges to Resume Acquisitions
---------------------------------------------
Thomas Black at Bloomberg News reports Cemex S.A.B de C.V Chief
Executive Officer Lorenzo Zambrano pledged to resume acquisitions,
defying calls to rein in an expansion plan that put the company on
the verge of default.

"At Cemex we are accustomed to growing," the report quoted Mr.
Zambrano as saying at a press conference in Monterrey, Mexico,
before the company's annual shareholders meeting.

Once the company's finances stabilize and opportunities arise,
"we're going to do it," he said.


The report relates Mr. Zambrano's acquisitions turned the regional
Mexican cement maker into the biggest producer in the world after
Lafarge SA and Holcim Ltd.

However, the report notes the company has kept smaller cash
positions than those rivals as it has grown with, according to
Credit Suisse AG estimates, cash and cash equivalents of US$990
million as of Dec. 31, equal to 26 percent of its US$3.83 billion
of maturing debt this year.

According to the report, Cemex is renegotiating US$14.5 billion of
bank loans after the global recession and financial crisis eroded
demand for cement and shut the company out of credit markets
following its US$14.2 billion purchase of Sydney-based Rinker Ltd.
in 2007.

Negotiations with creditors have been "very constructive" with
banks agreeing to "defer most of the immediate maturities of our
debt," Mr. Zambrano said in a company transcript obtained by
Bloomberg News.

The US$14.5 billion of bank loans account for 77 percent of the
company's US$18.8 billion of debt, Bloomberg News notes.

                          About Cemex

Cemex S.A.B de C.V is the third-largest cement producer in the
world based on production capacity of approximately 97 million
metric tons and operates in more than 50 countries.  The company
is also the global leader in the ready mix concrete market with
sales of over 80.5 million cubic meters, and an important global
player in the aggregates business with sales of 222.7 million
tons.  In 2008, Cemex generated US$4.370 billion of EBITDA on
US$21.8 billion of sales revenues.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
March 2, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit ratings on Cemex S.A.B de C.V.
and its key operating subsidiaries (Cemex Espana S.A., Cemex
Mexico S.A. de C.V., and Cemex Inc.) remain on CreditWatch, where
they were placed with negative implications on Jan. 21, 2009.  At
the same time, S&P assigned a 'BB+' rating to Cemex's
intermediate-maturity notes in the amount of about US$500 million.
The recovery rating is '3', indicating that lenders can expect
substantial (70% to 90%) recovery in the event of a payment
default.



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

BLADEX: Posts $16.7 Million First Quarter Net Income
----------------------------------------------------
Banco Latinoamericano de Exportaciones (Bladex)'s net income
amounted to US$16.7 million in the first quarter 2009, from a net
loss of US$4.3 million in the fourth quarter 2008, and from a net
income of US$19.2 million during the first quarter 2008.

The company's net operating income for the first quarter 2009
amounted to US$22.3 million from a net operating loss of US$4.5
million in the fourth quarter 2008, and from a US$19.2 million in
net operating income in the first quarter 2008.

Bladex's net interest income in the first quarter 2009 amounted to
US$15.4 million, an increase of US$0.7 million, or 5% from fourth
quarter 2008, mainly due to increased lending spreads.

The company's deposits as of March 31, 2009 increased US$47
million (4%) from the fourth quarter 2008.

The Bank's Tier 1 capital ratio as of March 31, 2009 stood at
21.7%, compared to 20.4% as of December 31, 2008, and compared to
20.4% as of March 31, 2008.  The Bank's leverage ratio as of these
dates was 6.8x, 7.6x and 8.3x, respectively.  The Bank's equity
consists entirely of common shares.

As of March 31, 2009, the Bank reported zero past due credits in
its portfolio.  The ratio of the allowance for credit losses to
the commercial portfolio strengthened to 3.2%, compared to 2.8% as
of December 31, 2008, and 2.0% as of March 31, 2008.

