/raid1/www/Hosts/bankrupt/TCRLA_Public/201216.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

          Wednesday, December 16, 2020, Vol. 21, No. 251

                           Headlines



A R G E N T I N A

BUENOS AIRES PROVINCE: Extends $7BB Debt Deal Deadline to Jan. 4


B R A Z I L

PARAIBA: To Improve Fiscal Management w/ $38.4MM IDB Loan
PETROLEO BRASILEIRO: Prosecutors Sue Maersk, Seek to Freeze $200MM


D O M I N I C A

DOMINICA: CDB Approves US$20 Million for Country


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Formal Labor Market Continues Rebound
[*] DOMINICAN REPUBLIC: Gov. Workers Get US$267.2MM Year-End Bonus


G U Y A N A

GUYANA: IDB OKs $30.4MM Loan to Ensure Quality of Life

                           - - - - -


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

BUENOS AIRES PROVINCE: Extends $7BB Debt Deal Deadline to Jan. 4
----------------------------------------------------------------
Hernan Nessi at Reuters reports that Argentina's Buenos Aires
province has extended an already-delayed deadline to Jan. 4 for
bondholders to agree a deal to restructure some $7 billion in
foreign debt, the local government said in a statement.

The extension comes as the latest deadline came and went without an
agreement with its creditors, according to Reuters.

"The Ministry of Finance will continue to dialogue in good faith
with external private creditors," the district said in the
statement announcing the extension on its website.  It said its
goal was "the sustainability of the provincial public debt," the
report notes.

The sprawling province, home to the country's capital, has extended
the deadline for talks several times, despite the national
government's recent successful revamp of almost $110 billion in
foreign currency bonds, the report relays.  Bondholders rejected an
earlier debt offer by the province, the report discloses.

Argentina has been mired in an economic crisis since 2018 and is
heading for its third consecutive year of recession, with an
expected contraction close to 12% this year, as well as a currency
crisis that has led to tough capital controls, the report adds.

                       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.



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

PARAIBA: To Improve Fiscal Management w/ $38.4MM IDB Loan
---------------------------------------------------------
Brazil's state of Paraiba will improve its fiscal management, tax
administration, and public spending procedures with a $38.4 million
loan from the Inter-American Development Bank's (IDB) PROFISCO II
Program.

The program aims to support efforts to increase the state's fiscal
sustainability. The component related to fiscal management seeks to
upgrade the management process and tools as well as the
technological infrastructure, and raise the degree of
accountability of public finances, strengthening the institutional
performance of the agencies in charge of public fiscal management.

It will also finance steps to increase revenues, boost the
efficiency of the tax and contentious-administrative management,
and simplify the tax filing and compliance procedures. In order to
strengthen public spending administration, the program will support
moves to update public policy management, financial performance,
and oversight of state-run companies, and to upgrade
cost-management, public debt, and state investment processes.

Since 2008, the IDB has approved more than $1.3 billion in
financing to help Brazil's 26 states and the Federal District
streamline their fiscal management actions through the PROFISCO I
and II programs. The latest loan, for the state of Paraiba, is for
a 25-year term, with a 5.5-year grace period and an interest rate
based on LIBOR.

                         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.

S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B' long-
and short-term foreign and local currency sovereign credit ratings
on Brazil. The outlook on the long-term ratings remains stable.
Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 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, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.

PETROLEO BRASILEIRO: Prosecutors Sue Maersk, Seek to Freeze $200MM
------------------------------------------------------------------
Rio Times Online report that federal prosecutors in Brazil filed a
civil lawsuit against Danish shipping company Maersk and former
executives representing the firm, alleging corruption involving
shipping contracts with state-run oil firm Petroleo Brasileiro
S.A., they said.

The lawsuit requests that a judge freeze almost R$1 billion (US$198
million) in assets in order to make sure funds are available to pay
for damages resulting from the alleged scheme, according to Rio
Times Online.

Prosecutors said there was evidence of bribe payments to Petrobras
employees in exchange for privileged information that allowed
Maersk to secure shipping contracts between 2006 and 2014, the
report notes.

                         About Petrobras

Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil.  Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia.  But, Brazil represents majority of its production.

The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank
and
Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%,
bringing the State's direct and indirect ownership to 64%.

A corruption scandal was uncovered in 2014 that involved
Petrobras.
The scandal related to money laundering that involved Petrobras
executives.  The executives were alleged to get received kickbacks
from overpriced contracts, to the tune of about $3 billion in
total.

As reported in the Troubled Company Reporter-Latin America on Feb.
25, 2019, S&P Global Ratings raised the stand-alone credit profile
(SACP) on Petrobras to 'bb' from 'bb-'. S&P also affirmed its
global scale ratings on the company at 'BB-' and its Brazilian
national scale rating at 'brAAA'.



