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

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

          Wednesday, December 2, 2020, Vol. 21, No. 241

                           Headlines



A R G E N T I N A

NEUQUEN PROVINCE: S&P Ups $377MM Sr. Unsec. Notes Rating to CCC+


B R A Z I L

BRAZIL: Current Account Deficit Shrinks to Smallest Since Feb 2018


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dominican Leader Wants Talks Over Tax Reform


G U Y A N A

GUYANA: World Bank OKs $7.5MM COVID-19 Emergency Response Project


J A M A I C A

DIGICEL GROUP: Reports Decline in Earnings for Second Quarter


P A N A M A

UEP PENONOME II: S&P Puts Prelim BB Rating to $275MM Sr. Sec. Notes


P A R A G U A Y

PARAGUAY: IDB OKs $250MM Loan to Boost Financial Resilience
PARAGUAY: IDB OKs $30MM for Labor Intermediation System Program


P U E R T O   R I C O

SPECTRUM GLOBAL: Substantial Doubt on Staying Going Concern Exists


X X X X X X X X

CARIBBEAN: IDB OKs $50MM Loan for COVID-19 Crisis Support

                           - - - - -


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A R G E N T I N A
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NEUQUEN PROVINCE: S&P Ups $377MM Sr. Unsec. Notes Rating to CCC+
----------------------------------------------------------------
S&P Global Ratings affirmed its long-term foreign and local
currency issuer credit of the province of Neuquen at 'SD'. S&P also
raised the issue-level rating on Neuquen's senior unsecured $377
million notes (Tideneu) to 'CCC+' from 'SD'. In addition, S&P
raised its issue-level rating on a senior secured bond (TICAP) with
an outstanding amount of $5.5 million.

Outlook

S&P doesn't assign outlooks to 'SD' issuer credit ratings because
they express a condition and not a forward-looking opinion of
default probability.

Upside scenario

S&P would only raise the issuer credit rating, most likely to the
'CCC' category, as soon as the province concludes all the
restructuring processes underway on its commercial debt.

Rationale

The terms of the restructuring of the Tideneu bond became effective
on Nov. 27, 2020. Originally, the $366 million bond was due on
April 27, 2025, with an interest rate of 7.5% and annual capital
payments in 2023, 2024, and 2025. The restructuring terms consist
of the following:

-- The final maturity date is extended to April 27, 2030.

-- The semiannual interest rates drop to 2.5% in 2021, 4.625% in
2022, 6.625% in 2023, 6.75% in 2024, and 6.875% starting in 2025
and until maturity.

-- The amortization schedule is extended to 13 semiannual payments
starting in April 2024.

-- Cross-default payments with Neuquen's Ticade bond are
eliminated.

-- An interest payment in grace period is converted to a "consent
price", which was paid in the form of additional Tideneu notes and
cash.

-- The level of consent for the restructuring was at 93%.

-- Adding the consent price, the outstanding amount of Tideneu
notes is now $377 million.

-- The restructuring implied net present value losses for
bondholders.

Along with Tideneu bond, the province also restructured its TICADE
senior secured bond which it doesn't rate. Its restructuring also
extended the maturity date and lowered interest rates.

The TICAP senior secured bond wasn't part of the restructuring. The
bond has an outstanding amount of $5.5 million with a maturity date
on April 26, 2021. In S&P's opinion, the risk of default on this
bond is now marginally lower given the restructuring of the largest
share of Nequen's debt, and its oil royalties pledges.

The issuer credit rating on Neuquen will remain at 'SD' until the
province finalizes the renegotiation on all the outstanding debt,
particularly an international loan. Once this process finalizes, we
will raise the issuer credit rating, reflecting the
creditworthiness of the province after the various distressed
exchanges are implemented.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed  

  Neuquen (Province of)
   Issuer Credit Rating         SD/--/--

  Upgraded  
                         To    From
  Neuquen (Province of)
   Senior Secured       CCC+    CCC-
   Senior Unsecured     CCC+     D




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B R A Z I L
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BRAZIL: Current Account Deficit Shrinks to Smallest Since Feb 2018
------------------------------------------------------------------
Rio Times Online reports that Brazil's balance of payments position
with the rest of the world improved in October, figures showed on
Nov. 25, as a US$1.5 (BRL7.9) billion current account surplus
helped narrow the 12-month accumulated deficit to its smallest in
two and a half years.

A widening surplus in goods trade, and shrinking deficits in
services and primary income again delivered the overall current
account surplus, the central bank said, adding that it forecasts a
surplus of US$1 billion for November, according to Rio Times
Online.

                             About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings affirmed on November 23, 2020, Brazil's Long-Term
Foreign Currency Issuer Default Rating at 'BB-' with a Negative
Outlook. Standard & Poor's credit rating for Brazil stands at BB-
with stable outlook (April 2020).  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).

As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings' negative outlook this November 2020 for Brazil reflects
the severe deterioration in fiscal deficit and public debt burden
during 2020 and persisting uncertainty regarding fiscal
consolidation prospects.  Fitch expects the economy to recover
from 2021; however, uncertainty around political and policy
developments, combined with a resurgence in global coronavirus
infections, continue to cloud the outlook.



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

DOMINICAN REPUBLIC: Dominican Leader Wants Talks Over Tax Reform
----------------------------------------------------------------
Dominican Today reports that President Luis Abinader said that he
asked the Economic and Social Center (CES) to hold a talk over the
"Fiscal Pact" to identify where they are going to get resources.

"This Fiscal Pact must have first: what are we going to spend on,
how are we going to spend it and, then, after the tax part, where
are we going to get those resources as well," he said, according to
Dominican Today.

Abinader said the objective is to seek an organized consensus that
must be carried out within the CES. "I asked them because it must
be approved by the middle of next year and to be able to submit it
for the 2022 budget," the report notes.

He said the tax reform must also be in keeping with the objective
of which areas of economic activity to promote and stressed that
the objective of this Government is to promote employment, the
report adds.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).



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G U Y A N A
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GUYANA: World Bank OKs $7.5MM COVID-19 Emergency Response Project
-----------------------------------------------------------------
RJR News reports that the World Bank has approved the US$7.5
million Guyana COVID-19 Emergency Response Project.

The Fund is intended to support the country in tackling the current
pandemic and strengthening the country's health system, according
to RJR News.

Tahseen Sayed, World Bank Country Director for the Caribbean, said
the institution is working with member countries in the Caribbean
to help them respond to COVID-19 and prepare for recovery, the
report notes.



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

DIGICEL GROUP: Reports Decline in Earnings for Second Quarter
-------------------------------------------------------------
RJR News, citing the Irish Times, reports that Digicel's earnings
dropped in its second quarter to the end of September as the
coronavirus pandemic continued to weigh on business.

According to the report, revenues fell eight per cent to US$229
million compared to the same period last year, the report notes.

The losses included a hit from currency weakness in some of
Digicel's 33 markets across the Caribbean, Central America and
Asia-Pacific against the US dollar, according to RJR News.

Nevertheless, the Irish Times report noted that earnings rose five
per cent on the three months to the end of June during the height
of the coronavirus crisis, the report relays.

Service revenue declined by two per cent to US$546 million in the
second quarter, the report adds.


                     About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.

The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America April
17, 2020, Moody's Investors Service downgraded Digicel Group
Limited's probability of default rating to Caa3-PD from Caa2-PD.
At the same time, Moody's downgraded the senior secured rating of
Digicel International Finance Limited to Caa1 from B3. All other
ratings within the group remain unchanged. The outlook is
negative.

On April 10, 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.



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

UEP PENONOME II: S&P Puts Prelim BB Rating to $275MM Sr. Sec. Notes
-------------------------------------------------------------------
On Nov. 30, 2020, S&P Global Ratings assigned its preliminary 'BB'
issue-level rating to Panama-based power generation company UEP
Penonome II S.A.'s (UEP II, the project, or the issuer) $275
million in senior secured amortizing notes due 2038.

S&P said, "The preliminary rating incorporates our view of a
relatively stable and predictable cash flow generation underpinned
by the project's contracted nature until 2033. While in the last
five years of the transaction, contracts will mature and the
project will be exposed to market exposure, it will be mitigated by
stronger credit metrics.

"The stable outlook reflects our expectation that UEP II will
generate the projected revenues, driven by our expectation of the
P90 wind resource in the next 12–24 months, and that the debt
service coverage ratio (DSCR) will remain at the lower end of the
1.20x-1.25x range, with at least a six-month debt service reserve
account (DSRA)."

To determine the operational risk of the project, and given that
the existing PPAs will mature before the debt is fully amortized,
S&P Global Ratings determined two operational phases. Phase 1
starts in 2020 and ends in 2033, and the second commences when most
of the PPAs mature in 2034 and runs until the debt is fully repaid
in 2038.

There are some common factors within the two operational phases,
including:

-- The relatively low operational risk because of the
low-complexity tasks that the wind and solar parks will have to
perform, when compared to the risk for other power plants such as
the thermal-based combined cycles or more complex assets, such as
nuclear energy plants.

-- A moderate exposure to resource risk due to expected wind and
solar profile volatility. S&P said, "In our view, there is not a
sufficient operational track record to incorporate lower volatility
from resource risk. Nevertheless, considering the stable wind and
solar patterns at the project's location (close to the Pacific
Ocean with Caribbean winds and with good radiation), we don't
expect resource risk to be a major issue."

-- S&P's assessment of a satisfactory competitive position,
considering the stable and transparent regulatory regime in Panama,
the project's dispatch priority due to its low-cost position, and
lack of exposure to fuel supply.

-- The resiliency of the project under a downside-case scenario
that includes stresses to the resource risk, operational
performance, and market spot prices. Even in this context, S&P does
not expect the minimum DSCR to fall below 0.8x and it believes the
reserves in place should be enough to cover the shortfall.

S&P said, "In our view, the main relevant difference between the
phases is the market risk exposure. During operational Phase 1, we
expect an average of 25% of the project's revenues will come from
the electricity spot market, limiting cash flow volatility, while
in Phase 2 we anticipate an increase to more than 90% on average.
Therefore, we assessed market risk as very low in Phase 1 and as
high in Phase 2, as we believe the cash flows available for debt
service might vary around 10% and 50%, respectively, in case of
about 25% lower spot market prices.

"Under Phase 1, which drives our operational assessment, we expect
a minimum and average annual DSCR close to 1.23x and 1.34x,
respectively, which, combined with our view of the operational risk
of the project, results in a preliminary stand-alone credit profile
(SACP) of 'b'. We view the project as resilient under the
downside-case scenario because of its six-month debt DSRA and its
very low resource and cash flow volatility. As a result, we lift
the SACP by two notches.

"In addition, when we compare this transaction to a single asset,
we consider that UEP II's transaction has greater diversification
given the project's combination of wind and solar assets. Moreover,
although we don't include Tecnisol's contracted nature in the
analysis due to the inability to determine the creditworthiness of
such counterparties, the entity's existence should provide
predictability and stability to cash flow generation until
maturity. Consequently, we provide a positive comparative rating
analysis (CRA) to the transaction with one additional notch to the
SACP, reaching to 'bb'."



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

PARAGUAY: IDB OKs $250MM Loan to Boost Financial Resilience
-----------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $250 million
contingent loan to boost Paraguay's financial resilience to floods,
forest fires, droughts, and any future epidemic or pandemic
episodes. The operation will help the country access emergency
funds to finance extraordinary public spending to assist the
affected population.

The loan was approved under the Contingent Credit Facility for
Natural Disaster and Public Health Emergencies (CCF), an innovative
IDB tool to promote an integrated approach to the financial
management of natural disasters and public health risks based on
planning and anticipated financing of contingent fiscal
liabilities.

Given the risks posed by climate change, this operation will be the
first contingent loan under the CCF modality that includes an
innovative parametric coverage for forest fires. In addition, due
to the hazard of future epidemics and pandemics, this loan will
also be the first to include coverage of public health risks.

The operation is structured as a $250 million, rapid access and
cost effective ex ante financial facility under the CCF mechanism,
with $150 million under Modality I for floods and forest fires, and
$100 million under Modality II for eventual epidemics and
pandemics.

Through this financial coverage, the country will have access to
resources to tackle humanitarian assistance activities, public
services rehabilitation, forest fires control and suppression,
purchase of personal protection equipment, medicines, test kits,
and other emergency response measures.

The contingent loan's potential beneficiaries are the entire
population of Paraguay, in particular the affected populations that
receive emergency assistance under the proposed coverage.

The $250 million contingent IDB loan is for a 25-year term, with a
5.5-year period of grace and an interest rate based on LIBOR.

PARAGUAY: IDB OKs $30MM for Labor Intermediation System Program
---------------------------------------------------------------
The Inter-American Development Bank approved a $30 million loan to
finance a program in Paraguay, which objective is to develop and
implement policies that support workers seeking employment to
access quality jobs within the post COVID-19 job reconversion
framework.

The program specific objectives are to increase the coverage of the
Labor Intermediation System (SIL, in Spanish) of the Ministry of
Labor, Employment and Social Security (MTESS, in Spanish) and
improve the skills of job seekers by updating the labor training
networks of the National Service of Professional Promotion and the
National System of Training and Labor Training with a gender
perspective.

The program provides, among other actions, incentives for labor
insertion, particularly for young people, for which economic
transfers will be financed including apprenticeship programs for
young people, adjustment and design of additional meshes for the
apprentices and training of instructors' dual system in companies
that are part of it.

It will also finance activities to improve and expand the Public
Employment Service; the implementation of a system for monitoring
and evaluating employment policies and a online services website
available to citizens; and the refurbishment of the MTESS
infrastructure to include the EDGE certification and facilitate
access for people with disabilities.

Similarly, the program will seek to expand the capacity of the
Ministry to improve the monitoring of information on job quality
and its capacity to collect, systematize and manage information, as
well as to implement the digitization of procedures currently
carried out manually.

In order to improve the skills of job seekers, the program will
seek to consolidate the capacity of the National System of Training
and Professional Training (SINAFOCAL) and the National Service for
Professional Promotion (SNPP) to analyze the labor market and the
demand of the employers, using information from the Labor Market
Information System.

Additionally, systems for consulting employers on their skill needs
will be established, and the infrastructure of the SNPP's
technological institutes will be equipped and adapted to adjust to
the new meshes and facilitate access for people with disabilities.
Likewise, a pilot training for non-traditional occupations focused
on women will be implemented, supporting their insertion, and job
training for women by financing targeted economic support for food
and childcare subsidies.

It is estimated that the beneficiaries of the program will be at
least 40,000 job seekers with guidance and labor intermediation,
and around 17,500 beneficiaries with training courses with new
mesh, infrastructure and / or equipment, of which 500 are expected
to be women who have access to courses in non-traditional
occupations.

The IDB loan of $30 million has a repayment term of 24 years, a
grace period of 6½ years, and an interest rate based on Libor.



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

SPECTRUM GLOBAL: Substantial Doubt on Staying Going Concern Exists
------------------------------------------------------------------
Spectrum Global Solutions, Inc. filed its quarterly report on Form
10-Q, disclosing a net loss (attributable to common shareholders)
of $8,903,109 on $5,895,300 of revenue for the three months ended
Sept. 30, 2020, compared to a net loss (attributable to common
shareholders) of $1,762,522 on $7,505,937 of revenue for the same
period in 2019.

At Sept. 30, 2020, the Company had total assets of $6,313,860,
total liabilities of $13,554,342, and $8,462,415 in total
stockholders' deficit.

Spectrum Global said, "The continuation of the Company as a going
concern is dependent upon the continued financial support from its
shareholders, the ability of management to raise additional equity
capital through private and public offerings of its common stock,
and the attainment of profitable operations.  As of September 30,
2020, the Company had an accumulated deficit of US$44,950,815, and
a working capital deficit of US$4,611,115.  These factors raise
substantial doubt regarding the Company's ability to continue as a
going concern for a period of one year from the issuance of these
financial statements.

"Management requires additional funds over the next twelve months
to fully implement its business plan.  Management is currently
seeking additional financing through the sale of equity and from
borrowings from private lenders to cover its operating
expenditures.  There can be no certainty that these sources will
provide the additional funds required for the next twelve months."

A copy of the Form 10-Q is available at:

                       https://bit.ly/2JuFZ5i

                      About Spectrum Global

Spectrum Global Solutions, Inc., (f/k/a Mantra Venture Group Ltd.)
was incorporated in the State of Nevada on Jan. 22, 2007 to acquire
and commercially exploit various new energy related technologies
through licenses and purchases.  On Dec. 8, 2008, the Company
reincorporated in the province of British Columbia, Canada.

In April 2017 and February 2018, the Company acquired InterCloud
Systems, Inc.'s AW Solutions, Inc., AW Solutions Puerto Rico, LLC,
and Tropical Communications, Inc. (collectively "AWS" or the
"AWS Entities") subsidiaries.  The Company's AWS Entities are
professional, multi-service line, telecommunications
infrastructure
companies that provide outsourced services to the wireless and
wireline industry.

In February 2018, the Company acquired InterCloud Systems' ADEX
Corporation, ADEX Puerto Rico LLC, ADEX Towers, Inc. and ADEX
Telecom, Inc. (collectively "ADEX" or the "ADEX Entities").  The
Company's ADEX Entities are a leading outsource provider of
engineering and installation services, staffing solutions and other
services which include consulting to the telecommunications
industry, service providers and enterprise customers domestically
and internationally.



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

CARIBBEAN: IDB OKs $50MM Loan for COVID-19 Crisis Support
---------------------------------------------------------
The Inter-American Development Bank (IDB) approved a US$50 million
loan to support member countries of the Organization of Eastern
Caribbean States (OECS) and their response to the health, social
and economic consequences caused by the COVID-19 crisis.

This loan to the Caribbean Development Bank will provide economic
resources to the OECS member States. The OECS is comprised of
Antigua and Barbuda, Commonwealth of Dominica, Grenada, Saint Kitts
and Nevis, Saint Lucia and Saint Vincent and the Grenadines. Since
1977, the IDB has provided US$227 million to the CDB in a long-term
collaborative relationship.

The program will help reduce mortality and morbidity from COVID-19
and ensure minimum levels of quality of life and health for
vulnerable people in the mentioned countries. In addition, it will
provide support for Micro, Small and Medium-Sized Enterprises
(MSMEs). OECS countries have reported lower infection rates
compared to other countries in Latin America and the Caribbean.
However, OECS countries are still highly vulnerable to health,
social and economic risks caused by the COVID-19 crisis. Before the
crisis, OECS countries used to receive more than 1 million visitors
annually. This number represents nearly 200% of their total
population, making OECS countries highly vulnerable to any external
factors that affect tourism and presenting serious economic and
social impacts for the resident population.

In response to the COVID-19 crisis, the loan will strengthen
response leadership at the country level, improve services delivery
capacity, support initiatives to break the chain of transmission of
the illness and improve case detection and management.

The program will finance cash transfers and the expansion of safety
net services through the use of existing cash transfer programs and
platforms in each OECS country. These include conditional cash
transfers, transfers for people with disabilities,
school-attendance grants for vulnerable populations, school meal
support, noncontributory pensions and actions to mitigate the
effects of school closures during the crisis and prepare for their
reopening, among others.

In order to support the MSME financing the intervention will
improve the short-term financial capacity and will provide access
to production-oriented finance for economic recovery.

The program beneficiaries include OECS residents and visitors and
MSMEs affected by the COVID-19 crisis. Health interventions will
benefit OECS countries population through preventive actions that
will be publicly announced soon.

It will also benefit people with potential diagnosis of COVID-19
and those who were diagnosed already and in need of specialized
care. It may benefit up to 150,000 vulnerable individuals and
360,000 working age persons that have lose formal or informal
sources of income or have closed their businesses due by COVID-19
crisis. It will give priority to the tourism, retail, service,
logistics, agriculture, and fishery sectors for their high
vulnerability to coronavirus and it is expected to benefit up to
19.000 MSMEs.

The IDB loan of US$50 million has a repayment term of 25 years, a
grace period of five and a half years and an interest rate based on
LIBOR.


                           *********


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., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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.


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