/raid1/www/Hosts/bankrupt/TCRLA_Public/201207.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

          Monday, December 7, 2020, Vol. 21, No. 244

                           Headlines



A R G E N T I N A

ALBANESI SA: Fitch Affirms CCC LT Issuer Default Rating
ARGENTINA: IMF Says Talks Constructive, Continue in Washington


C O L O M B I A

COLOMBIA: Draws US$5.4BB from IMF Credit Line to Address Pandemic


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Agriculture OKs to Reduce Profits in Products
DOMINICAN REPUBLIC: Mortal Blow to Remove Aid to Tourism Employees
[*] DOMINICAN REPUBLIC: Gov't Helps Users of Credit Cards and Loans


P E R U

PERU: "Hunting" for Innovative Ideas to Reactivate Economy


P U E R T O   R I C O

ENRIQUE R. NARVAEZ: Aponte Buying Arroyo Properties for $1.26M


X X X X X X X X

[*] BOND PRICING: For the Week Nov. 30 to Dec. 4, 2020

                           - - - - -


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

ALBANESI SA: Fitch Affirms CCC LT Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Albanesi S.A.'s Long-Term Foreign
Currency and Local Currency Issuer Default Ratings (IDRs) at 'CCC'.
Fitch has also affirmed the senior unsecured notes co-issued by
Central Termica Roca S.A. (CTR) and Generacion Mediterranea S.A.
(GMSA), which are guaranteed by Albanesi at 'CCC'/'RR4'. Both
issuers, and Albanesi, are jointly and severally liable for any
payment obligations under the notes.

Fitch believes Albanesi's debt exchanges, completed on Nov. 25,
2020, achieved the required acceptance rates in order for the
company to comply with Argentina's central bank restriction on
dollar refinancing. The class XIII notes issued by GMSA received
total offers of roughly USD13.1 million, a 66% acceptance rate
compared with the USD19.7 million outstanding on its class X notes.
GMSA's and CTR's co-issued class IV and V offerings received
USD16.4 million and USD14.4 million, respectively, for a total of
USD30.8 million. The companies had approximately USD23 million
outstanding on their class III co-issuance, and thus received over
USD7 million in net new money after repayment of the class III
notes in April 2021. Fitch considered these exchanges voluntary in
nature, and that they do not represent a material reduction in
terms. As such, Fitch did not deem these distressed debt exchanges
under its criteria. Fitch does not rate any of the notes exchanged.
Albanesi has also launched a consent solicitation for CTR's and
GMSA's USD80 million class II co-issuance due 2023 to reprofile its
amortizations in order to comply with the central bank's
refinancing rule. The consent solicitation for this offering
expires on Dec. 4, 2020.

Albanesi's ratings continue to reflect its dependence on the
country's offtaker and electricity market coordinator, Compania
Administradora del Mercado Mayorista Electrico (CAMMESA). Fitch
believes Albanesi is vulnerable to payment delays from CAMMESA,
given its expected tight FFO debt service coverage over the next
two years, as it seeks to meet its financial and commercial debt
obligations. Fitch believes Albanesi can little afford payment
delays from CAMMESA, given its expected tight FFO debt service
coverage over the next two years as it seeks to meet its financial
and commercial debt obligations.

KEY RATING DRIVERS

Debt Exchanges Improve Liquidity: Fitch expects Albanesi will
achieve the necessary acceptance rate on its recently-launched debt
exchanges offer for its USD19.7 million class X notes due February
2021 and USD23 million class III co-issuance due April 2021. This
would result in improved liquidity and allow the company to comply
with a central bank rule in effect until March 31, 2021 that limits
USD refinancing of debt to 40% of the maturity amount, with central
bank approval. Albanesi has also launched a voluntary exchange
offer of its USD80 million class II co-issuance due 2023 to
reprofile its amortizations, the first of which is due in February,
during the central bank-restricted period.

Base Energy Pesification: Fitch expects Albanesi's EBITDA to fall
from USD175 million in 2020 to USD128 million in 2023 as 300MW of
capacity under Resolution 220/2007 is set to expire and move to
Base Energy between 2020 and 2022. Issues from contract expirations
are compounded by Base Energy's pesification in February 2020,
which exposes companies to further depreciation of the Argentine
peso. This follows a reduction in Base Energy capacity remuneration
from Resolution 1/2019, enacted in February 2019 to lower deficits
following peso depreciation. Payments to legacy generation units
without a PPA in Argentina are determined by a regulatory framework
called Energia Base, or Base Energy.

Tight Debt Service Coverage: Albanesi's cash flow is relatively
stable and predictable provided that CAMMESA continues to pay
within its current time of 51 days. As of 3Q20, 95% of the
company's revenue was denominated in U.S. dollars, and over 90% of
EBITDA was derived from long-term take-or-pay contracts under
Resolutions 220/2007 and 21/2016. Fitch estimates Albanesi's 2020
leverage at 3.6x in dollar terms, which is expected to decline to
2.4x over the rating horizon as the company pays off maturing
obligations with cash flow. In 2020, FFO interest coverage will be
tight at 2.1x and ease to 2.6x in 2021 as short-term debt is paid
off with cash flow.

High Counterparty Exposure: Albanesi depends on payments from
CAMMESA, which acts as an agent for an association representing
electricity generators, transmission and distribution companies,
large consumers and wholesale market participants. Albanesi is
exposed to potential delays in payment from CAMMESA. Recent delays
from CAMMESA have been approximately 77 days, above the agreed upon
42 days. Fitch estimates that due to the company's financial and
commercial obligations, it cannot afford prolonged delays in
payments.

Uncertain Regulatory Environment: Fitch believes Argentina's
current economic and political environment increases the
uncertainty that the Fernandez administration will be able to
effectively implement the required electricity regulatory tariff
adjustments in order for the system to be self-sustainable. The
company operates in a highly strategic sector where the government
has a role as both the price/tariff regulator and also controls
subsidies for industry players. Fitch assumes the Fernandez
administration remains committed to and prioritizes developing a
long-term sustainable regulatory environment, moving toward a more
unregulated market and reducing the deficit.

Expansion Projects Postponed Indefinitely: Fitch's rating case no
longer assumes Albanesi will add 275MW of combined cycle capacity
at two of its plants after the company postponed a USD300 million
bond issuance to finance the projects. CAMMESA had awarded Albanesi
power purchase agreements (PPAs) for the projects under Resolution
287/2017, which would have added about USD86 million of annual
EBITDA. The company remains responsible for USD10.5 million in
payments to turbine suppliers as of 3Q20 and a penalty of USD36.8
million, payable in 48 monthly installments to CAMMESA beginning at
the commencement of operations, should it resume the expansions.
The company may resume its expansion plans once market conditions
improve.

DERIVATION SUMMARY

Albanesi's rated Argentine utility peers are Capex S.A. (CCC),
Pampa Energia S.A. (CCC), Genneia S.A. (CCC), AES Argentina
Generacion S.A. (CCC) and MSU Energy (CCC). The ratings of Albanesi
and its peers are in line with Argentina's sovereign rating since
they all receive payments from the market coordinator, CAMMESA,
which is dependent on the government. Fitch estimates the median
gross leverage for Albanesi's oil and gas peers to be 1.5x during
this period, and 2.3x for its Argentina utility peers.

Albanesi's expected 2020 gross leverage, measured as total
debt/EBITDA, is 3.6x in dollar terms, weaker than Capex's 1.2x for
2020, AES Argentina's 3.3x, Pampa Energia's 2.6x but lower than
Genneia's 4.2x and MSU Energy's 5.7x. Similar to the one Albanesi
is considering, MSU Energy recently executed a combined cycle
expansion in 2020 under the same resolutions. Thus, leverage rose
to finance the expansion. Genneia's expansion is concentrated on
renewable projects, under the RenovAR program where select projects
ultimately have a guarantee from the World Bank. Both MSU Energy's
and Albanesi's working capital levels are vulnerable to delays in
payments from CAMMESA.

KEY ASSUMPTIONS

  -- Resolution 220/2007 and 21/2016 PPAs expiring in 2020-2022
will move to Base Energy upon termination;

  -- Maturing debt paid off with cash flow, as available;

  -- Outstanding debt and cash flows are adjusted for expected
currency exchange rate fluctuations;

  -- Average FX rate of 74.95 for 2020 and 110.25 for 2021;

  -- Combined cycle expansions at the Maranzana and Ezeiza plants
are postponed indefinitely;

  -- No dividends paid over the rating horizon;

  -- Payments from CAMMESA are delayed 75 days in 2020 with a
normalization in 2021 and thereafter.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Given the issuer's high dependence on CAMMESA subsidies from
the national treasury, any further regulatory developments leading
to a market less reliant on support from the Argentine government
or a sovereign upgrade could positively affect the company's
collections/cash flow;

  -- Improved access to capital markets and the ability to finance
its combined cycle expansions at its Maranzana and Ezeiza plants.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- Inability to refinance short-term debt coming due by 1H21,
leading to an event of default;

  -- A substantial worsening of near-term operating performance
relative to Fitch's expectations;

  -- A reversal of government policies that result in a significant
increase in subsidies and/or a delay in payments for electricity
sales;

  -- A significant deterioration of credit metrics and/or
significant payment delays from CAMMESA;

  -- A sustained debt/EBITDA ratio of 4.0x or higher, or FFO
interest coverage below 2.0x.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Pressured but Easing: Fitch expects the
recently-completed debt exchanges totalling USD43.9 million, which
includes over USD7 million of net new money after repayment of the
class III notes in April 2021, to allow Albanesi to comply with
central bank restrictions on dollar-based refinancing and
moderately improve the company's liquidity. Prior to the exchanges,
Albanesi had USD26 million in debt maturities in 4Q20 and USD167
million in 2021. Fitch expects these totals will shift slightly
into 2022 following the exchanges.

Fitch expects the company to exhibit tight FFO interest coverage of
2.1x in 2020 and 2.6x in 2021. The covenants of the USD336 million
bond due in 2023 limit the company's ability to pay dividends to
shareholders. As of Sept. 30, 2020, the company had a cash balance
of ARS1,163 million (USD15.3 million), roughly 10% of which was
held in US dollars.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

ARGENTINA: IMF Says Talks Constructive, Continue in Washington
--------------------------------------------------------------
David Lawder at Reuters reports that negotiations between the
International Monetary Fund and Argentina over a new IMF loan
program are "very fluid and constructive," with Argentine officials
expected to come to Washington in the coming days for more talks,
IMF spokesman Gerry Rice said.

Rice told a regular news briefing that a recent IMF staff mission
to Buenos Aires, made "good progress" in defining the initial
elements of Argentina's economic reform plans, according to
Reuters.

He said the two sides "share the view that tackling Argentina's
challenges will require a carefully balanced set of policies that
foster stability, restore confidence, protect the most vulnerable
people in Argentina and set the basis for sustainable and inclusive
growth as Argentina battles its economic challenges, and of course,
battles the pandemic," the report relays.

Argentina is looking to replace its failing $57 billion IMF
program, launched in 2018 as the largest program in the Fund's
75-year history, the report notes.  About $45 billion in IMF funds
have been disbursed under the program, the report discloses.

In early November, Buenos Aires launched talks with the IMF on a
longer-term Extended Fund Facility after emerging from a sovereign
debt default by restructuring almost $110 billion in foreign
currency bonds, the report relays.

Rice said there was not a timeline yet for a potential agreement on
an IMF-supported program for Argentina. Authorities in the
countries were working to secure "broad political and social
support" for a new economic plan, the report relays.

Rice said the IMF's current overall lending commitments are about
$280 billion out of about $1 trillion in total lending resources.
More than $100 billion of that had been approved since the COVID-19
pandemic started early this year, including $31 billion in
emergency coronavirus financing for 78 countries, the report
notes.

The IMF hopes to reach agreement with Kenya on an IMF program early
next year, Rice added

                        About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.

Historically, however, its economic performance has been very
uneven, with high economic growth alternating with severe
recessions, income maldistribution and in the recent decades,
increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Fitch's credit rating for Argentina was last reported at CCC with
n/a outlook, a rating upgrade from CC on Sept. 11, 2020.  DBRS'
credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020.  Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.



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

COLOMBIA: Draws US$5.4BB from IMF Credit Line to Address Pandemic
-----------------------------------------------------------------
Colombia drew on its Flexible Credit Line (FCL) arrangement with
the International Monetary Fund (IMF) in the amount of SDR3.75
billion (about US$5.4 billion, or 183 percent of quota, or about 2
percent of GDP). Access to IMF resources will help meet balance of
payments needs and provide support for the budgetary response to
the COVID-19 pandemic while at the same time allowing Colombia to
maintain sufficient international liquidity to insure against
heighted external risks. This is the first time Colombia has drawn
on funds available under the credit line.

As the result of the augmentation of access under the FCL
arrangement on September 25, 2020, to US$17.6 billion (SDR 12.267
billion), Colombia retains access to about US$ 12.2 billion (SDR
8.517 billion) under the existing two-year arrangement after the
drawing. The authorities intend to treat this remaining amount as
precautionary.

The FCL was established on March 24, 2009, as part of a major
reform of the Fund's lending framework (see Press Release No.
09/85). The FCL allows its recipients to draw on the credit line at
any time and is designed to flexibly address both actual and
potential balance of payments needs to help boost market
confidence. Disbursements are not phased nor tied to compliance
with policy targets as in regular IMF-supported programs. This
large, upfront access with no ongoing conditions is justified by
the very strong policy fundamentals and institutional policy
frameworks and sustained track records of countries that qualify
for the FCL, which gives confidence that their economic policies
will remain strong. Reflecting its very strong policy frameworks
and track record, Colombia has maintained access to the FCL
instrument since 2009.

The IMF remains closely engaged with the authorities to help them
mitigate the impact of COVID-19 in Colombia.



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

DOMINICAN REPUBLIC: Agriculture OKs to Reduce Profits in Products
-----------------------------------------------------------------
Dominican Today reports that the Minister of Agriculture, Limber
Cruz, held a working meeting with representatives of the country's
supermarkets to reduce profits on some mass consumption and
sensitive products in the basic grocery basket.

The measure seeks to stabilize sensitive products such as rice,
beans, chicken, milk, eggs, and sugar, which would present low
prices on the shelf to ensure food security for Dominicans,
according to Dominican Today.

The meeting with the traders allowed the Ministry to reach
agreements for the implementation of actions to help alleviate the
increase in food prices in the population and plan an increase in
the productivity of agricultural items and thus benefit both
traders and national producers, the report relays.

"We must work together, helping each other, thus achieving personal
progress and, above all, to help the Dominican countryside and us
as a country to continue improving the national economy," said the
Minister, the report discloses.

The agricultural portfolio holder added that this is the second
meeting of many that he will hold with such an important business
sector to lower food prices for the people, the report relays.

Meanwhile, Mario Lama Jr., representative of Plaza Lama,
highlighted that some products have already decreased in price, as
is the case of red and white onions, and indicated that, other
sensitive products would reduce in cost, the report notes.

"You can count on us to keep prices low on basic necessities," said
the businessman, speaking on behalf of his colleagues, the report
relays.

Within the agreement, the Ministry of Industry, Commerce, and MSMEs
(MICM) will provide support from the government to the flexibility
of the new prices and improve the commercialization of the products
of the field, the report notes.

Nicolas Ramos and Hector Olivero, from La Cadena supermarkets,
Jorge Jenkins, from Grupo Ramos, and Leopoldo Gonzalez, from Plaza
Lama, also participated in the meeting.

In a first meeting held, the processes for these measures were
initiated. The following people participated: Miguel Gonzalez, from
Centro Cuesta Nacional; Daniel Batista and Yeuri Alfonso, from the
Bravo chain, Juan Luis Tavarez, from Grupo Ramos, among others, 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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term
sovereign credit ratings.

The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the sovereign's
already vulnerable fiscal and external profiles, as well as the
potential for a weaker-than-expected economic recovery.

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).

DOMINICAN REPUBLIC: Mortal Blow to Remove Aid to Tourism Employees
------------------------------------------------------------------
Dominican Today reports that the former Vice Minister of Tourism
Julio Almonte assured that the separation of the tourism sector's
employment from the Government's social assistance programs would
be a "mortal blow" for the economy of that sector and the Dominican
Republic.

Almonte said that one million direct and indirect jobs in the
sector help generate the seven billion dollars that tourism
contributes to its economy, according to Dominican Today.

He explained that these million positions include people from
hotels, bars, restaurants, suppliers, tour operators, guides, taxi
drivers, and bus operators, the report notes.

The leader of the Dominican Liberation Party (PLD) in Puerto Plata
assured that one in every 13 employees in the country works in the
tourism sector, the report relays.  That is, about 450,000 directly
and indirectly, about 600,000, the report discloses.

He considered, therefore, that there will be a dilemma when 80% of
those employees are left without the support of social aid from the
Employee Solidarity Assistance Fund (FASE), in its two modalities,
and from other programs. He said this would create a social
problem, the report says.

"And this without thinking that women hold more than 54% of those
jobs," he argued.

He stated that the semi-opening that the hotels carry out is very
discreet and, practically, to comply with the Ministry of Tourism
and the government, "so it does not meet the need to reintegrate
more than one million employees produced by the tourism sector,"
the report notes.

Almonte, who was in charge of Destination Management in the
country, said that currently, the average number of employees per
room in hotels is 1.75 to three and that in the country, there are
around 100,000 that must be enabled. Still, many of the employees
have been suspended, canceled, or given vacations without pay, the
report relays.

He indicated that social assistance programs' activation was a kind
of "blessing" for the sector, the report notes.

He expressed that tourism is the backbone of the country's economy,
so with the paralysis of operations due to the COVID-19 pandemic,
government aid played a fundamental role in the survival of workers
in the sector, the report says.

He pointed out that the hotels, having no income, could not sustain
the payment to the employees, so in some cases, they established
aid such as advance payments or past due holidays, but not all
could do so, the report discloses.

"For these reasons, the impact of social aid to the tourism sector
is more important than people imagine. Part of these reflections
are based on the importance of foreign investments focused on more
than 35% in the tourism sector, whose contribution to the gross
domestic product is 14%," Almonte added in a note from the PLD's
Communications Secretariat, the report notes.

The report relays that he expressed that it is difficult to think
about what will happen to all those who work in the tourism sector
if the aid is suddenly withdrawn since 80% of the million employees
who work in the industry will be left out because of the total
reopening of hotels until after mid-2021.

                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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term
sovereign credit ratings.

The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the sovereign's
already vulnerable fiscal and external profiles, as well as the
potential for a weaker-than-expected economic recovery.

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).

[*] DOMINICAN REPUBLIC: Gov't Helps Users of Credit Cards and Loans
-------------------------------------------------------------------
Dominican Today reports that users of credit cards and loans in the
Dominican Republic financial system have in the Banks
Superintendence an entity willing to keep doors open, where they
find answers to their questions about the cost of financing in the
time established by the entities of financial intermediation to pay
the amount of consumption to the cut, among other concerns.

Banks Superintendent Alejandro Fernandez said in financial terms
the correct cost mechanism applied by banks when paying for savings
as well as the one they apply when they charge for an amount owed
when consuming goods or services with a plastic, according to
Dominican Today.

Fernandez, quoted by Listin Diario, asked users to approach the
financial institutions to which they belong so that they can
refinance their commitments if they are in difficulties, since the
authorities have given all the necessary flexibilities to debtors,
the report notes.

                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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term
sovereign credit ratings.

The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the sovereign's
already vulnerable fiscal and external profiles, as well as the
potential for a weaker-than-expected economic recovery.

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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P E R U
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PERU: "Hunting" for Innovative Ideas to Reactivate Economy
----------------------------------------------------------
EFE News reports that innovative ideas are essential to reactivate
Peru and remove it from the economic, social and health drama in
which it finds itself, a need that has led its Government to go
"hunting" for projects to provide them with funding to turn crisis
into "opportunity."

Small, medium and large companies; short, medium or long-term
projects; for technological, agricultural, tourism, services,
commerce or environmental sectors.  . . . The Peruvian desire to
reorient its economy to make innovation the engine of its
development has no limits, according to EFE News.

"Innovate to Reactivate" is the plan promoted by the National
Program of Innovation for Competitiveness and Productivity
(Innovate Peru), the public body dedicated to innovation, with
which it intends to "attract and finance," or help develop "all
kinds of projects that go along that path," the report notes.

                        Transverse Axis

"Peru is committed to innovation as a cross-cutting axis for its
development and as a motor to transition to an economy based on
innovation and efficiency.  And that will be fundamental for the
reactivation that we need right now due to the crisis. That is why
we designed and launched a strategy to add State and private
initiatives in this field," Gonzalo Villaran, head of Innovate's
Knowledge Development and Management Unit, told EFE.

"Innovate to Reactivate" offers several packages of instruments
adapted for each type of innovator and project, so that they grow,
reinvent themselves and allow an economic, social and health
reactivation of the country, the report discloses.

Applicants to the program, which is still open and receiving
proposals, receive co-financing for their initiatives from 12,000
soles ($3,300) to 1 million soles ($280,000), the report relays.

"This program is like the second part of another initiative that
was launched last March to combat covid, which sought to promote
already advanced proposals for health issues, with rapid
implementation, such as the creation of masks, mechanical
respirators and software for teleworking," Villaran added, notes
the report.

The initiative has grown with the notion that "everyone has a place
to participate: companies of all kinds, universities, the general
public . . .  And also in all steps, from the creation of
prototypes, development of processes, closure of technical gaps,
adoption of technologies, until the start-up of production and
sale," the report says.

                          New President

In fact, the development of innovation and science was expressly
mentioned as a specific state objective by the new president,
Francisco Sagasti, during his inauguration, and precisely named an
innovation expert, Jose Luis Chicoma, at the head of the Production
portfolio, in what was considered a declaration of intent, the
report discloses.

"We agree that this is one of the Executive's priorities.
Innovation is one of the main factors for productivity and without
a doubt it is an activity that should be predominant in economic
activity," Villaran added.

This commitment is reinforced by the fact that in recent times
"there are very good projects underway," since Peruvian creativity
is very high, the report notes.

"Some of what is lacking is structure and discipline to carry out
these processes, which have to be systematic and measured. There is
a lot of potential in innovation and entrepreneurship. It is also
important to promote the culture of innovation. And also that it is
known that there is aid to companies that want to gain
competitiveness," Villaran said, the report relays.

Such is this interest that Innovate has in fact another project to
publicize these innovative initiatives among the general public to
demonstrate that "it can be done" and in turn inspire the
development of new entrepreneurs, the report discloses.

                       Success Stories

Ultimately, the idea is to replicate ideas and projects such as
Sinba (Sin Basura, or No Garbage in English), an initiative that
began three years ago with a proposal that unifies both
technological development and social and environmental
contributions, as well as being a clear example of a "circular
economy," the report notes.

"Sinba was born from the basic question. What about garbage? The
vast majority of what we consider garbage can have use, which is
not given due to a lack of knowledge, technology or empathy. And
that required an urgent radical change," Pipo Reiser, general
coordinator of the project, told EFE.

What it does, however, is collect organic waste from restaurants,
hotels or schools, thereby employing numerous informal collectors.

This material is processed and treated to turn it into fertilizer
or feed for pigs, which is distributed to small farmers and
informal ranchers so that they improve the sanitary standards of
their products, aim for their formalization and, in turn, become
suppliers to hoteliers and restaurateurs.

"This already existed, they are called the 'pigmen' who collected
waste from the street to feed their pigs, something very informal
that happens behind the back of society without any sanitary
control or standards for human consumption.  This ends that
underworld, and offers outlets for the 'pigs'," Reiser added, the
report notes.

                         Peruvian Science

Valuing Peruvian science is also in the background of this effort,
which offers, as researcher Mirko Zimic, from the Cayetano Heredia
University told Efe, a paradigm shift, since as projected it allows
for the first time that the State "ask for solutions to a problem,
and fund the science needed to overcome it," the report discloses.

Zimic directs a project that is basically an "app" for mobile
phones that allows knowing if a child has anemia, an endemic
problem in Peru, just with a photo, the report says.

"There were already other ideas in the world like this. But here we
developed an "ad hoc algorithm for Peru, that is what is really
innovative," explained the researcher, who added that the
technology is intended to be used with "cheap" phones with
technical limitations, which are found in much of the country, the
report notes.

"This is a response to a request.  With Innovate it is the first
time that the State asks for ideas for specific problems, with the
commitment to finance the solution that is found and that it will
be used . . . Instead of theses or beautiful publications, but not
used, this opportunity was the opposite.  And we have something
different, an option to detect anemia, cheaply, without technical
knowledge, easy for anyone to use," he reasoned, the report adds.



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

ENRIQUE R. NARVAEZ: Aponte Buying Arroyo Properties for $1.26M
--------------------------------------------------------------
Enrique Rodriguez Narvaez and Myrna Iris Rivera Ortiz ask the U.S.
Bankruptcy Court for the District of Puerto Rico to authorize the
sale to Ronald Aponte or the corporation designated by him for the
sum of $1.26 million, free and clear from any liens, of the
following real properties located in Arroyo, Puerto Rico:

      a. RUSTICA: Finca compuesta de 63 cuerdas de terreno,
equivalentes a 24 hectAreas, 76 Areas y 15 centiAreas, radicada
en el barrio Cuatro Calles Sector Sabana Eneas del término
municipal de Arroyo, Puerto Rico, colindando por el NORTE, SUR,
ESTE Y OESTE, con terrenos de Luce and Company, Sociedad en
Comandita.  Registered in the Public Registry of Guayama, Book
197,
Page 41, 37th inscription, Property no. 68.  Property
Identification 420-000-005-04-000.

      b. RUSTICA: Finca compuesta de 11 cuerdas de terreno,
equivalentes a 4 hectAreas, 32 Areas y 134 centiAreas, radicada
en el barrio Cuatro Calles Sector Sabana Eneas del término
municipal de Arroyo, Puerto Rico, colindando por el NORTE, SUR,
ESTE Y OESTE, con terrenos de Luce and Company, Sociedad en
Comandita.  Esta enclavada dentro de finca denominada Vigia, de la
cual forma parte.  Registered in the Public Registry of Guayama,
Book 197, Page 42, Property no. 345, 30th inscription Property
Identification 420-000-005-31-000.

The describe property have no lien except for the garnishment
recorded by creditor, LOpez Enterprises, Inc. and Miguel VAzquez
now SucesiOn VAzquez.  As to LOpez Enterprises, Inc., the
creditor hold lien over all the properties of Debtors which exceed
the value vs the debt owed to the creditor and the same thing
happen with creditor, Sucesion Vazquez.  

In the case, the Debtors sought an appraisal for both properties in
which the same were appraise for the total amount of $1.332
million, $1.134,000 million for the lot of land comprised of 63.0
cuerdas and $198,000 for the lot of land comprised of 11.0
cuerdas.

The Debtors have received a purchase offer from the Buyer to buy
these properties in the sum of $1.26 million free and clear from
any liens.  

As per CRIM's certification, the properties owed the amount of $845
for the property number 345 comprised of 11 cuerdas and $1,600.98
for the property number 68 comprised of 63 cuerdas, the total CRIM
debt is in the amount of $2,446.

In order to make the sale, the Debtors hired attorney, Héctor
A.
Sostre NarvAez, in order to prepare all the documents and deeds
necessary to make the sale.  The Debtors will pay the closing cost
for the attorney in the amount of $13,394.  The amount received
after deductions from the sale will be used to make payments as per
the Chapter 11 Plan.  To make the sale free and clear of all liens,
the Debtors need to make some payments from the proceeds of the
sale.

The prospective Buyer was presented to the Debtors by an Investor
who has requested a fee of $30,000 for his job and client.  

The Sale is intended on Dec. 8, 2020 and the purchase proceeds
price will be paid in three installments which are as follows:

     a) $360,000, at the moment, of the sale; with these proceeds,
the Debtors will be paid: (i) Crim debt - $2,446, (ii) closing
cost
- $13,394, (iii) Investor - $10,000, (iv) to SucesiOn VAzquez,
which has agreed and provided a discount in order to receive the
full amount from $156,000 to $95,000, (v) $150,000 in full payment
of the small debt, number 1 of 2 debts owed to LOpez Enterprises,
Inc., (vi) $87,000 to LOpez Enterprises, Inc.to be applied to the
principal debt owed as to the second debt reducing the debt from
$807,000 to $700,000, and (vii) $720 the remaining balance will be
place in Debtors estate account.

     b) A second payment, on or before February 6 but not later
than February 21, in the amount of $300,000, with these proceeds,
the Debtors will be paid: (i) Investor, second payment of $10,000,
(ii) LOpez Enterprises, Inc. a payment of $290,000, $60,000 from
the funds in hand by the estate.  With this payment will relief a
mortgage notes of $625,000 hold as guarantee on one of the other
properties of the estate; and

     c) A third payment on or before March 7 but not later than
March 20, in the amount of $600,000; with these proceeds, the
Debtors will be paid: (i) Investor, third payment of $10,000, (ii)
LOpez Enterprises, Inc. a payment of $430,000 plus $160,000 of
interest to pay which should cover the hold debt of this creditor
in full and relief any lien to any property of Debtors, and (iii)
$40,000 the remaining balance will be place in Debtors estate
account.

The Debtor asks that the present motion announcing the sale of the
property be approved.  The sale is made in favor of the buyer with
no attachments or liens.

A copy of the Offer is available at https://tinyurl.com/y3svwo9p
from PacerMonitor.com free of charge.

    About Enrique Rodriguez Narvaez and Myrna Iris Rivera Ortiz

Enrique Rodriguez Narvaez and Myrna Iris Rivera Ortiz was engaged
in the development and construction business in Puerto Rico.  Mrs.
Ortiz is a housewife.  During many years, Mr. Rodriguez acquired
and developed many lots of land.  

The Debtors filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 18-02044-EAG) on April 16, 2018.

The Debtors' counsel:

         RATACOS LAW FIRM, P.S.C.
         Victor Gratacos Diaz
         P.O. BOX 7571
         CAGUAS, PR 00726
         Tel: (787) 746-4772
         Fax: (787) 746-3633
         E-mail: bankruptcy@gratacoslaw.com



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

[*] BOND PRICING: For the Week Nov. 30 to Dec. 4, 2020
------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
mpresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Esval SA                   3.5    49.9    2/15/2026    CL     CLP


                           *********


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
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