===============
D O M I N I C A
===============

DOMINICA: CDB Approves US$20 Million for Country
------------------------------------------------
RJR News reports that the Board of Directors of the Caribbean
Development Bank (CDB) approved a US$20 million loan for Dominica
to help close financing gaps, which have widened due to the
COVID-19 pandemic.

The country, still reeling from the devastation of Tropical Storm
Erika in 2015 and Hurricane Maria in 2017, which caused an
estimated loss of 90% and 226% of gross domestic product (GDP),
respectively, was hit hard by the outbreak of the global pandemic,
according to RJR News.

Dominica has experienced an estimated 10% downturn in its economy
in 2020, which has driven up poverty in the country, the report
notes.

The CDB estimates that economic growth will return in 2021, the
report adds.



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

DOMINICAN REPUBLIC: Formal Labor Market Continues Rebound
---------------------------------------------------------
Dominican Today reports that Dominican Republic's formal labor
market continues its recovery process, after being hit by the
coronavirus pandemic, which forced employers to furlough thousands
of workers and cancel elsewhere.

Last October, the Social Security Treasury (TSS) registered
2,009,779 contributing employees, a figure that, although still
below that of March 2020, represents an improvement compared to the
months between April and September, according to Dominican Today.

At the end of March, 2,250,140 workers were listed on the TSS, a
number that in May -- the worst month so far this year -- fell to
1,717,798. At that time 532,342 jobs were lost, a figure that has
since been improving as the economy has begun to return to normal,
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).

[*] DOMINICAN REPUBLIC: Gov. Workers Get US$267.2MM Year-End Bonus
------------------------------------------------------------------
Dominican Today reports that the National Treasury has disbursed to
Gov. workers RD$15.5 billion (US$267.2 million), or 82.17 percent
of the public payroll.

Among the institutions that have received salary number 13 or
double salary, since the payment began, figure the ministries of
Defense, Education and Finance, according to Dominican Today.

National treasurer, Catalino Correa said that employees of the
ministries of Labor, Foreign Relations, Interior and Police,
pensioners, the National Drug Council, among others, have received
the money, 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).



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

GUYANA: IDB OKs $30.4MM Loan to Ensure Quality of Life
------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $30.4 million
loan to contribute to ensuring minimum levels of quality of life
for vulnerable persons amid the crisis caused by COVID-19 in
Guyana. To do so, the program will contribute to support minimum
income levels, and preserve the human capital of those affected by
the pandemic.  

In Guyana, as of December 8, 2020, there have been 5,727 confirmed
cases and 154 deaths from COVID-19. The crisis caused by this
pandemic negatively affected the living standards of nearly all
people. Particularly vulnerable groups include low income families,
the elderly, individuals with disabilities, and even women, who
suffered increased rates of intimate partner violence as an
unintended consequence of the confinement measures.

In addition, the pandemic will have a negative impact on learning,
with potential long-term effects on human capital and inequality.
It is expected to directly impact the education sector, both on the
demand side and on the supply side.  

To address these challenges, the IDB has approved a project that
will have two main components: social protection and support for
educational continuity.  

In its social protection component, it will support: temporary
extraordinary cash transfers of the Old Age Pension Service and the
Public Assistance; electricity bill credits for vulnerable
households consuming less than 75KWH per month; the implementation
of the new Survivors Advocates Program, who will help women victims
of violence access the criminal justice system, agency referrals,
emergency shelters, and cash transfer programs.  

In the education component, the operation will finance actions to
mitigate the effects of school closures during the COVID-19
pandemic and prepare for their reopening, including: the
development of educational content for radio and TV for students in
nursery, primary and secondary schools; the distribution of
pedagogical materials such as textbooks and curricular guides for
teachers; water supply improvement solutions including the
installation of water pumps and storage tanks; and debt relief for
public university students.

Beneficiaries will include: 56,000 beneficiaries of the Old Age
Pension Service; 9,000 beneficiaries of the Public Assistance;
15,000 beneficiaries of electricity bill credits; 350 women victims
of violence; 146,000 students that will receive education delivered
through TV and radio; 35,000 students, who will receive textbooks
and worksheets; and 1,765 beneficiaries of student loan relief.

The $30.4 million loan will be executed during a two-year period.
The $21.8 million corresponding to Flexible Financing Facility will
have an amortization period of 25 years and an interest rate based
on LIBOR, while the concessional OC will have an amortization
period of 40 years and 0.25% interest rate.


                           *********


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
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$775 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 Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *