/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091002.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, October 2, 2009, Vol. 10, No. 195 Headlines A R G E N T I N A ABS TECHNOLOGY: Creditors' Proofs of Debt Due on October 23 AMAN SA: Creditors' Proofs of Debt Due on December 23 COMPANIA ARGENTINA: Creditors' Proofs of Debt Due on December 14 DELTA PETROLEO: Creditors' Proofs of Debt Due on November 11 DOMINGO FREZZIA: Creditors' Proofs of Debt Due on November 30 GRUPO CAMPOS: Asks for Opening of Preventive Contest MEGANET SA: Creditors' Proofs of Debt Due on November 4 RADIO EXPRESS: Creditors' Proofs of Debt Due on November 30 SERVYCOB SA: Creditors' Proofs of Debt Due on October 30 TANASIS SRL: Creditors' Proofs of Debt Due on November 20 B O L I V I A BANCO BISA: Moody's Upgrades Foreign Deposit Rating to 'B3' BANCO ECONOMICO: Moody's Upgrades Foreign Deposit Rating to 'B3' BANCO GANADERO: Moody's Upgrades Foreign Deposit Rating to 'B3' BANCO MERCANTIL: Moody's Upgrades Foreign Deposit Rating to 'B3' BANCO NACIONAL: Moody's Upgrades Foreign Deposit Rating to 'B3' BANCO SOLIDARIO: Moody's Upgrades Foreign Deposit Rating to 'B3' FONDO FINANCIERO: Moody's Upgrades Foreign Deposit Rating to 'B3' FONDO FINANCIERO PRIVADO: Moody's Ups For. Deposit Rating to 'B3' GRAVETAL BOLIVIA: Poor Operating Margins Cue Moody's Junk Ratings B R A Z I L BANCO DAYCOVAL: Board Approves BRL25.4 Million Dividends Payment BANCO DO BRASIL: Signs 3-Year Agreement Deal With TIBCO COMPANHIA ENERGETICA: To Pay Interest on Own Equity COMPANHIA SIDERURGICA: Establishes BRL1.3BB in Export Credit Lines FUNDO DE INVESTIMENTO: Moody's Cuts Ratings on Sr. Shares to 'Ba2' * BRAZIL: Sells US$1.25BB of 2041 Bonds After Ratings Upgrade C A Y M A N I S L A N D S AP REAL: Shareholder to Hear Wind-Up Report on October 12 AP REAL: Creditors' Proofs of Debt Due on October 12 AUSTRALIS LTD: Creditors' Proofs of Debt Due on October 15 CZ320-98A LIMITED: Shareholder to Hear Wind-Up Report on Oct. 12 CZ320-98A LIMITED: Creditors' Proofs of Debt Due on October 12 CZ320-98B LIMITED: Shareholder to Hear Wind-Up Report on Oct. 12 CZ320-98B LIMITED: Creditors' Proofs of Debt Due on October 12 DKR ALPHA: Creditors' Proofs of Debt Due on October 12 DKR COMMODITY: Creditors' Proofs of Debt Due on October 12 DKR FUSION: Creditors' Proofs of Debt Due on October 12 DKR FUSION: Creditors' Proofs of Debt Due on October 12 DKR INTERNATIONAL: Creditors' Proofs of Debt Due on October 12 DKR INTERNATIONAL: Creditors' Proofs of Debt Due on October 12 ELGIN OPPORTUNITIES: Creditors' Proofs of Debt Due on October 15 ELGIN OPPORTUNITIES: Creditors' Proofs of Debt Due on October 15 EURUS LTD: Creditors' Proofs of Debt Due on October 15 FUSION 2007: Creditors' Proofs of Debt Due on October 15 IRONBOUND ASIA: Creditors' Proofs of Debt Due on October 14 STERLING STAMOS: Creditors' Proofs of Debt Due on October 14 TARTAN CAPITAL: Creditors' Proofs of Debt Due on October 15 C H I L E * CHILE: Industrial Output Shrinks Less Than Forecast C O L O M B I A ECOPETROL SA: ODL to Sell Up to COP500 Billion in Bonds * COLOMBIA: PDVSA Ready for Electricity Cuts From Country J A M A I C A AIR JAMAICA: Government Still Has No Decision for Divestment CABLE & WIRELESS: LIME Surprised at Sudden Increase in Taxes DAIRY FARMERS: Owes More than JM$14 Million in Taxes DIGICEL GROUP: Reaches 10 Million Subscriber Mark * JAMAICA: Government Expects GDP to Decline by -3% to -4% P E R U BANCO DE CREDITO: Moody's Reviews 'Ba2' Long-Term Deposit Ratings P U E R T O R I C O LATIN AMERICAN ROLLER: Bankr. Ct. Won't Hear Insurance Dispute T U R K S & C A I C O S I S L A N D S OLINT CORP: Former Owner's Lawyer Seeks Bail V E N E Z U E L A PETROLEOS DE VENEZUELA: To Develop Offshore Natural Gas W/ PetroSA PETROLEOS DE VENEZUELA: Optimizes Steam Generation in Refinery PETROLEOS DE VENEZUELA: Ready for Electricity Cuts From Colombia * VENEZUELA: Public External Debt Up 81.6% in Five Semesters * VENEZUELA: Acquires Majority of Lafarge Subsidiary for US$247MM * VENEZUELA: 8 Energy Deals Seal Africa-South America Alliance X X X X X X X X LATAM: Finland Pumps Money Into CARICOM Development Fund - - - - - ================= A R G E N T I N A ================= ABS TECHNOLOGY: Creditors' Proofs of Debt Due on October 23 ----------------------------------------------------------- The court-appointed trustee for Abs Technology & Business S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 23, 2009. The trustee will present the validated claims in court as individual reports on December 18, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on February 25, 2010. AMAN SA: Creditors' Proofs of Debt Due on December 23 ----------------------------------------------------- Hector Miguel Falvino, the court-appointed trustee for Aman SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 23, 2009. Mr. Falvino will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 2, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Hector Miguel Falvino Avenida Pueyrredon 468 Argentina COMPANIA ARGENTINA: Creditors' Proofs of Debt Due on December 14 ---------------------------------------------------------------- Juan Emilio Cavalieri, the court-appointed trustee for Compania Argentina Integral de Servicios SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until December 14, 2009. Mr. Cavalieri will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 11, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Juan Emilio Cavalieri Tucuman 255 Argentina DELTA PETROLEO: Creditors' Proofs of Debt Due on November 11 ------------------------------------------------------------ The court-appointed trustee for Delta Petroleo S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 11, 2009. The trustee will present the validated claims in court as individual reports on February 10, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on March 25, 2010. DOMINGO FREZZIA: Creditors' Proofs of Debt Due on November 30 ------------------------------------------------------------- Maria Lilia Orazi, the court-appointed trustee for Domingo Frezzia SA's bankruptcy proceedings, will be verifying creditors' proofs of claim until November 30, 2009. Ms. Orazi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 41, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Maria Lilia Orazi Tucuman 1484 Argentina GRUPO CAMPOS: Asks for Opening of Preventive Contest ---------------------------------------------------- Grupo Campos Verdes SA asked for the opening of preventive contest. MEGANET SA: Creditors' Proofs of Debt Due on November 4 ------------------------------------------------------- The court-appointed trustee for Meganet S.A.'s reorganization proceedings, will be verifying creditors' proofs of claim until November 4, 2009. The trustee will present the validated claims in court as individual reports on December 17, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on March 3, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on March 25, 2010. RADIO EXPRESS: Creditors' Proofs of Debt Due on November 30 ----------------------------------------------------------- The court-appointed trustee for Radio Express S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 30, 2009. SERVYCOB SA: Creditors' Proofs of Debt Due on October 30 -------------------------------------------------------- The court-appointed trustee for Servycob S.A.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until October 30, 2009. TANASIS SRL: Creditors' Proofs of Debt Due on November 20 --------------------------------------------------------- The court-appointed trustee for Tanasis S.R.L.'s bankruptcy proceedings, will be verifying creditors' proofs of claim until November 20, 2009. ============= B O L I V I A ============= BANCO BISA: Moody's Upgrades Foreign Deposit Rating to 'B3' ----------------------------------------------------------- Moody's Investors Service upgraded to B3 from Caa1 the long-term global foreign currency deposit ratings of Banco Mercantil Santa Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A., Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco Futuro S.A. The rating action follows a similar action on the country ceiling for foreign currency deposits. The short-term global foreign currency deposit ratings of Not Prime were affirmed. Moody's Latin America also affirmed the A1.bo national scale foreign currency deposit ratings of the aforementioned entities. At the same time, the rating agency upgraded to B1 from B2 the long-term global foreign currency debt rating of Banco Nacional de Bolivia S.A. following a similar action on Bolivia's ceiling for foreign currency debt. In addition, Moody's Latin America upgraded to Aa2.bo from Aa3.bo the national scale foreign currency debt rating for that entity. Finally, Moody's Investors Service upgraded to B1 from B3 Bisa Leasing's global foreign currency issuer rating. Moody's Latin America upgraded the respective national scale to Aa2.bo from Aa3.bo. In addition, the rating agency assigned foreign currency debt ratings of B1 and Aa2.bo, respectively, in its global and national scales, to the entity's outstanding foreign currency debt issuances. The outlook on all ratings is stable. Moody's noted that the above actions did not affect the financial strength ratings of the rated banks in Bolivia. These bank rating actions were taken: Banco Mercantil Santa Cruz S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Solidario S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Nacional de Bolivia S.A.: -- Global Long Term Foreign Currency Deposit Rating upgraded: B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook -- Global Long Term Foreign Currency Debt Rating: upgraded to B1 from B2, with stable outlook -- National Scale Foreign Currency Debt Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook Banco Bisa S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Economico S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Ganadero S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Fondo Financiero Privado Fassil S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Fondo Financiero Privado Eco Futuro S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Bisa Leasing S.A.: -- Global Long Term Foreign Currency Issuer Rating: upgraded to B1 from B3, with stable outlook -- National Scale Foreign Currency Issuer Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook -- Global Long Term Foreign Currency Debt Rating: B1, with stable outlook. -- National Scale Foreign Currency Debt Rating: Aa2.bo, with stable outlook BANCO ECONOMICO: Moody's Upgrades Foreign Deposit Rating to 'B3' ---------------------------------------------------------------- Moody's Investors Service upgraded to B3 from Caa1 the long-term global foreign currency deposit ratings of Banco Mercantil Santa Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A., Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco Futuro S.A. The rating action follows a similar action on the country ceiling for foreign currency deposits. The short-term global foreign currency deposit ratings of Not Prime were affirmed. Moody's Latin America also affirmed the A1.bo national scale foreign currency deposit ratings of the aforementioned entities. At the same time, the rating agency upgraded to B1 from B2 the long-term global foreign currency debt rating of Banco Nacional de Bolivia S.A. following a similar action on Bolivia's ceiling for foreign currency debt. In addition, Moody's Latin America upgraded to Aa2.bo from Aa3.bo the national scale foreign currency debt rating for that entity. Finally, Moody's Investors Service upgraded to B1 from B3 Bisa Leasing's global foreign currency issuer rating. Moody's Latin America upgraded the respective national scale to Aa2.bo from Aa3.bo. In addition, the rating agency assigned foreign currency debt ratings of B1 and Aa2.bo, respectively, in its global and national scales, to the entity's outstanding foreign currency debt issuances. The outlook on all ratings is stable. Moody's noted that the above actions did not affect the financial strength ratings of the rated banks in Bolivia. These bank rating actions were taken: Banco Mercantil Santa Cruz S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Solidario S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Nacional de Bolivia S.A.: -- Global Long Term Foreign Currency Deposit Rating upgraded: B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook -- Global Long Term Foreign Currency Debt Rating: upgraded to B1 from B2, with stable outlook -- National Scale Foreign Currency Debt Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook Banco Bisa S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Economico S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Ganadero S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Fondo Financiero Privado Fassil S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Fondo Financiero Privado Eco Futuro S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Bisa Leasing S.A.: -- Global Long Term Foreign Currency Issuer Rating: upgraded to B1 from B3, with stable outlook -- National Scale Foreign Currency Issuer Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook -- Global Long Term Foreign Currency Debt Rating: B1, with stable outlook. -- National Scale Foreign Currency Debt Rating: Aa2.bo, with stable outlook BANCO GANADERO: Moody's Upgrades Foreign Deposit Rating to 'B3' --------------------------------------------------------------- Moody's Investors Service upgraded to B3 from Caa1 the long-term global foreign currency deposit ratings of Banco Mercantil Santa Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A., Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco Futuro S.A. The rating action follows a similar action on the country ceiling for foreign currency deposits. The short-term global foreign currency deposit ratings of Not Prime were affirmed. Moody's Latin America also affirmed the A1.bo national scale foreign currency deposit ratings of the aforementioned entities. At the same time, the rating agency upgraded to B1 from B2 the long-term global foreign currency debt rating of Banco Nacional de Bolivia S.A. following a similar action on Bolivia's ceiling for foreign currency debt. In addition, Moody's Latin America upgraded to Aa2.bo from Aa3.bo the national scale foreign currency debt rating for that entity. Finally, Moody's Investors Service upgraded to B1 from B3 Bisa Leasing's global foreign currency issuer rating. Moody's Latin America upgraded the respective national scale to Aa2.bo from Aa3.bo. In addition, the rating agency assigned foreign currency debt ratings of B1 and Aa2.bo, respectively, in its global and national scales, to the entity's outstanding foreign currency debt issuances. The outlook on all ratings is stable. Moody's noted that the above actions did not affect the financial strength ratings of the rated banks in Bolivia. These bank rating actions were taken: Banco Mercantil Santa Cruz S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Solidario S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Nacional de Bolivia S.A.: -- Global Long Term Foreign Currency Deposit Rating upgraded: B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook -- Global Long Term Foreign Currency Debt Rating: upgraded to B1 from B2, with stable outlook -- National Scale Foreign Currency Debt Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook Banco Bisa S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Economico S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Ganadero S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Fondo Financiero Privado Fassil S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Fondo Financiero Privado Eco Futuro S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Bisa Leasing S.A.: -- Global Long Term Foreign Currency Issuer Rating: upgraded to B1 from B3, with stable outlook -- National Scale Foreign Currency Issuer Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook -- Global Long Term Foreign Currency Debt Rating: B1, with stable outlook. -- National Scale Foreign Currency Debt Rating: Aa2.bo, with stable outlook BANCO MERCANTIL: Moody's Upgrades Foreign Deposit Rating to 'B3' ---------------------------------------------------------------- Moody's Investors Service upgraded to B3 from Caa1 the long-term global foreign currency deposit ratings of Banco Mercantil Santa Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A., Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco Futuro S.A. The rating action follows a similar action on the country ceiling for foreign currency deposits. The short-term global foreign currency deposit ratings of Not Prime were affirmed. Moody's Latin America also affirmed the A1.bo national scale foreign currency deposit ratings of the aforementioned entities. At the same time, the rating agency upgraded to B1 from B2 the long-term global foreign currency debt rating of Banco Nacional de Bolivia S.A. following a similar action on Bolivia's ceiling for foreign currency debt. In addition, Moody's Latin America upgraded to Aa2.bo from Aa3.bo the national scale foreign currency debt rating for that entity. Finally, Moody's Investors Service upgraded to B1 from B3 Bisa Leasing's global foreign currency issuer rating. Moody's Latin America upgraded the respective national scale to Aa2.bo from Aa3.bo. In addition, the rating agency assigned foreign currency debt ratings of B1 and Aa2.bo, respectively, in its global and national scales, to the entity's outstanding foreign currency debt issuances. The outlook on all ratings is stable. Moody's noted that the above actions did not affect the financial strength ratings of the rated banks in Bolivia. These bank rating actions were taken: Banco Mercantil Santa Cruz S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Solidario S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Nacional de Bolivia S.A.: -- Global Long Term Foreign Currency Deposit Rating upgraded: B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook -- Global Long Term Foreign Currency Debt Rating: upgraded to B1 from B2, with stable outlook -- National Scale Foreign Currency Debt Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook Banco Bisa S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Economico S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Ganadero S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Fondo Financiero Privado Fassil S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Fondo Financiero Privado Eco Futuro S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Bisa Leasing S.A.: -- Global Long Term Foreign Currency Issuer Rating: upgraded to B1 from B3, with stable outlook -- National Scale Foreign Currency Issuer Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook -- Global Long Term Foreign Currency Debt Rating: B1, with stable outlook. -- National Scale Foreign Currency Debt Rating: Aa2.bo, with stable outlook BANCO NACIONAL: Moody's Upgrades Foreign Deposit Rating to 'B3' --------------------------------------------------------------- Moody's Investors Service upgraded to B3 from Caa1 the long-term global foreign currency deposit ratings of Banco Mercantil Santa Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A., Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco Futuro S.A. The rating action follows a similar action on the country ceiling for foreign currency deposits. The short-term global foreign currency deposit ratings of Not Prime were affirmed. Moody's Latin America also affirmed the A1.bo national scale foreign currency deposit ratings of the aforementioned entities. At the same time, the rating agency upgraded to B1 from B2 the long-term global foreign currency debt rating of Banco Nacional de Bolivia S.A. following a similar action on Bolivia's ceiling for foreign currency debt. In addition, Moody's Latin America upgraded to Aa2.bo from Aa3.bo the national scale foreign currency debt rating for that entity. Finally, Moody's Investors Service upgraded to B1 from B3 Bisa Leasing's global foreign currency issuer rating. Moody's Latin America upgraded the respective national scale to Aa2.bo from Aa3.bo. In addition, the rating agency assigned foreign currency debt ratings of B1 and Aa2.bo, respectively, in its global and national scales, to the entity's outstanding foreign currency debt issuances. The outlook on all ratings is stable. Moody's noted that the above actions did not affect the financial strength ratings of the rated banks in Bolivia. These bank rating actions were taken: Banco Mercantil Santa Cruz S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Solidario S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Nacional de Bolivia S.A.: -- Global Long Term Foreign Currency Deposit Rating upgraded: B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook -- Global Long Term Foreign Currency Debt Rating: upgraded to B1 from B2, with stable outlook -- National Scale Foreign Currency Debt Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook Banco Bisa S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Economico S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Ganadero S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Fondo Financiero Privado Fassil S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Fondo Financiero Privado Eco Futuro S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Bisa Leasing S.A.: -- Global Long Term Foreign Currency Issuer Rating: upgraded to B1 from B3, with stable outlook -- National Scale Foreign Currency Issuer Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook -- Global Long Term Foreign Currency Debt Rating: B1, with stable outlook. -- National Scale Foreign Currency Debt Rating: Aa2.bo, with stable outlook BANCO SOLIDARIO: Moody's Upgrades Foreign Deposit Rating to 'B3' ---------------------------------------------------------------- Moody's Investors Service upgraded to B3 from Caa1 the long-term global foreign currency deposit ratings of Banco Mercantil Santa Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A., Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco Futuro S.A. The rating action follows a similar action on the country ceiling for foreign currency deposits. The short-term global foreign currency deposit ratings of Not Prime were affirmed. Moody's Latin America also affirmed the A1.bo national scale foreign currency deposit ratings of the aforementioned entities. At the same time, the rating agency upgraded to B1 from B2 the long-term global foreign currency debt rating of Banco Nacional de Bolivia S.A. following a similar action on Bolivia's ceiling for foreign currency debt. In addition, Moody's Latin America upgraded to Aa2.bo from Aa3.bo the national scale foreign currency debt rating for that entity. Finally, Moody's Investors Service upgraded to B1 from B3 Bisa Leasing's global foreign currency issuer rating. Moody's Latin America upgraded the respective national scale to Aa2.bo from Aa3.bo. In addition, the rating agency assigned foreign currency debt ratings of B1 and Aa2.bo, respectively, in its global and national scales, to the entity's outstanding foreign currency debt issuances. The outlook on all ratings is stable. Moody's noted that the above actions did not affect the financial strength ratings of the rated banks in Bolivia. These bank rating actions were taken: Banco Mercantil Santa Cruz S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Solidario S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Nacional de Bolivia S.A.: -- Global Long Term Foreign Currency Deposit Rating upgraded: B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook -- Global Long Term Foreign Currency Debt Rating: upgraded to B1 from B2, with stable outlook -- National Scale Foreign Currency Debt Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook Banco Bisa S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Economico S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Ganadero S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Fondo Financiero Privado Fassil S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Fondo Financiero Privado Eco Futuro S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Bisa Leasing S.A.: -- Global Long Term Foreign Currency Issuer Rating: upgraded to B1 from B3, with stable outlook -- National Scale Foreign Currency Issuer Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook -- Global Long Term Foreign Currency Debt Rating: B1, with stable outlook. -- National Scale Foreign Currency Debt Rating: Aa2.bo, with stable outlook FONDO FINANCIERO: Moody's Upgrades Foreign Deposit Rating to 'B3' ----------------------------------------------------------------- Moody's Investors Service upgraded to B3 from Caa1 the long-term global foreign currency deposit ratings of Banco Mercantil Santa Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A., Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco Futuro S.A. The rating action follows a similar action on the country ceiling for foreign currency deposits. The short-term global foreign currency deposit ratings of Not Prime were affirmed. Moody's Latin America also affirmed the A1.bo national scale foreign currency deposit ratings of the aforementioned entities. At the same time, the rating agency upgraded to B1 from B2 the long-term global foreign currency debt rating of Banco Nacional de Bolivia S.A. following a similar action on Bolivia's ceiling for foreign currency debt. In addition, Moody's Latin America upgraded to Aa2.bo from Aa3.bo the national scale foreign currency debt rating for that entity. Finally, Moody's Investors Service upgraded to B1 from B3 Bisa Leasing's global foreign currency issuer rating. Moody's Latin America upgraded the respective national scale to Aa2.bo from Aa3.bo. In addition, the rating agency assigned foreign currency debt ratings of B1 and Aa2.bo, respectively, in its global and national scales, to the entity's outstanding foreign currency debt issuances. The outlook on all ratings is stable. Moody's noted that the above actions did not affect the financial strength ratings of the rated banks in Bolivia. These bank rating actions were taken: Banco Mercantil Santa Cruz S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Solidario S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Nacional de Bolivia S.A.: -- Global Long Term Foreign Currency Deposit Rating upgraded: B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook -- Global Long Term Foreign Currency Debt Rating: upgraded to B1 from B2, with stable outlook -- National Scale Foreign Currency Debt Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook Banco Bisa S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Economico S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Ganadero S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Fondo Financiero Privado Fassil S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Fondo Financiero Privado Eco Futuro S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Bisa Leasing S.A.: -- Global Long Term Foreign Currency Issuer Rating: upgraded to B1 from B3, with stable outlook -- National Scale Foreign Currency Issuer Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook -- Global Long Term Foreign Currency Debt Rating: B1, with stable outlook. -- National Scale Foreign Currency Debt Rating: Aa2.bo, with stable outlook FONDO FINANCIERO PRIVADO: Moody's Ups For. Deposit Rating to 'B3' ----------------------------------------------------------------- Moody's Investors Service upgraded to B3 from Caa1 the long-term global foreign currency deposit ratings of Banco Mercantil Santa Cruz S.A., Banco Solidario S.A., Banco Nacional de Bolivia S.A., Banco Bisa S.A., Banco Ganadero S.A., Banco Economico S.A., Fondo Financiero Privado Fassil S.A. and Fondo Financiero Privado Eco Futuro S.A. The rating action follows a similar action on the country ceiling for foreign currency deposits. The short-term global foreign currency deposit ratings of Not Prime were affirmed. Moody's Latin America also affirmed the A1.bo national scale foreign currency deposit ratings of the aforementioned entities. At the same time, the rating agency upgraded to B1 from B2 the long-term global foreign currency debt rating of Banco Nacional de Bolivia S.A. following a similar action on Bolivia's ceiling for foreign currency debt. In addition, Moody's Latin America upgraded to Aa2.bo from Aa3.bo the national scale foreign currency debt rating for that entity. Finally, Moody's Investors Service upgraded to B1 from B3 Bisa Leasing's global foreign currency issuer rating. Moody's Latin America upgraded the respective national scale to Aa2.bo from Aa3.bo. In addition, the rating agency assigned foreign currency debt ratings of B1 and Aa2.bo, respectively, in its global and national scales, to the entity's outstanding foreign currency debt issuances. The outlook on all ratings is stable. Moody's noted that the above actions did not affect the financial strength ratings of the rated banks in Bolivia. These bank rating actions were taken: Banco Mercantil Santa Cruz S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Solidario S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Banco Nacional de Bolivia S.A.: -- Global Long Term Foreign Currency Deposit Rating upgraded: B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook -- Global Long Term Foreign Currency Debt Rating: upgraded to B1 from B2, with stable outlook -- National Scale Foreign Currency Debt Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook Banco Bisa S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Economico S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Banco Ganadero S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo affirmed with stable outlook Fondo Financiero Privado Fassil S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Fondo Financiero Privado Eco Futuro S.A.: -- Global Long Term Foreign Currency Deposit Rating: upgraded to B3 from Caa1, with stable outlook -- Global Short Term Foreign Currency Deposit Rating: Not Prime, affirmed -- National Scale Foreign Currency Deposits: A1.bo, affirmed with stable outlook Bisa Leasing S.A.: -- Global Long Term Foreign Currency Issuer Rating: upgraded to B1 from B3, with stable outlook -- National Scale Foreign Currency Issuer Rating: upgraded to Aa2.bo from Aa3.bo, with stable outlook -- Global Long Term Foreign Currency Debt Rating: B1, with stable outlook. -- National Scale Foreign Currency Debt Rating: Aa2.bo, with stable outlook GRAVETAL BOLIVIA: Poor Operating Margins Cue Moody's Junk Ratings ----------------------------------------------------------------- Moody's Latin America downgraded Gravetal's global and Bolivian national scale ratings to Caa2 and Ba1.bo from Caa1 and Baa1.bo on the US$50 million in outstanding domestic market senior unsecured notes. The downgrade concludes the review for possible downgrade initiated on April 29, 2009. Following this action, Moody's also announced that it will withdraw all of Gravetal's ratings for business reasons. The downgrade to Caa2 and Ba1.bo on the national scale rating are underpinned by Gravetal's ongoing deterioration in its operating margins, lack of free cash flow generation and tight liquidity position with high refinancing risk over its US$30 million debt maturities due in November 2009. Current ratings reflect Moody's expectations that, despite a successful refinancing on Gravetal's upcoming debt maturities, its liquidity profile will remain weak and the company will continue to face margin pressures in its key markets given current adverse credit market conditions. Also considered for the downgrade was the company's evolving business strategy. Gravetal's Caa2 local currency senior unsecured rating reflects its global default and loss expectation, while the Ba1.bo national scale rating reflects the standing of Gravetal's credit quality relative to its domestic peers. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Bolivia are designated by the ".bo" suffix. Issuers or issues rated Ba1.bo reflect below average creditworthiness relative to other domestic issuers. 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. Gravetal Bolivia S.A. is a soybean processor, established in Bolivia in 2002. Gravetal produces soybean oil and soybean meal, which is exported to the Andean Community markets, mostly to Venezuela and Colombia. With an annual capacity of approximately 700 thousand metric tons, Gravetal's total sales reached US$113 million as of last fiscal year ended in June 30, 2009. Based in Colombia, Monomeros Colombo Venezolanos S.A, (unrated) is a chemical company primarily engaged in the production and commercialization of fertilizers and industrial chemical products. Monomeros exports roughly 12% of its total production to Latin America, United States and Asia. The company is 80% owned by Pequiven, a fully Venezuelan state-owned company. =========== B R A Z I L =========== BANCO DAYCOVAL: Board Approves BRL25.4 Million Dividends Payment --------------------------------------------------------------- Banco Daycoval SA's board has approved the payment of BRL25.4 million (US$14.3 million) in dividends in the form of interest on its own capital, Rogerio Jelmayer at Dow Jones Newswires reports, citing a bank statement. According to the report, the bank said the total amount represents a payment of BRL0.12 per share. The report relates that the dividends will be paid on October 8 and will be based on shareholders' positions as of September 30. Headquartered in Sao Paulo, Brazil, Banco Daycoval SA started its activities in 1968, with the creation of Daycoval DTVM and Valco Corretora de Valores. Brothers Ibrahim and Sasson Dayan control the bank. It is the core business of its shareholders and specializes in financing small and medium-sized companies, backed by receivables. It also operates with consignment lending for payroll deduction and consumer financing. Since June 2007, the bank has had 29% of its shares traded at Bovespa on the New Brazilian Stock Market. These shares enjoy a tag-along privilege, giving minority shareholders 100% of the value of the block of controlling shares in the event of the sale of the institution. * * * As of August 10, 2009, the company continues to carry Standard and Poor's BB- LT Issuer credit ratings and B Issuer Credit ratings. The company also continues to carry Fitch ratings BB- LT Issuer Default ratings and B Currency ST Debt ratings. BANCO DO BRASIL: Signs 3-Year Agreement Deal With TIBCO ------------------------------------------------------- TIBCO Software Inc. has signed a three-year agreement with Banco do Brasil SA. TIBCO will assist Banco do Brasil with its efforts to build a software infrastructure that will automate and streamline business processes; decouple its existing mainframe environment into functional islands; and ensure the consistent, reliable, and scalable event-driven distribution of information and real-time analytics for critical decision making. "TIBCO proved to Banco do Brasil that our software infrastructure could address their vision for the back end, but could also be successfully deployed in the current IBM mainframe environment," commented Vivek Ranadive, chief executive officer, TIBCO. "We believe this partnership will position Banco do Brasil as an agile competitor in their market space, providing the bank with the necessary tools to spur long-term innovation and growth." About Banco do Brasil Banco do Brasil SA is Brazil's federal bank and is the largest in Latin America with some 20 million clients and more than 7,000 points of sale (3,200 branches) in Brazil, and 34 offices and partnerships in 26 other countries. In addition to its traditional retail banking services, Banco do Brasil underwrites and sells bonds, conducts asset trading, offers investors portfolio management services, conducts financial securities advising, and provides market analysis and research. * * * 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'. COMPANHIA ENERGETICA: To Pay Interest on Own Equity --------------------------------------------------- Companhia Energetica de Sao Paulo will pay interest on its own equity on October 9, John Kolodziejski at Dow Jones Newswires reports, citing a company filing. The report relates that the payment of BRL0.1409 (US 8 cents) a share will be made to those who held ordinary and preferential shares in CESP on August 13. According to the report, citing a company statement, CESP did not disclose the total amount of interest. Companhia Energetica de Sao Paulo is the fourth largest electricity generation company in Brazil, operating six hydro power plants in the state of Sao Paulo with an installed capacity of 7,456 MW and 3,916 MW of assured energy. The government of the state of Sao Paulo is CESP's major shareholder with 94.08% of its voting capital and 35.98% of its total capital. In the last twelve months ended on June 30, 2009, CESP posted Net Revenues of BRL2,616 million and a Net Loss of BRL1,652 million. * * * As reported in the Troubled Company Reporter-Latin America on September 30, 2009, Moody's upgraded Companhia Energetica de Sao Paulo's Baseline Credit Assessment to 13 (mapping to Ba3) from 14 (mapping to B1) and affirmed its Ba2 corporate family rating. The outlook is stable. The BCA upgrade reflects the steady improvement in CESP's credit measures over the last year and a half. COMPANHIA SIDERURGICA: Establishes BRL1.3BB in Export Credit Lines ------------------------------------------------------------------ Companhia Siderurgica Nacional S.A. has established export credit lines totaling BRL1.3 billion (US$736 million) with two Brazilian banks, John Kolodziejski at Dow Jones Newswires reports, citing a company filing. According to the report, the company established BRL1 billion of export credit notes with Banco do Brasil SA and BRL300 million of credit notes with Banco Nossa Caixa SA. The report relates that the credit notes are for repayment within five years. Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As of July 1, 2009, the company continues to carry Moody's Currency LT Debt ratings at Ba1. The company also continues to carry Standard and Poor's Issuer credit ratings at BB+. FUNDO DE INVESTIMENTO: Moody's Cuts Ratings on Sr. Shares to 'Ba2' ------------------------------------------------------------------ Moody's America Latina Ltda. has downgraded the Senior Shares issued by Fundo de Investimento em Direitos Creditorios Paulista -- Veiculos II to Ba2 from Baa3 (Global Scale, Local Currency) and to Aa2.br from Aaa.br (Brazilian National Scale). The transaction remains on review for further possible downgrade. In addition, Moody's has placed the Senior Shares issued by Fundo de Investimento em Direitos Creditorios Paulista -- Veiculos, rated Ba2 (Global Scale, Local Currency) and Aa2.br (Brazilian National Scale), on review for possible downgrade. Moody's rating actions are based on Banco Paulista S.A.'s (Banco Paulista) recently announced exit from the vehicle finance business. In addition, the rating actions reflect the performance of the vehicle loans backing the securitizations and the likelihood that they will generate sufficient cash flows to pay down Senior Shares in a stressed scenario. On September 24, 2009, Banco Paulista, the sponsor of two securitizations of vehicle loans rated by Moody's, publicly announced that it is exiting the vehicle finance business. Banco Paulista confirmed to Moody's that the strategic disposal of the vehicle finance business is all encompassing and includes the sale of all financial and operating assets. Furthermore, Paulicred Promotora de Negocios, the vehicle finance entity that performed origination and servicing for Banco Paulista, has been sold to Banco Fibra. Paulicred was not owned by Banco Paulista but it had similar shareholders. As a consequence, Banco Paulista will not be servicing nor originating any vehicle loan in the future. Banco Paulista will remain the investor of the subordinated shares of the two securitizations. Moody's notes that the servicer/originator influences pool performance in these transactions in a variety of ways, including, among others (i) the ongoing sale of new assets and the (ii) servicing of the existing assets. Moody's believes that in general, if the servicer/originator retains the subordinated shares, is a positive factor for transactions as it gives the servicer/originator the economic incentive to carry out its ongoing origination and servicing function with prudence so that losses are minimized, thereby aligning its interest with the interests of the senior shareholders. Alternatively, in a scenario where control of origination and servicing of assets is passed on to a third party, the servicer/originator and senior investors do not necessarily share incentives. FIDC Paulista II FIDC Paulista II is Banco Paulista's second vehicle loan securitization, which closed in July 2008. Performance of the collateral has been below Moody's expectations. The fund has accumulated total provisions of BRL 15.2 million in 13 months of operations as of the end of August 2009. The bulk of these provisions (approximately 77%) is for seriously delinquent loans (180 days past due and above). As a result, the fund has an overall negative economic profitability and fund net income was at times not sufficient to absorb new monthly provisions. Furthermore, according to the administrator, no cash has been paid to the subordinated shares, and the overcollateralization level has remained marginally the 130% trigger level, reflecting direct impact of the provisioning on the subordinated shares. Overcollateralization levels showed first signs of improvement in August 2009, rising modestly to 133.1% from 131.6%. Moody's notes, however, that under the transaction documents, the subordinated shares may be paid any funds in excess of the 130% trigger level. The transaction remains on review for possible further downgrade based on concerns about the possible negative impact of the new servicer on the transaction's performance. FIDC Paulista I FIDC Paulista I is Banco Paulista's first securitization transaction of vehicle loans, which closed in June 2007. The senior shares are scheduled to be paid down in June 2010. Compared to FIDC Paulista II, it has a more seasoned and stable loan portfolio and overall better transaction performance to date. FIDC Paulista I has accumulated total provisions of BRL10.1 million over 26 months of operation to date. As of August 2009, the overcollateralization was 141%, well above the 118% transaction trigger. The fund currently holds approximately BRL22 million in liquid assets which could potentially be used to repay Senior Shares. However, Moody's notes that according to the transaction documents, the subordinated shares may be paid any funds in excess of the 120% overcollateralization