                        About Bladex

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex (NYSE: BLX) --
http://www.bladex.com-- is a supranational bank originally
established by the Central Banks of Latin American and Caribbean
countries to promote trade finance in the Region.  The bank's
shareholders include central banks and state-owned entities in
23 countries in the Region, as well as Latin American and
international commercial banks, along with institutional and
retail investors.  Through Dec. 31, 2005, Bladex had disbursed
accumulated credits of over US$135 billion.

                         *     *     *

The company continues to carry Moody's "C-" bank financial
strength rating.



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

POPULAR INC: Posts US$52.5Mln Net Loss for Quarter Ended March 31
-----------------------------------------------------------------
Popular Inc. reported a net loss of US$52.5 million for the
quarter ended March 31, 2009, from a net loss of US$702.9 million
for the quarter ended December 31, 2008, and net income of
US$103.3 million for the quarter ended March 31, 2008.

"We continue to strengthen our reserves and consolidate our
operations.  Significant events in this quarter include the gain
on sale of US$183 million in investment securities to improve
regulatory capital and a US$56 million reduction in operating
expenses associated with the continued reengineering of our U.S.
operations.  We also divested our U.S. equipment finance business
to reduce risk exposure," indicated Richard L. Carrion, Chairman
of the Board and Chief Executive Officer of Popular, Inc.

"Although loan net charge-offs decreased during the quarter, we
continue to increase our reserve balance due to continued increase
in impaired loans with specific reserves."

The corporation's continuing operations reported a net loss of
US$42.6 million for the quarter ended March 31, 2009, compared
with a net loss of US$627.7 million for the quarter ended
December 31, 2008, and net income of $99.2 million for the quarter
ended March 31, 2008.

The discontinued operations of Popular Financial Holdings ("PFH")
in the U.S. mainland reported a net loss of US$9.9 million for the
quarter ended March 31, 2009, compared to a net loss of US$75.2
million for the quarter ended December 31, 2008.  The variance was
principally the result of lower income tax expense by US$10.3
million which was associated with the valuation allowance on
deferred tax assets.  Also, the results for the quarter ended
December 31, 2008 included a loss on disposition of assets of
US$26.4 million.  As of March 31, 2009, PFH holds a loan portfolio
measured at fair value of US$7 million and other miscellaneous
assets, including other real estate.

Net interest income for the first quarter of 2009 was
US$272.5 million, compared with US$288.9 million for the fourth
quarter of 2008.  The decrease was due to a decline of US$0.2
billion in average earning assets, together with a reduction of 16
basis points in the net interest yield each.

                       About Popular Inc.

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 26, 2009, Popular Inc. reported a net loss of US$702.9
million for the quarter ended December 31, 2008, compared with a
net loss of US$294.1 million in the same quarter of 2007 and a net
loss of US$668.5 million for the quarter ended September 30, 2008.

For the year ended December 31, 2008, the net loss reported
amounted to US$1.2 billion, compared to a net loss of
US$64.5 million in the same period of the previous year



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

CL FINANCIAL: Government Plans $5 Billion Bail Out Fund
-------------------------------------------------------
Trinidad and Tobago Central Bank Governor Ewart Williams confirmed
that the government is expected to inject $5 billion to continue
to protect policyholders of CL Financial Limited subsidiary CLICO
and depositors of failed wealth management firm CLICO Investment
Bank (CIB), Curtis Rampersad of Trinidad and Tobago Express
reports.

"We envisage that the required Government funding is around $5
billion for the next two years," Mr. Williams was quoted by the
report as saying.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Mr. Williams
disclosed that an examination of insurance company CLICO,
dissolved finance house CLICO Investment Bank and other CL
Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

Meanwhile, Mr. Williams, as cited by the Express, said there would
be no "fire sale" of the companies' assets.  "In the next year or
two, it is unlikely one would go on a fire sale of the assets and
for the next year or two, resources need to be provided by the
State."

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.


CL FIN'L: Methanol Holdings No Plans to Change Shareholding
-----------------------------------------------------------
Methanol Holdings (Trinidad) Limited (MHTL) -- which was hived off
by its parent company CL Financial Limited to the government in
exchange for a bailout package -- said it has no plans to change
the shareholding of the company, Trinidad and Tobago Newsday
reports.

The report recalls in a Memorandum of Understanding signed between
the Government and CL Financial, the conglomerate in exchange for
Clico's bailout divested its shareholding in MHTL as well as its
55% shareholding in Republic Bank to Government.

In a company press release, MHTL CEO Rampersad Motilal said: "
[The company] wishes to assure its customers, suppliers,
contractors, and other stakeholders, that current financial
situation of its major shareholder, Clico/CL Financial group, has
no way impended or impacted the operations of the company.  MHTL
is a stand-alone independent private company that has always been
managed and operated as a separate entity from that of its
majority shareholder.  This status, including the shareholding
structure, continues as before and there are no immediate plans to
dispose of or change the shareholding of MHTL."

According to the press statement, the company said like most other
petrochemical operations, its first quarter financial results were
lower from the corresponding period in 2008, this was due entirely
to the current global economic situation and in no way related to
the difficulties associoated with one of its shareholder's
insurance business.

                    About Methanol Holdings

Methanol Holdings (Trinidad) Limited (MHTL) --
http://www.ttmethanol.com/web/index.htm--  is one of the largest
methanol producers in the world with a total capacity of over 4
million metric tonnes annually from its five (5) methanol pleants
located at Point Lisas Industrial Estate on the island of Trinidad
and Tobago. The company is the largest supplier of methanol to
North America and is also a significant supplier to European
Market.

CL Financial Limited is the majority shareholder with a
shareholding of 56.53% in Methanol Holdings (Trinidad) Limited. CL
Financial is one of the Caribbean region's largest conglomerates
with a wide range of interests including, but not limited to,
Insurance, Financial Services, Property and Real Estate
Development, Media and Communication, Forestry and Agriculture,
Energy and Petrochemicals, Manufacturing and Alcohol Distilleries.
The company has pursued a policy of expansion through integration
and diversification, both in Trinidad and Tobago and globally, and
now spans over 30 countries of the Caribbean, Central and North
America, Europe, Asia and Africa.

The company is locally registered, whose shareholders comprise
Ferrostaal AG, Oil Products AG (OPAG) and Helm AG.  CEL has a
shareholding of 43.47% in Methanol Holdings (Trinidad) Limited and
also has investments in local ammonia companies Caribbean Nitrogen
Company Limited (CNC) and Nitrogen 2000 Unlimited (N2000).

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.


HINDU CREDIT: Opposition Leader Calls for Government Bailout
------------------------------------------------------------
Opposition Leader Basdeo Panday slammed the government's move to
bailout CL Financial Limited's struggling subsidiary, Anna Ramdass
of Trinidad and Tobago Express reports.

"I believe the Government should treat the depositors of the Hindu
Credit Union equally.  It is very unfair and people in this
country should be treated equally," Mr. Panday told the Express in
a telephone interview.  "What is important is that our own people
are suffering, and we ought to do something about it.  The people
have called on the Government to assist, they have refused, so the
only option is to remove the Government."

As reported in the Troubled Company Reporter-Latin America on
April 22, 2009, Trinidad and Tobago Express said the government
has agreed to pump in $315 million (US$50 million) to rescue CL
Financial's units to protect insurance policyholders in smaller
Caribbean countries.

The Express said Central Bank Governor Ewart Williams disclosed
that an examination of insurance company CLICO, dissolved finance
house CLICO Investment Bank and other CL Financial companies,
showed a deficit between $6 billion and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

                      About Hindu Credit

Hindu Credit Union Co-Operative Society Limited (HCU)
--http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
July 28, 2008, the High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.



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

* VENEZUELA: Gold Reserve May File Arbitration
----------------------------------------------
Gold Reserve Inc. has notified the Bolivarian Republic of
Venezuela of the existence of a dispute between the company and
the Venezuelan Government under both:

   (1) the Agreement between the Government of Canada
       and the Government of the Republic of Venezuela for
       the Promotion and Protection of Investments ("Canada -
       Venezuela Treaty") and

   (2) the Agreement between the Government of Barbados
       and the Government of the Republic of Venezuela for
       the Promotion and Protection of Investments
       ("Barbados-Venezuela Treaty").

Gold Reserve said the dispute has arisen primarily as a result of
the Venezuelan Ministry of Environment's formal notification in
May 2008 revoking the March 2007 permit or Authorization for the
Affectation of Natural Resources for the Construction of
Infrastructure and Services Phase of the Brisas Project.  The
company said it has taken the action as a result of the Venezuelan
Government's failure to reinstate the March 2007 authorization and
the lack of any meaningful dialog to resolve the prolonged
obstruction of its rights to the Brisas Project.

Gold Reserve said it is the company's intent to settle the dispute
amicably.  However, if the dispute is not settled amicably, the
company may file for international arbitration at anytime under
the Barbados-Venezuela Treaty or after six months from the date of
notification under the Canada-Venezuela Treaty.  In the event the
company is compelled to file for international arbitration, it
said it would make a claim for the fair market value of its
investment at the time of the revocation which it believe was in
excess of US$5 billion.  In May 2008, the time of the revocation,
the price of gold and copper was US$880 per ounce and $3.75 per
pound, respectively.

                      About Gold Reserve

Gold Reserve Inc. is a Canadian company, which holds the rights to
the Brisas gold/copper project and the Choco 5 gold exploration
property in Bolivar State, Venezuela.

                        *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.



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

* LATIN AMERICA: IMF Says Economy to Contract 1.5% in This Year
---------------------------------------------------------------
Economies in the Latin American and Caribbean (LAC) region have
generally held up well so far in the face of recent global
financial strains, according to the IMF's latest Regional Economic
Outlook: Western Hemisphere, released this month.  Many countries
in the region are benefiting from stronger fiscal and external
positions and improved credibility of policy frameworks, said
Anoop Singh, Director of the IMF's Western Hemisphere Department.

Stresses in U.S. financial markets have had less impact on the
region's financial markets and external funding than in past
episodes of global financial disruptions.  Although external
funding conditions have tightened, especially for the LAC
corporate sector, this has been by less than in the past, and also
less than in some other emerging markets.  However, he noted that
a deteriorating global environment will weaken fiscal and external
positions, especially because public spending continues to be
procyclical in many countries.  Mr. Singh added that the prospects
for a number of countries have been strongly supported by still-
strong commodity prices.

Growth in the LAC region is expected to slow this year and next
given the weaker external conditions, Mr. Singh noted.  In the
baseline scenario, the region's growth is projected to slow
gradually from 5.6 percent in 2007 to 4.4 percent in 2008 and 3.6
percent in 2009.  This reflects the impact of weaker external
demand and financial conditions, as well as moderating commodity
prices and remittances.

Mr. Singh added that the balance of risks for growth is tilted to
the downside.  The financial shocks currently playing out in the
global economy introduce a particularly high degree of uncertainty
for the region.  Moreover, the possibility that commodity prices
could unwind, as in previous global slowdowns, remains an
important downside risk for the commodity-exporting countries in
the region.  At the same time, inflation pressures remain a
concern for monetary policymakers with strong domestic demand and
very rapid credit growth, combined with exogenous shocks,
especially to food and fuel prices, in many countries.

"Navigating this period of financial turbulence and heightened
uncertainty is the key near-term policy challenge," Mr. Singh
said.  While the region has entered this situation with reduced
vulnerabilities, balancing the expected growth slowdown against
ongoing inflationary pressures is a key test of the generally
improved policy frameworks in the region, and will require careful
policy management.  Monetary policy has been correctly oriented
toward containing inflation, and the efforts of central banks need
to be supported by flexibility in other aspects of the
macroeconomic policy mix, especially exchange rate and fiscal
policies.  The staff's analytical work cautions against
discretionary fiscal stimulus in many countries, especially given
the procyclical fiscal stance in many countries, and favors better
targeted public spending to enhance infrastructure and social
support, and catalyze higher overall investment and productivity
over the medium term.  Financial supervisors need to continue to
monitor closely the risks in the financial sector, as well as
maintain a close dialogue with regulators in other countries,
given the international nature of the current shocks.


* BOND PRICING: For the Week April 20, 2009 to April 24
-------------------------------------------------------

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

  ARGENTINA
  ---------
Alto Palermo SA         11.000    06/11/12     USD      50.49
Alto Palermo SA          7.875    05/11/17     USD      42.12
Argent-DIS               5.830    12/31/33     ARS      50.79
Argent-CDIS              7.820    12/31/33     ARS      23.50
Argent-$DIS              8.820    12/31/33     ARS      29.25
Argent-$DIS              8.820    12/31/33     ARS      25.57
Argent-Par               0.630    12/31/38     ARS      12.91
Argnt-Bocon PRE8         2.000    01/03/10     ARS      42.83
Argnt-Bocon PR11         2.000    12/03/10     ARS      31.51
Argnt-Bocon PRE9         2.000    03/15/24     ARS      52.97
Argnt-Bocon PR12         2.000    01/03/16     ARS      53.00
Argnt-Bocon PR13         2.000    03/15/24     ARS      22.38
Arg Boden                2.000    09/30/14     ARS      43.86
Arg Boden                7.000    10/03/15     ARS      27.66
Argentina - NGB          2.000    01/03/16     ARS      40.74
Autopistas Del S        11.500    05/23/17     USD      32.55
Banco Hipot SA           9.750    11/16/10     USD      67.06
Banco Hipot SA           9.750    04/27/16     USD      31.00
Banco Macro SA           8.500    02/01/17     USD      55.62
Banco Macro SA           9.750    12/18/36     USD      34.23
Banco Macro SA          10.750    06/07/12     USD      34.41
Bonar ARG $ V           10.500    06/12/12     USD      32.44
Bonar V                  7.000    03/28/11     USD      45.51
Bonar X                  7.000    04/17/17     USD      41.63
Bonar VII                7.000    09/12/13     USD      37.79
Buenos Aire Prov         9.625    04/18/28     USD      25.00
Buenos Aire Prov         9.375    09/14/18     USD      25.00
Buenos-$DIS              9.250    04/15/17     USD      23.87
Buenos-$DIS              8.500    04/15/17     USD      25.25
Emp Distib Nort         10.500    10/09/17     USD      58.62
Hidroelec Piedra         9.000    07/11/17     USD      62.12
Industries Metal        11.250    10/22/14     USD      40.23
Invers Rep Y Soc         8.500    02/02/17     USD      48.75
Masterllone Herma        8.000    06/30/12     USD      20.45
Mendoza Province         5.500    09/04/18     USD      33.25
Transener                8.875    12/15/16     USD      40.75
Trasport De Gas          7.875    05/14/17     USD      59.08
YPF SA                  10.000    11/02/28     USD      75.00

   BRAZIL
   ------
Bertin Ltda             10.250    10/05/16     USD      49.78
Braskem SA               9.000    04/29/49     USD      69.87
BR Malls Int Fi          9.750    11/29/49     EUR      68.50
CESP                     9.750    01/15/15     BRL      43.86
Cosan Finance            7.000    02/01/17     USD      74.00
Cosan SA Industr         8.250    02/28/49     USD      60.51
Independencia In         9.875    05/15/15     USD      14.46
Independencia In         9.875    05/15/15     USD      14.45
Independencia In         9.875    01/31/17     USD      14.46
National Steel           9.875    05/29/49     USD      72.55
Rede Empresas           11.120    04/29/49     USD      37.37
RBS-Zero Hora Ed        11.250    06/15/17     BRL      61.16
Sadia Overseas           6.875    05/24/17     USD      73.16
Vigor                    9.250    02/23/17     USD      42.46


   CAYMAN ISLANDS
   --------------
Aes Dominicana          11.000    12/13/15     USD      66.25
Aes Dominicana          11.000    12/13/15     USD      66.25
Aig Sunamerica           5.625    02/01/12     GBP      50.09
Aig Sunamerica           6.375    10/05/20     GBP      54.51
Asif II                  5.125    01/28/13     GBP      56.00
Bancaja Intl Fin         5.700    06/30/22     EUR      61.68
Banco BPI (CI)           1.150    11/11/35     EUR      73.27
Barion Funding           0.100    12/20/56     USD       4.52
Barion Funding           0.250    12/20/56     USD       4.71
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           0.250    12/20/56     USD       4.66
Barion Funding           1.440    12/20/56     USD      22.42
Barion Funding           0.630    12/20/56     USD      11.45
BCP Finance Company      5.543    06/29/49     EUR      52.00
BCP Finance Company      4.239    10/29/49     EUR      51.50
Bes Finance Limited      4.500    12/29/49     EUR      56.50
Bes Finance Limited      6.625    05/08/49     EUR      66.00
Bes Finance Limited      5.580    07/29/49     EUR      56.00
Bishopgate Asse          5.107    09/28/37     GBP      73.88
Cam Global Fin           6.080    12/22/30     EUR      58.31
China Med Tech           4.000    08/15/13     USD      55.00
China Properties         9.125    05/04/14     USD      45.00
DP World Sukuk           6.250    07/02/17     USD      68.78
DP World Sukuk           6.250    07/02/17     USD      70.25
Dubai Holding Comm       4.750    01/30/14     EUR      57.50
Dubai Holding Comm       6.000    02/01/17     GBP      53.86
DWR CYMN FIN             4.473    03/31/57     GBP      61.63
Esfg Internation         5.753    06/29/49     EUR      48.00
Gol Finance              7.500    04/03/17     USD      49.55
Gol Finance              8.750    04/28/49     USD      41.00
Greentown China          9.000    11/08/13     USD      57.00
Iansa Overseas           7.250    07/28/12     USD      54.82
Inverstcorp Cap          8.080    07/12/32     USD      71.22
Ja Solar Hold Company    4.500    05/15/13     USD      58.75
Lai Funding Holding      9.125    04/04/14     USD      73.50
Ldk Solar Co Ltd         4.750    04/15/13     USD      50.00
Lupatech Finance         9.875    07/29/49     USD      64.00
Mafrig Overseas          9.625    11/16/16     USD      67.00
Malachite Fdg            0.630    12/21/56     EUR      15.38
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.250    09/20/68     USD       3.64
Mazarin Fdg Ltd          0.630    09/20/68     USD       9.89
Mazarin Fdg Ltd          1.440    09/20/68     USD      21.04
Minerva Overse           9.500    02/01/17     USD      42.59
Mizuho Capital I         5.020    06/29/49     EUR      48.50
Mizuho Capital INV I     6.686    03/29/49     EUR      60.00
Monument Global          5.405    11/17/31     EUR      74.99
Mufg Cap Fin1            6.346    07/29/49     EUR      73.79
Mufg Cap Fin4            5.271    01/29/49     EUR      55.37
Mufg Cap Fin5            6.299    01/25/49     GBP      47.50
Prince Fin Global        4.500    01/26/17     EUR      54.81
Pubmaster Fin            5.943    12/30/24     GBP      65.11
Pubmaster Fin            6.962    06/30/28     GBP      42.81
Punch Taverns            4.767    06/30/33     GBP      66.60
Reg Div Funding          5.251    01/25/36     USD      27.75
Reg Div Funding          5.251    01/25/36     USD      27.75
Resona PFD Glob          7.191    12/29/49     USD      50.89
Santander                7.250    12/29/49     GBP      55.00
Shimao Property          8.000    12/01/16     USD      71.37
SMFG Preferred           6.078    01/29/49     USD      64.92
SMFG Preferred           6.164    01/29/49     USD      53.00
SMFG Preferred 2        10.231    07/18/49     USD      64.00
Suntech Power            3.000    03/15/13     USD      58.83
Tam Capital Inc.         7.375    04/25/17     USD      57.87
Trina Solar Ltd          4.000    07/15/13     USD      54.00
UOB Cayman Ltd           5.796    12/29/49     USD      65.24
Vestel Elec Fin          8.750    05/09/12     USD      59.87
Vontobel Cayman         11.300    04/24/09     USD      70.40
XL Capital Limited       5.250    09/15/14     USD      69.42
XL Capital Limited       6.250    05/15/27     USD      52.22
XL Capital Limited       6.375    11/15/24     USD      59.69
XL Capital Limited       6.500    12/31/49     USD      28.87

   DOMINICAN REPUBLIC
   ------------------
Dominican Republ         8.625    04/20/27     USD      73.00

   ECUADOR
   -------
Rep of Ecuador           9.375    12/15/15     USD      44.51
Rep of Ecuador           9.375    12/15/15     USD      46.44


   JAMAICA
   -------
Jamaica Govt LRS         7.500    10/06/12     JMD      58.49
Jamaica Govt             8.000    03/15/39     USD      58.25
Jamaica Govt             8.500    02/28/36     USD      61.00
Jamaica Govt LRS        12.750    04/27/12     JMD      72.77
Jamaica Govt LRS        12.750    06/29/22     JMD      44.98
Jamaica Govt LRS        12.750    06/29/22     JMD      44.96
Jamaica Govt LRS        12.250    07/13/12     JMD      70.27
Jamaica Govt LRS        12.850    05/31/22     JMD      45.39
Jamaica Govt LRS        13.375    04/27/32     JMD      45.91
Jamaica Govt LRS        13.575    12/15/26     JMD      46.56
Jamaica Govt LRS        13.625    06/23/14     JMD      63.45
Jamaica Govt LRS        13.375    12/15/21     JMD      47.42
Jamaica Govt LRS        13.875    05/17/13     JMD      69.25
Jamaica Govt            14.000    06/30/21     EUR      49.82
Jamaica Govt            14.000    06/21/13     EUR      70.25
Jamaica Govt            14.000    07/05/13     EUR      70.05
Jamaica Govt            14.125    07/08/13     EUR      69.10
Jamaica Govt            14.125    08/31/12     EUR      74.54
Jamaica Govt            14.250    03/15/13     EUR      71.16
Jamaica Govt            14.250    03/15/13     EUR      71.07
Jamaica Govt            14.250    05/31/13     EUR      60.13
Jamaica Govt            14.375    11/29/12     EUR      72.70
Jamaica Govt            14.375    11/15/12     EUR      72.92
Jamaica Govt            14.375    05/03/14     EUR      67.12
Jamaica Govt LRS        14.375    06/28/14     EUR      65.44
Jamaica Govt            14.375    09/06/14     EUR      64.72
Jamaica Govt            14.375    09/13/14     EUR      65.09
Jamaica Govt            14.400    08/03/27     EUR      51.17
Jamaica Govt            14.500    11/13/13     EUR      68.45
Jamaica Govt LRS        14.500    08/02/17     JMD      54.94
Jamaica Govt LRS        14.500    05/17/13     JMD      71.90
Jamaica Govt LRS        14.500    06/28/17     JMD      57.79
Jamaica Govt LRS        14.750    03/21/14     JMD      68.98
Jamaica Govt LRS        14.750    04/26/13     JMD      72.84
Jamaica Govt LRS        14.625    04/19/14     JMD      68.31
Jamaica Govt LRS        15.000    07/31/13     JMD      59.97
Jamaica Govt LRS        15.000    11/15/21     JMD      53.07
Jamaica Govt LRS        15.000    08/30/32     JMD      53.30
Jamaica Govt LRS        15.000    09/06/32     JMD      50.17
Jamaica Govt LRS        15.000    07/31/13     JMD      70.97
Jamaica Govt LRS        15.000    07/31/14     JMD      66.76
Jamaica Govt LRS        15.125    04/24/14     JMD      68.31
Jamaica Govt LRS        15.500    03/24/28     JMD      53.22
Jamaica Govt LRS        15.750    08/22/19     JMD      57.19
Jamaica Govt LRS        15.800    06/26/17     JMD      62.11
Jamaica Govt LRS        16.000    08/24/13     JMD      61.13
Jamaica Govt LRS        16.000    08/24/13     JMD      73.19
Jamaica Govt LRS        16.000    06/13/22     JMD      56.08
Jamaica Govt            16.000    12/06/32     EUR      54.85
Jamaica Govt LRS        16.125    08/21/32     EUR      57.26
Jamaica Govt LRS        16.250    08/26/32     EUR      57.70
Jamaica Govt LRS        16.250    05/22/27     EUR      55.73
Jamaica Govt LRS        16.150    06/12/22     EUR      58.59
Jamaica Govt LRS        16.150    06/12/22     EUR      56.58
Jamaica Govt LRS        16.250    07/26/32     EUR      55.66
Jamaica Govt LRS        16.250    06/18/27     EUR      55.62
Jamaica Govt LRS        16.250    08/22/22     EUR      56.27
Jamaica Govt LRS        16.500    06/11/27     EUR      56.58
Jamaica Govt LRS        17.000    07/11/23     EUR      59.92


    NETHERLANDS  ANTILLES
    ---------------------
KBC Intl Fin             4.950    01/15/18     EUR      74.74
KBC Intl Fin             5.050    01/15/20     EUR      69.87
Mer Lynch Int Cv        16.800    04/24/09     USD      32.46
Soc Gen Accept           0.750    12/21/11     EUR      42.90
Soc Gen Accept           9.000    03/21/14     EUR      73.57
Soc Gen Accept           7.000    02/27/13     EUR      16.21
Soc Gen Accept           7.000    02/19/12     EUR      18.06
Soc Gen Accept           8.000    12/20/13     EUR      33.00


   PANAMA
   ------
MMG (Afs El Sai V)       6.750    02/01/16     USD      49.56
Willbros Group           2.750    03/15/24     USD      69.50


   PUERTO RICO
   -----------
Doral Fin Corp           7.000    04/26/12     USD      32.37
Doral Fin Corp           7.100    04/26/17     USD      34.37
Doral Fin Corp           7.150    04/26/22     USD      27.00
Doral Fin Corp           7.650    03/26/16     USD      34.87


  URUGUAY
  -------
Uruguay                  3.700    06/26/37     UYU      48.33
Uruguay                  4.250    04/05/27     UYU      57.25
Uruguay                  5.000    09/14/18     UYU      68.62
Uruguay                  5.250    04/12/17     UYU      45.75


  VENEZUELA
  ---------
Petroleos de Ven         5.250    04/12/17     USD      45.75
Petroleos de Ven         5.375    04/12/27     USD      38.50
Petroleos de Ven         5.500    04/12/37     USD      38.25
TCCIC                    6.250    04/06/17     USD      56.11
Venezuela                7.000    03/31/38     EUR      48.25
Venezuela                8.500    10/08/14     USD      68.50
Venezuela                6.000    12/09/20     EUR      48.60
Venezuela                7.650    04/21/25     EUR      53.00
Venezuela                5.750    02/26/16     EUR      51.55
Venezuela                7.000    03/16/15     USD      55.26
Venezuela                7.000    03/16/15     USD      56.49
Venezuela                7.000    12/01/18     USD      54.00
Venezuela                9.000    05/07/23     USD      58.02
Venezuela                9.250    09/15/27     USD      63.00
Venezuela                9.250    05/07/28     USD      57.37
Venzod - 189000          9.375    01/13/34     USD      56.50



                            ***********

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 2009.  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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