trigger. While the transaction has a more seasoned collateral pool and more stable provisioning levels, the Senior Shares were placed on review for possible downgrade based on concerns about a possible negative impact of the servicing transfer on future collateral performance. Moody's considered the key sources of credit enhancement -- subordination and excess spread -- compared to losses, which were stressed to evaluate the impact on the Senior Shares. Moody's also analyzed the sufficiency of the discount rate being used to purchase the portfolio to cover losses. Moody's models the stressed repayment of the transaction assuming an early amortization of the transaction. Moody's has not given any credit to the financial ability of Banco Paulista to support the transaction in terms of repurchases of delinquent receivables or substitutions of delinquent loans. Rating Action The complete rating action is: Issuer: FIDC Paulista - Veiculos I * Senior Shares - 2007-1, Aa2.br (Brazilian National Scale) Placed Under Review for Possible Downgrade; previously on May 11, 2007 Assigned Aa2.br * Senior Shares - 2007-1, Ba2 (Global Scale, Local Currency) Placed Under Review for Possible Downgrade; previously on Aug. 30, 2007 Definitive Rating Assigned Ba2 Issuer: FIDC Paulista - Veiculos II - Series 2008-1 * Senior Shares, Downgraded to Aa2.br (Brazilian National Scale) and Placed Under Review for Possible Downgrade; previously on May 23, 2008 Assigned Aaa.br * Senior Shares, Downgraded to Ba2 (Global Scale, Local Currency) and Placed Under Review for Possible Downgrade; previously on Aug. 21, 2008 Definitive Rating Assigned Baa3 * BRAZIL: Sells US$1.25BB of 2041 Bonds After Ratings Upgrade ------------------------------------------------------------- Brazil sold US$1.25 billion of notes due in 2041, since it was raised to investment grade by Moody�s Investors Service, Veronica Espinosa at Bloomberg News reports, citing an unnamed source. The report relates the source said that Brazil issued the bonds to yield 5.8%. HSBC Holdings Plc and Barclays Plc as arranged the offering. As reported in the Troubled Company Reporter-Latin America on September 24, 2009, Moody's Investors Service has upgraded Brazil's foreign- and local-currency government bond ratings to Baa3 from speculative-grade Ba1. The outlook on the new ratings is positive. "The upgrade reflects Moody's recognition that the country's shock absorption capacity, including the authorities' policy response capability, points to a material improvement in Brazil's sovereign credit profile," said Mauro Leos, Moody's regional credit officer for Latin America. Bloomberg News says that the 2041 securities are the longest maturity Brazil has sold in international markets. According to the report, evidence is mounting that Brazil's economy is among the first to emerge from the global recession, helping lure investment to the country�s stocks and bonds. * * * Brazil continues to carry Moody's Rating Agency's "Ba1" local and foreign currency ratings. ========================== C A Y M A N I S L A N D S ========================== AP REAL: Shareholder to Hear Wind-Up Report on October 12 --------------------------------------------------------- The shareholder of AP Real Estate will receive, on October 12, 2009, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Scott Aitken Connan Hill c/o Isabel Mason Telephone: 345 949-7755 Facsimile: 345 949-7634 AP REAL: Creditors' Proofs of Debt Due on October 12 ---------------------------------------------------- The creditors of AP Real Estate are required to file their proofs of debt by October 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 31, 2009. The company's liquidators are: Scott Aitken Connan Hill c/o Isabel Mason Telephone: 345 949-7755 Facsimile: 345 949-7634 AUSTRALIS LTD: Creditors' Proofs of Debt Due on October 15 ---------------------------------------------------------- The creditors of Australis Ltd. are required to file their proofs of debt by October 15, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 24, 2009. The company's liquidators are: Scott Aitken Connan Hill Scott Aitken and Connan Hill P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands c/o Sylvia Lewis Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands CZ320-98A LIMITED: Shareholder to Hear Wind-Up Report on Oct. 12 ---------------------------------------------------------------- The shareholder of CZ320-98A Limited will receive, on October 12, 2009, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Scott Aitken Connan Hill c/o Isabel Mason Telephone: 345 949-7755 Facsimile: 345 949-7634 CZ320-98A LIMITED: Creditors' Proofs of Debt Due on October 12 -------------------------------------------------------------- The creditors of CZ320-98A Limited are required to file their proofs of debt by October 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 31, 2009. The company's liquidators are: Scott Aitken Connan Hill c/o Isabel Mason Telephone: 345 949-7755 Facsimile: 345 949-7634 CZ320-98B LIMITED: Shareholder to Hear Wind-Up Report on Oct. 12 ---------------------------------------------------------------- The shareholder of CZ320-98B Limited will receive, on October 12, 2009, the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Scott Aitken Connan Hill c/o Isabel Mason Telephone: 345 949-7755 Facsimile: 345 949-7634 CZ320-98B LIMITED: Creditors' Proofs of Debt Due on October 12 -------------------------------------------------------------- The creditors of CZ320-98B Limited are required to file their proofs of debt by October 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 31, 2009. The company's liquidators are: Scott Aitken Connan Hill c/o Isabel Mason Telephone: 345 949-7755 Facsimile: 345 949-7634 DKR ALPHA: Creditors' Proofs of Debt Due on October 12 ------------------------------------------------------ The creditors of DKR Alpha SPC are required to file their proofs of debt by October 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 20, 2009. The company's liquidator is: Richard Finlay Telephone: (345) 949-1040 Facsimile: (345) 949-1048 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands DKR COMMODITY: Creditors' Proofs of Debt Due on October 12 ---------------------------------------------------------- The creditors of DKR Commodity SPC are required to file their proofs of debt by October 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 20, 2009. The company's liquidator is: Richard Finlay Telephone: (345) 949-1040 Facsimile: (345) 949-1048 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands DKR FUSION: Creditors' Proofs of Debt Due on October 12 ------------------------------------------------------- The creditors of DKR Fusion Futures Options Ltd. are required to file their proofs of debt by October 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 20, 2009. The company's liquidator is: Richard Finlay Telephone: (345) 949-1040 Facsimile: (345) 949-1048 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands DKR FUSION: Creditors' Proofs of Debt Due on October 12 ------------------------------------------------------- The creditors of DKR Fusion FX Options Ltd. are required to file their proofs of debt by October 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 20, 2009. The company's liquidator is: Richard Finlay Telephone: (345) 949-1040 Facsimile: (345) 949-1048 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands DKR INTERNATIONAL: Creditors' Proofs of Debt Due on October 12 -------------------------------------------------------------- The creditors of DKR International Relative Value Fund Ltd. are required to file their proofs of debt by October 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 20, 2009. The company's liquidator is: Richard Finlay Telephone: (345) 949-1040 Facsimile: (345) 949-1048 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands DKR INTERNATIONAL: Creditors' Proofs of Debt Due on October 12 -------------------------------------------------------------- The creditors of DKR International Relative Value Fund Ltd. are required to file their proofs of debt by October 12, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 20, 2009. The company's liquidator is: Richard Finlay Telephone: (345) 949-1040 Facsimile: (345) 949-1048 P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands ELGIN OPPORTUNITIES: Creditors' Proofs of Debt Due on October 15 ---------------------------------------------------------------- The creditors of Elgin Opportunities Feeder Fund are required to file their proofs of debt by October 15, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 19, 2009. The company's liquidator is: Keith Blake PO Box 493, Grand Cayman KY1-1106 Cayman Islands c/o Lauren Christie Telephone: 345-815-2663 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 ELGIN OPPORTUNITIES: Creditors' Proofs of Debt Due on October 15 ---------------------------------------------------------------- The creditors of Elgin Opportunities Fund are required to file their proofs of debt by October 15, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 19, 2009. The company's liquidator is: Keith Blake PO Box 493, Grand Cayman KY1-1106 Cayman Islands c/o Lauren Christie Telephone: 345-815-2663 Facsimile: 345-949-7164 P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-949-4800 Facsimile: 345-949-7164 EURUS LTD: Creditors' Proofs of Debt Due on October 15 ------------------------------------------------------ The creditors of Eurus Ltd are required to file their proofs of debt by October 15, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 24, 2009. The company's liquidators are: Scott Aitken Connan Hill Scott Aitken and Connan Hill P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands c/o Sylvia Lewis Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands FUSION 2007: Creditors' Proofs of Debt Due on October 15 -------------------------------------------------------- The creditors of Fusion 2007 Ltd. are required to file their proofs of debt by October 15, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 24, 2009. The company's liquidators are: Scott Aitken Connan Hill Scott Aitken and Connan Hill P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands c/o Sylvia Lewis Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands IRONBOUND ASIA: Creditors' Proofs of Debt Due on October 14 ----------------------------------------------------------- The creditors of Ironbound Asia Overseas Ltd. are required to file their proofs of debt by October 14, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 24, 2009. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946-7665 Facsimile: (345) 946-7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 STERLING STAMOS: Creditors' Proofs of Debt Due on October 14 ------------------------------------------------------------ The creditors of Sterling Stamos Liquidity (Offshore) Fund, Ltd. are required to file their proofs of debt by October 14, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 21, 2009. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946-7665 Facsimile: (345) 946-7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 TARTAN CAPITAL: Creditors' Proofs of Debt Due on October 15 ----------------------------------------------------------- The creditors of Tartan Capital Limited are required to file their proofs of debt by October 15, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 24, 2009. The company's liquidators are: Scott Aitken Connan Hill Scott Aitken and Connan Hill P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands c/o Sylvia Lewis Telephone: 949-7755 Facsimile: 949-7634 P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands ========= C H I L E ========= * CHILE: Industrial Output Shrinks Less Than Forecast ----------------------------------------------------- Sebastian Boyd at Bloomberg News reports that Chilean industrial output and industrial sales both contracted less than economists expected in August, indicating that the economy has begun to emerge from its deepest slump in a decade. Production fell 3.8% in August from a year earlier, the shallowest 12-month decline so far in 2009, while industrial output in the US$169 billion economy has contracted on an annual basis for 11 straight months as the economy shrank and consumer demand dried up, the National Statistics Institute said in a report obtained by the news agency. The report relates that the pace of industrial decline has slowed in each of the past four months as spending on capital goods, machines used in mining and manufacturing has increased. According to the report, the central bank said that Chile�s economy should return to growth by yearend, as quarterly activity may expand at an annualized rate faster than 6% in the second half. The report notes that the country's copper production rose 7.8% in August from a year earlier, which led to a 27% surge in output of molybdenum, a metal used in aircraft fuselages and oil lubricants. The report, citing the statistics institute, relates that supermarket sales increased 6.7% from last year; while textile sales rose 27% in August from a year earlier and furniture sales rose 15%. �We�re seeing a recovery in internal demand, which will allow Chile to exit its recession in the short term,� the report quoted Rodrigo Aravena, an economist at Banchile Inversiones in Santiago, as saying. =============== C O L O M B I A =============== ECOPETROL SA: ODL to Sell Up to COP500 Billion in Bonds ------------------------------------------------------- Oil pipeline operator Oleoducto de Los Llanos Orientales SA will sell as much as COP500 billion (US$260 million) worth of local bonds to finance the construction of its pipe and pay back part of the investment to its owners, Inti Landauro at Dow Jones Newswires reports. ODL is 65% owned by Colombian state-controlled oil company Ecopetrol SA and 35% owned by Canada's Pacific Rubiales Energy Corp. According to the report, citing local newspaper La Republica, the ODL said that it will originally offer COP450 billion worth of bonds and will sell COP50 billion more if the demand is strong enough. The report relates the bonds will pay an inflation rate plus a spread to be determined Thursday during the auction. Dow Jones Newswires notes Jorge Cortes, an analyst with investment bank Corficolombiana SA (CORFICOL.BO), which handles the bond sale, said that the new bonds will be backed by the revenues ODL will get from shipping oil for Ecopetrol SA. ODL ships the oil extracted in the Rubiales field to the country's oil pipeline network for export. ODL, the report says, borrowed US$200 million from local banking group Grupo Aval SA. The report relates that ODL company will close the remaining of the financing with the proceeds of the bonds and will transfer the extra money to back to its owners. About Ecopetrol S.A. Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of Ecopetrol. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined- products. * * * As reported in the Troubled Company Reporter-Latin America on July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol S.A.'s proposed issuance of at least US$1 billion senior unsecured notes due 2019. Proceeds will be used for investments and general corporate purposes. According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. As reported in the Troubled Company Reporter-Latin America on September 7, 2009, Fitch Ratings affirmed Colombia's sovereign ratings: -- Long-term foreign currency Issuer Default Rating at 'BB+'; -- Short-term foreign currency IDR at 'B'; -- Long-term local currency IDR at 'BBB-'; -- Outstanding senior unsecured debt at 'BB+'; -- Country ceiling at 'BBB-'. * COLOMBIA: PDVSA Ready for Electricity Cuts From Country --------------------------------------------------------- State-owned oil company Petroleos de Venezuela said that it is ready to face likely electricity cuts from Colombia, El Universal News reports. The report relates that PDVSA Vice President Asdrubal Chavez said that Venezuela "is fully prepared for any action taken in this regard." "We see no problem to replace some gas-consuming plants with liquid fuel consuming plants. We must adapt to this scenario. In any case, we are prepared to face any action the Colombian government may take," the report quoted Mr. Chavez as saying. According to the report, the Colombian gas is used in some power generation plants in the border state of Zulia, northwest Venezuela. EL Universal News notes that Hernan Martinez, the Colombia's Minister of Mines and Energy, said that Bogota will restrict the sale of gas to Venezuela in order to meet its domestic demand. As reported in the Troubled Company Reporter-Latin America on September 7, 2009, Fitch Ratings affirmed Colombia's sovereign ratings: -- Long-term foreign currency Issuer Default Rating at 'BB+'; -- Short-term foreign currency IDR at 'B'; -- Long-term local currency IDR at 'BBB-'; -- Outstanding senior unsecured debt at 'BB+'; -- Country ceiling at 'BBB-'. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4' ============= J A M A I C A ============= AIR JAMAICA: Government Still Has No Decision for Divestment ------------------------------------------------------------ Jamaica will have to wait a while longer to hear who will be the new owner of Air Jamaica Limited as a decision was still not made on the airline's sale. RadioJamaica reports, citing Prime Minister Bruce Golding. According to the report, Mr. Golding said that the negotiating partner completed its due diligence on September 12 and Cabinet will shortly make a decision and advise Parliament. However, the report relates, Mr. Golding made it clear that his administration would not be rushing to divest state assets and there would be no fire sale. RadioJamaica notes that Mr. Golding insisted that entities which are not critical to the Government's core functions will be sold. As reported in the Troubled Company Reporter-Latin America on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash-strapped Air Jamaica. A TCR-LA report on June 10, citing Jamaica Observer, related that Trinidad and Tobago-owned Caribbean Airlines and Thomas Cook have both expressed an interest in acquiring Air Jamaica. Radio Jamaica said the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. Moreover, Radio Jamaica said, Air Jamaica currently has over US$600 million in loans outstanding. 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 in the Troubled Company Reporter-Latin America on August 10, 2009, Standard & Poor's Ratings Services said that it lowered its foreign currency corporate credit rating on Air Jamaica Ltd. to 'CCC+' from 'B-'. The outlook is negative. The rating action followed S&P's recent lowering of the long-term sovereign credit rating on Jamaica (CCC+/Negative/C). CABLE & WIRELESS: LIME Surprised at Sudden Increase in Taxes ------------------------------------------------------------ Lime (formerly Cable & Wireless Jamaica) said it was very much surprise with the government's hike in General Consumption Tax (GCT) on aspects of cell-phone service, RadioJamaica reports. According to the report, LIME's Regional Vice President Corporate Communications, Errol Miller, said he did not had the chance to have a full discussion on the adjustment and the possible impact. Until then, the company will do as instructed by the government, Mr. Miller added. "LIME will simply, as it has always done, collect the requisite taxes that are due to government at every point at which it is applied," the report quoted Mr. Miller as saying. RadioJamaica relates Finance Minister Audley Shaw announced that the GCT on phone calls, phone cards and the importation and sale of instruments will move from 20% to 25%. The report notes that the government move is aimed to plug a near $2 billion gap in the 2009/2010 budget. Lime (formerly Cable & Wireless Jamaica) -- http://home.cwjamaica.com/-- is a provider of national and international fixed line services. The company is owned 82% by Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica Digiport International Limited, a company which provides high speed data and other telecommunications services exclusively to freezone and offshore companies. About Cable & Wireless Headquartered in London, England, Cable & Wireless plc -- http://www.cw.com/-- is an international telecommunications company. The Company offers mobile, broadband and domestic and international fixed line services to homes, small and medium-sized enterprises, corporate customers and governments. It operates in 39 countries through four major operations in the Caribbean, Panama, Macau and Monaco & Islands. It operates through two businesses: International and Europe, Asia & US. Its International business operates full service telecommunications companies through four major operations in the Caribbean, Panama, Macau and Monaco and Islands. Its Europe, Asia & US provides enterprise and carrier solutions to the largest users of telecom services across the United Kingdom, continental Europe, Asia and the United States. Its subsidiaries include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco Telecom SAM. * * * According to Bloomberg data, Cable & Wireless plc continues to carry Moody's "Ba3"long-term corporate family rating, "B1"senior unsecured debt rating and "Ba3"probability of default rating with a stable outlook. The company continues to Standard & Poor's "BB-"long-term foreign and local issuer credit ratings and "B" short-term foreign and local issuer credit ratings. DAIRY FARMERS: Owes More than JM$14 Million in Taxes ---------------------------------------------------- The Jamaica Dairy Farmers Federation has reportedly been hauled before the revenue court, after it failed to pay more than JM$14.3 million in outstanding PAYE deductions, Jamaica News reports. The report relates that the matter came before the Old Harbour Resident Magistrate�s court, where the matter was adjourned until October 23, and Resident Magistrate Simone Wolfe-Reece admonished the company�s representative to pay up by that time. According to the report, the company has reportedly owed the outstanding amounts since 2005. The report relates a company representative reportedly told the court that the company is undergoing a restructuring exercise, and that it is unlikely that it will be able to come up with the money by October 23. However, the report notes, the Resident Magistrate emphasized that the company must pay a substantial sum by that date. Jamaica News says that company employees are also said to be disgruntled, as they have reportedly not been paid for the past three months. The Jamaica Dairy Farmers Federation sells Century Farm Milk products. DIGICEL GROUP: Reaches 10 Million Subscriber Mark ------------------------------------------------- Digicel Group has reached the 10,000,000 subscriber landmark across its 32 markets in the region, Central America and the Pacific, Caribbean360.com reports. According to the report, at the end of June 2009, the company recorded 7.2 million subscribers across its 24 markets in the Caribbean and El Salvador. The report relates that following the company's recent launch in Honduras and Panama, 1.4 million more subscribers came on board, while the six markets in the Pacific account for a further 1.4 million subscribers. The company, the report notes, said the numbers translated into an annual growth rate of 40 per cent over the last two years. "We are delighted with our progress. Since our launch in Jamaica in (April) 2001, we have grown to now span 32 markets worldwide and to serve over ten million customers,' the report quoted Chief Executive Officer of the Digicel Group, Colm Delves, as saying. The report says that Digicel Group has set up more than 1,000 retail stores across its markets and invested more than US$3.4 billion. About Digicel Group Digicel Group -- http://www.digicelgroup.com-- is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state-of-the-art handsets. By offering innovative wireless services and community support, Digicel has become a leading brand across its 31 markets worldwide. Digicel is incorporated in Bermuda and now has operations in 31 markets worldwide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barths. Digicel Pacific comprises Fiji, Papua New Guinea, Samoa, Tonga and Vanuatu. * * * As of June 25, the company continues to carry these low ratings from Moody's: -- LT Corp Family Rating at B2 -- Senior Undecured Debt Rating at Caa1 -- probability of Default at B2 * JAMAICA: Government Expects GDP to Decline by -3% to -4% ---------------------------------------------------------- The Jamaican government is now estimating that Gross Domestic Product will decline by from -3% to -4% for the 2009/2010 fiscal year, RadioJamaica reports, citing Finance Minister Audley Shaw. "The fall out in economic activity continues to emanate primarily from the major contraction in the mining, transport, storage and communication sectors. There was a sharper than originally anticipated decline in the construction and retail trade, the report quoted Mr. Shaw as saying. "The decline in these industries offset the growth estimated in the agriculture, hotel and restaurant sectors," Mr. Shaw added. According to the report, citing the Finance Minister, as the global recession eases and conditions in the financial markets improve, the economy should begin seeing some sign of recovery during the latter part of the 2010/2011 fiscal year. However, the report points out, Mr. Shaw said that economic growth will be moderate over the next four years. * * * According to Moody's Web site, the country continues to hold a B1 foreign currency rating and a Ba2 local currency rating. ======= P E R U ======= BANCO DE CREDITO: Moody's Reviews 'Ba2' Long-Term Deposit Ratings ----------------------------------------------------------------- Moody's Investors Service has placed on review for possible upgrade the Ba2 long term foreign currency deposit ratings of Banco de Credito del Peru and Banco Internacional del Peru -- Interbank, following the same action taken on Peru's sovereign ceiling for foreign currency deposits. The banks' ratings for financial strength, local currency and foreign currency debt were not affected by this action. The outlook on all these ratings remains stable. The last rating action on Banco de Credito del Peru was on August 20, 2008, when the rating agency upgraded the long term foreign currency deposit rating to Ba2 from Ba3, following the same action taken on Peru's sovereign ceiling for foreign currency deposits. The last rating action on Banco Internacional del Peru -- Interbank was on August 21, 2008, when the rating agency assigned a D+ BFSR, Baa3/P-3 long and short-term local currency deposit ratings and Ba2/NP long and short-term foreign currency deposit ratings; stable outlook. These ratings were affected: Banco de Credito del Peru -- Long term foreign currency deposit rating of Ba2, on review for possible upgrade Banco Internacional del Peru -- Interbank -- Long term foreign currency deposit rating of Ba2, on review for possible upgrade ==================== P U E R T O R I C O ==================== LATIN AMERICAN ROLLER: Bankr. Ct. Won't Hear Insurance Dispute -------------------------------------------------------------- WestLaw reports that a cause of action that a Chapter 11 debtor had brought pursuant to Puerto Rico law to recover from its liability insurer for failing to properly pay on prepetition claims allegedly covered by a policy was not one over which the bankruptcy court could exercise "core" jurisdiction, as being in the nature of one for turnover of insurance proceeds. The debtor's right to the proceeds was contested. Moreover, the cause of action was based on Puerto Rico law and not any provision of the Bankruptcy Code, and was one that could and would have been brought in an appropriate nonfederal forum but for the debtor's Chapter 11 filing. While the debtor attempted to characterize the proceeding as a "turnover" proceeding, it was like any ordinary, Marathon-type, prepetition breach of contract action. In re Latin American Roller Co., --- B.R. ----, 2009 WL 223195, 61 Collier Bankr. Cas. 2d 545 (Bankr. D. P.R.). Latin American Roller Co. sought Chapter 11 protection (Bankr. D. P.R. Case No. 07-06101) on October 18, 2007. A copy of the debtor's Chapter 11 petition is available at http://bankrupt.com/misc/prb07-06101.pdfat no charge. ======================================== T U R K S & C A I C O S I S L A N D S ======================================== OLINT CORP: Former Owner's Lawyer Seeks Bail -------------------------------------------- The lawyer of David Smith, former boss of Turks and Caicos Islands-based Overseas Locket International Corporation (OLINT) Corp. Limited, is seeking bail for his client, Caribbean Net News reports. The report relates Mr. Smith's lawyer, Oliver Smith, went before the Supreme Court in the Turks and Caicos Islands so a bail will be granted. As reported in the Troubled Company Reporter-Latin America on October 1, 2009, RadioJamaica said Mr. Smith was put to jail in the Turks and Caicos Islands, after being arrested on September 28 in the neighboring Caribbean territory. According to the report, Mr. Smith was arrested together with his pregnant wife, who has been granted bail. According to a TCRLA report on June 16, 2009, citing Caribbean Net News, said Florida resident Christopher Walker sued the several parties for their involvement in (OLINT)'s operations. The report related Mr. Walker, who is claiming that he was defrauded in the company's �get-rich-quick scheme�, is seeking US$2.4 million in damages. According to the report, Mr. Walker's complaint involved these defendants: -- Hallmark Bank & Trust Ltd; -- Hallmark CEO and Chairman Attorney Brian Trowbridge; -- Overseas Locket International Corporation; -- OLINT Principal David Smith; -- Wayne Smith, David Smith's brother and an employee of OLINT; -- Turks and Caicos Islands Premier Michael Misick -- The Turks and Caicos Islands Investment Agency, which "encourages foreign investment in the Turks & Caicos Islands"; and -- MasterCard Worldwide and MasterCard International LLC, which provide card services to Hallmark Bank. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: To Develop Offshore Natural Gas W/ PetroSA ------------------------------------------------------------------ Daniel Cancel and Steven Bodzin at Bloomberg News report that Petroleos de Venezuela may work with South Africa state-owned PetroSA to develop offshore natural gas reserves at the Deltana Block 1 under an agreement. According to the report, Eulogio del Pino, PDVSA vice president of exploration and production, said that PetroSA will also work with PDVSA to revive output at two declining oil fields in eastern Venezuela and is studying the possibility of developing an export terminal for compressed natural gas. The report relates Mr. del Pino said PetroSA and PDVSA will invest about US$400 million over the next four years to work two mature oil fields and look to boost output to 30,000 barrels a day from 3,000 barrels a day now. PDVSA, the report relates, is also interested in becoming a partner with PetroSA in a storage and blending terminal for crude oil near Cape Town that would operate as a strategic stop on the way to the Asian markets. �We�re interested in using storage capacity in South Africa -- they have more than 50 million barrels of capacity along our route to Asia,� the report quoted Mr. del Pino as saying. �We also want to blend light crudes there from Angola and Nigeria with our heavy crude to bring a higher quality project to the Asian market,� Mr. del Pino added. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4' PETROLEOS DE VENEZUELA: Optimizes Steam Generation in Refinery -------------------------------------------------------------- After a teamwork that included the efforts of the Maintenance, Operations and Technical departments, the steam generator system in the PVAY-5 unit of the D&L Fuels area of the Amuay refinery was recovered and restarted operations in March this year. This is a great achievement by Petroleos de Venezuela because the system was out of service for 15 years and its reactivation represents an increase in steam generation and therefore an improvement of the operational reliability of the refinery, which is vital for a proper operation in most process units. This was explained by process engineer Jose Pinto, who coordinated the repair operation and contributed to the start-up of the steam generator: �This system has a design capacity of 108 Klb/h of steam at 145 psig (pounds per square inch gauge)�. �We are currently working in the recovery of steam generators of units PVAY-3 and PVAY-4, to continue increasing the reliability of this service�, he added. Auxiliary systems are crucial in any refining process. Therefore, the recovery of these steam generating systems in D&L Fuels increases the operational reliability of these units as well as the rest of the units in the Amuay refinery. Units PS/PV-3/4/5 of the D&L Fuels complex cover approximately 45% of the crude processing capacity in the Paraguana Refining Center. These units can process 440,000 barrels of crude per day to obtain different oil by-products. Great Teamwork The superintendent of Routine Maintenance of D&L Amuay, attached to the Maintenance Department, Ober Rivas, explained that �the repair operations were performed with the participation of 40 people of the Maintenance Department, who completed 3,300 men hours with no lost-time accidents.� Once again, PDVSA shows that the new talents developed through experience can optimize the operational work for the benefit of the Corporation and all Venezuelans. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4' PETROLEOS DE VENEZUELA: Ready for Electricity Cuts From Colombia ---------------------------------------------------------------- State-owned oil company Petroleos de Venezuela said that it is ready to face likely electricity cuts from Colombia, El Universal News reports. The report relates that PDVSA Vice President Asdrubal Chavez said that Venezuela "is fully prepared for any action taken in this regard." "We see no problem to replace some gas-consuming plants with liquid fuel consuming plants. We must adapt to this scenario. In any case, we are prepared to face any action the Colombian government may take," the report quoted Mr. Chavez as saying. According to the report, the Colombian gas is used in some power generation plants in the border state of Zulia, northwest Venezuela. EL Universal News notes that Hernan Martinez, the Colombia's Minister of Mines and Energy, said that Bogota will restrict the sale of gas to Venezuela in order to meet its domestic demand. As reported in the Troubled Company Reporter-Latin America on September 7, 2009, Fitch Ratings affirmed Colombia's sovereign ratings: -- Long-term foreign currency Issuer Default Rating at 'BB+'; -- Short-term foreign currency IDR at 'B'; -- Long-term local currency IDR at 'BBB-'; -- Outstanding senior unsecured debt at 'BB+'; -- Country ceiling at 'BBB-'. About PDVSA Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4' * VENEZUELA: Public External Debt Up 81.6% in Five Semesters ------------------------------------------------------------ Venezuela's public external debt up 81.6% in five semesters The issue of bonds to curb the rise of the exchange rate in the unofficial market will widen the debt, Victor Salmeron at El Universal reports. The report relates the Ministry of Finance is determined to stop the rise of the US dollar in the swap market. As reported in the Troubled Company Reporter-Latin America on September 30, 2009, Reuters said that Venezuela said it will issue US$3 billion in dollar-denominated bonds maturing in 2019 and 2024 as the government looks to temper demand for dollars and jump- start the economy. The report related that the offer opens on September 29, 2009, and will close on October 2, with results of the sale, managed by Citibank and Deutsche Bank, expected as early as October 6. According to the report, the 2019 bond issue is for US$1.5 billion and will carry a 7.75% coupon, while the 2024 issue will be for the same amount and take an 8.25% coupon. According to El Universal, citing a data from the Central Bank of Venezuela, between the end of 2006 and the first half of 2009, Venezuela's public external debt, including the state-run oil company Petroleos de Venezuela and the rest of state companies, climbed to US$48.3 billion (a 81.6% rise) from US$26.6 billion. EL Univerasal notes that considering the size of the economy, Venezuela's total debt represents less than 20% of GDP. However, the report relates, the problem is the pace at which the debt burden has been increasing. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. * VENEZUELA: Acquires Majority of Lafarge Subsidiary for US$247MM ----------------------------------------------------------------- The Venezuela's government through state-run Corporacion Socialista Cementera has purchased 93.8% of Fabrica Nacional de Cementos, a unit of French cement maker Lafarge SA, for US$247 million, The Associated Press reports, citing the Caracas Stock Exchange. According to the report, the government nationalized Lafarge last year along with two other cement makers, Mexico's Cemex SAB and Holcim, based in Zurich, Switzerland. The report relates that none had previously been compensated, and both Cemex and Holcim have filed for international arbitration to recover their assets. The AP notes Infrastructure Minister Diosdado Cabello said that the government would pay Lafarge 40% of the agreed-upon purchase price (US$118.5 million), for its two Venezuelan subsidiaries within five days. It would pay the remaining 60% over four years without interest, Mr. Cabello added. The AP says it is unclear what led to the change in plans or what would happen to the second company, Cementos Tachira, following the deal. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. * VENEZUELA: 8 Energy Deals Seal Africa-South America Alliance -------------------------------------------------------------- Apart from a series of cooperation agreements in the areas of mining, science and technology, food and agriculture, during the 2nd Africa-South America (ASA) Summit, Venezuela signed eight new agreements in the field of energy, the People�s Minister of Energy and Petroleum and president of Petroleos de Venezuela, S.A. (PDVSA), Rafael Ramirez, informed at the end of the summit. Among the agreements signed, noteworthy is the one signed between South Africa and its national oil company PetroSA, for the development of mature fields in Venezuela; progress was made regarding the participation of this company in block 1 of the Plataforma Deltana, the development of Gas To Liquid technology to produce diesel from gas and its participation in one block of the Orinoco Oil Belt. Similarly, we are evaluating with South Africa the possibility of expanding its storage capacity because this country is on the route of Venezuelan shipments to China. Thus, a South-South infrastructure is being developed. Agreements were signed also with Mauritania, for the expansion of refining capacity and crude production. Similarly, agreements for energy cooperation were signed with Cape Verde, Niger and the Sudan, in order to contribute to the development of these poor countries, so all nations can expand their ability to meet their domestic demand and export capabilities. �Africa and South America concentrate over 34% of the natural resources in the area of energy, an important amount of the planet�s mining resources and the development of our countries have always been conditioned to be a sort of satellite of the major industrialized economies, both in America and Europe. The time has come to see ourselves in the South, face to face, and start working for the benefit of our peoples. In this sense, a new, very important bloc has been formed, which will have an important impact in the construction of a multi-polar world.� Political Achievements in ASA Summit For Mr. Ramirez, one of the main achievements was having strengthened the level of political relations, which was not common between Latin American and African nations: �A series of mechanisms has been established, so this coordination entity can have a strategic importance and thus create a series of work committees at ministerial level that must present to heads of state the different cooperation projects in the fields of health, education and infrastructure, among others.� Bank of the South Will Focus on Non-oil Projects The Venezuelan minister of Energy and Petroleum specified that oil projects are more likely to secure their own funding, and therefore, he believes that the Bank of the South will aim its efforts at financing Latin American development according to our characteristics and needs. �There is a series of agreements in the area of agriculture, social development, infrastructure. This is an extraordinary success as an initiative of our government that has worked very well for two years,� Mr. Ramirez added. * * * 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 =============== LATAM: Finland Pumps Money Into CARICOM Development Fund -------------------------------------------------------- Finland has signaled its intention to contribute GBP300,000 (US$436,000) to the CARICOM Development Fund (CDF) in 2009. The announcement came from Finland�s Minister of Foreign Affairs His Excellency Alexander Stubbs during a meeting with Caribbean Community (CARICOM) Council of Foreign and Community Relations (COFCOR) in New York. In making the announcement Minister Stubbs noted that his Government intended to strengthen its relationship with CARICOM. The Chief Executive Officer of the CDF, Ambassador Lorne McDonnough, in welcoming the Government of Finland�s contribution, noted that the �CDF was a centre piece of the CARICOM Single Market and Economy (CSME) with the single purpose of promoting economic cohesion and ameliorating the effects of existing disparities in a manner which will create opportunities for Member States. Ambassador McDonnough emphasized, that the CDF expected to build a solid reputation with its development partners and viewed the contribution from the Government of Finland, �as the commencement of a mutually reinforcing relationship�. The Minister of Foreign Affairs and Foreign Trade of Jamaica, Dr the Honorable Ken Baugh, Chairman of COFCOR, thanked the Government of Finland for the tangible expression of its commitment to strengthen the relationship with CARICOM and fully expected that Finland and the CDF would build on this collaboration in the ensuing years. *********** 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, Marites O. Claro, Joy A. Agravente, 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. * * * End of Transmission * * *