/raid1/www/Hosts/bankrupt/TCRLA_Public/210106.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, January 6, 2021, Vol. 22, No. -1

                           Headlines



A R G E N T I N A

MERCADOLIBRE INC: Fitch Assigns First-Time BB+ IDR, Outlook Stable
MERCADOLIBRE INC: Moody's Gives Ba1 Rating to Proposed $1BB Notes
MERCADOLIBRE INC: S&P Assigns BB+ Rating to New Sr. Unsec. Notes


B R A Z I L

BRAZIL: Pres. to Sign Provisional Measure Raising Min. Wage by 5%


C A Y M A N   I S L A N D S

ZHENRO PROPERTIES: Moody's Rates New Sr. Unsec. USD Notes 'B2'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Manufacturing Activity Declined in Nov. 2020
DOMINICAN REPUBLIC: Pledges Zero Red Tape for Investments
DOMINICAN REPUBLIC: Saves US$281 Million in 4Q 2020


J A M A I C A

JAMAICA: Gov't Should Provide More Subsidies for Feeds, Says Farmer


P U E R T O   R I C O

ORGANIC POWER: Unsecured Creditors to Recover 100% in 5 Years


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Food Inflation Jumped to 5.1% in Nov. 2020

                           - - - - -


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MERCADOLIBRE INC: Fitch Assigns First-Time BB+ IDR, Outlook Stable
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Fitch Ratings has assigned a 'BB+' First-Time Foreign Currency (FC)
Issuer Default Rating (IDR) and a 'BB+' First-Time Local Currency
(LC) IDR to MercadoLibre, Inc (MELI). The Rating Outlook for the FC
and LC IDRs is Stable. Fitch has also assigned a 'BB+' rating to
MercadoLibre's proposed senior unsecured notes of roughly USD1
billion. The notes will be issued in two tranches. One tranche will
be related to ESG and sustainability, with use of proceeds reserved
for green projects and/or eligible social projects. Use of funds
for the other tranche will be for general corporate purposes and
liability management, including potentially refinancing a portion
of MELI's convertible notes.

MercadoLibre's (MELI) Long-Term FC and LC IDRs of 'BB+' reflect the
company's position as the largest e-commerce platform in Latin
America, its geographic diversification across the region, strong
FCF generation and moderate leverage that is expected to improve.
The company provides a full range of online commercial services and
payments solutions. The company's strategy is to grow rapidly,
solidify its market position, continue development and penetration
of its payments business and monetize on investments to drive
profitability.

The Stable Rating Outlook reflects Fitch's expectation that the
company will continue to maintain its market leadership and
conservative capital structure within the rating horizon.

KEY RATING DRIVERS

Strong Business Profile: MercadoLibre's ratings reflect its leading
position as the largest e-commerce platform and payments ecosystem
in Latin America and the 10th largest globally as measured by
unique visitors. The platform had 112.5 million unique active users
as of Sept. 30, 2020. The company has been growing quickly by
developing a complete portfolio of services (marketplace,
classified, advertising, shipping, payments and credits) to boost
gross merchandise volumes (GMV) and total payment volumes (TPV).
GMV and TPV as of LTM September 2020 were USD18.2 billion and
USD42.5 billion, respectfully.

The company is well positioned to benefit from the trend of
increased online retail penetration and the growth of fintech
transactions in most of its markets. MELI has operations in 18
countries across Latin America, including Argentina, Brazil,
Mexico, Chile, Colombia, Costa Rica, Ecuador and Peru, among
others.

Not Constrained by Country Ceiling: MELI is headquartered in Buenos
Aires, Argentina (CCC) and has been listed on the Nasdaq since
2007. The company generates significant revenues and cashflow
outside of Argentina, as operations in Brazil accounted for about
60% of consolidated sales as of the LTM ending Sept. 30, 2020.
Fitch estimates that roughly half of consolidated EBITDA generation
comes from operations in Brazil.

The ratings incorporate Fitch's expectation that MELI's operations
in Brazil will be able to service hard currency debt in the coming
years. The Long-Term FC IDR of 'BB+' is not constrained by Brazil's
'BB' country ceiling given the company's ability to cover hard
currency debt service with cash held offshore or in higher rated
countries. Fitch estimates that the EBITDA contribution from
Brazil, as a percentage of total revenues, will remain stable over
the short-to-medium term until operations in Mexico are able to
contribute material positive EBITDA.

Improved Logistics Network: MercadoLibre's investment in a managed
logistics network has improved margins and decreased exposure to
large third-party carriers. The logistics initiative leverages
MELI's managed network to distribute through smaller, more
fragmented and lower cost local and independent carriers rather
than large, traditional carriers. MELI's margins also benefit from
improved fulfilment efficiency and increased crossdocking. MELI's
managed network penetration (the percentage of items that were
shipped on MELI's logistics network) was 52% as of June 30, 2020.
As of October 2020, exposure to Correios, the main carrier in
Brazil, is down to 16%, from 96% in 2017.

Strong Free Cashflow Generation: Increased profitability from
growing scale and more efficient cost management is expected to
drive positive EBITDA margins beginning in fiscal 2020. MELI has
developed an asset-light business model instead of investing in
physical assets, which enables the company to generate strong FCF.
Working capital in the growing MercadoPago division is funded
mainly by credit lines and loans with various financial
institutions, discount of receivables with financial institutions,
as well as the company's own capital. This model relies on the
company being able to grow both marketplace and nonmarketplace
activities. Fitch expects the company to generate positive FCF over
the rating horizon.

Intense Competitive Environment: MELI benefits from a large
presence in Latin America and a strong position in its two main
countries, Brazil and Argentina (based on GMV and TPV). The
competitive environment is intense, with other e-commerce players
and traditional retailers such as Americanas, Olx, Magazine Luiza
and Amazon. Amazon is not a key competitor in Argentina and Brazil
yet competes with MELI in Mexico. Within the payment solutions
business (MercadoPago), MELI is exposed to other payment solution
providers such as PagSeguro, Stone, Cielo, Ualá and PayClip, among
others. In payments, MELI relies on its capacity to access local
financial institutions to grow its activities. A rise in interest
rates or the slowdown of disposable income would have a negative
impact on the group's capacity to grow.

Positive Sector Trend: Fitch believes MELI will continue to benefit
from a shift in consumer behavior toward e-commerce and digital
payments. This shift, alongside relatively low e-commerce and
digital payment penetration, will allow MercadoLibre to continue
scaling its business and growing its top line. MELI's commerce
business has capacity to grow, as only 10%-12% of total retail
sales comes from e-commerce in Latin America. MELI's fintech and
payments business also has capacity to grow, as roughly half of the
population in Latin America currently does not have access to
adequate financial services.

DERIVATION SUMMARY

MercadoLibre's ratings reflect the company's leading online
platform and financial technology solutions in Latin America. MELI
has a leading market position in most of the countries in which it
operates based on unique visitors and page views. The company has a
unique integrated internet platform, offering services and payments
solutions.

Constraining factors are MELI's limited size and scale compared to
international peers, such as Alibaba (A+/Stable), Amazon
(A+/Stable), PayPal Holdings (BBB+) and eBay Inc. (BBB/Stable). It
also reflects a lower EBITDA margin versus most peers due to
investments in free shipping and marketing expenses to foster
growth. The company is subject to intense competition from online
and traditional retailers that are developing online service
solutions. In Mexico, the company is loss-making due to intense
competition and high marketing costs. Positively, MELI's strong FCF
and strong liquidity compares well with its higher-rated peers.

MELI is exposed to higher operating environment risk compared with
its peers due to its presence in Latin America, which exposes the
company to currency fluctuations and volatile economies. Most of
MELIs revenues and profitability originate from non-investment
grade countries such as Brazil (BB-/Negative) and Argentina (CCC).
The Long-Term FC IDR of 'BB+' reflects Fitch's expectation that
MELI's Brazilian operations could cover hard currency interest
expenses over the next two years.

MELI's 'BB+' ratings compare favorably when compared with B2W
Companhia Digital mainly due to geographic diversification and
larger scale. B2W's 'BB'/Negative ratings are capped by Brazil's
Country Ceiling (BB), as the company's operations are only in
Brazil and they do not have assets or material cash held abroad to
help mitigate transfer and convertibility risk.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

-- Average of 60% topline growth in 2020-2022, backed by strong
    GMV and TPV growth;

-- EBITDA margins trending toward 9% by 2023, backed by logistics
    efficiencies, stable marketing expenses (as a percentage of
    revenues) and growth of higher margin businesses such as
    advertising and financing/credit;

-- Average annual FCF of USD539 million during 2020-2022;

-- Debt to EBITDA trending downward toward 2.0x as EBITDA
    improves;

-- Successful senior unsecured notes issuance of USD1 billion in
    2020.

RATING SENSITIVITIES

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

-- Increased revenue and EBITDA contribution from investment
    grade countries;

-- Improvement in profitability of Mexican operations to a level
    that can cover annual hard currency interest expense;

-- Debt/EBITDA below 3.0x on a sustained basis.

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

-- Brazilian operations not covering hard currency debt service;

-- Significant deterioration of market position and/or operating
    performance resulting in debt/EBITDA sustained above 5.0x;

-- A multi-notch downgrade of Brazil's sovereign ratings and
    country ceiling.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Robust Liquidity: The rating incorporates Fitch's expectation that
MELI will maintain a strong liquidity profile, with a manageable
debt amortization schedule. As of Sept. 30 2020, the company had
about USD2.7 billion of readily available cash and short-term
investments compared with USD618.2 million of short-term debt.
Remaining financial liabilities are mainly comprised of USD880
million in 2.0% convertible notes due Aug. 28, 2028 and bank debt.

As of Sept. 30, 2020, MELI held USD484.4 million as restricted
cash. This cash is held for regulatory payable funds in Argentina
(which is required by the Argentine central bank to be maintained
in cash), as well as escrow accounts held as guarantees for
Brazilian loans and trusts. Fitch also classified USD663.6 million
of reported marketable securities as additional restricted cash as
of Sept. 30, 2020; due to regulations set by the Central Bank of
Brazil, these funds must be held separately to cover 100% of
electronic balances in Brazil.

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.

MERCADOLIBRE INC: Moody's Gives Ba1 Rating to Proposed $1BB Notes
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Moody's Investors Service assigned a Ba1 Corporate Family Rating to
MercadoLibre, Inc. and a Ba1 rating to MercadoLibre's proposed
senior unsecured notes with maturity of five to 10 years and a
principal amount of around $1 billion. Net proceeds from the notes
will be used to refinance existing debt and for general corporate
purposes, including green projects and/or eligible social projects.
The outlook is stable.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

This is the first time that Moody's assigns ratings to
MercadoLibre.

Ratings assigned:

Corporate Family Rating: Ba1

Proposed Senior Unsecured Notes: Ba1

The outlook for the ratings assigned is stable

RATINGS RATIONALE

The Ba1 ratings assigned to MercadoLibre reflect its position as
the largest online marketplace in Latin America, along with its
recognized brand and experienced and well-seasoned management team.
The ratings also incorporate its broad presence across the region
and broad range of services provided to both vendors and consumers,
which are key factors to the company's business model and generate
synergies through its integrated platforms (website, marketplace,
financial services, shipping services, advertisement services,
among others) that favor user base retention and growth. Also
embedded in the rating is MercadoLibre's robust liquidity profile
and adequate corporate governance standards, with a diversified
ownership structure and listed on Nasdaq since 2007.

MercadoLibre’s rating is constrained by its weak profitability
relative to industry peers, mainly derived from heavy consumer
services and shipping expenses resulting from the company's
aggressive growth strategy since 2017. Still, Moody's expects the
company to benefit from the future growth of digital payments and
online sales, with significant improvements in credit and
profitability metrics in 2020 and 2021. Also constraining the
rating are potential event risks that could jeopardize logistic
operations or limit access to the securitization market necessary
to fund the company's fintech business. MercadoLibre's exposure to
foreign exchange risk also constrains the rating because revenues
are denominated in the region's local currencies while indebtedness
is mainly denominated in US dollars.

Moody's expects MercadoLibre’s top line growth to support an
improvement in the company's profitability and deleveraging
process. Accordingly, the company is well positioned to take
advantage of the growing e-commerce and Fintech businesses in Latin
America, particularly because the coronavirus pandemic has
accelerated the switch to on-line sales from traditional brick and
mortar sales and because online sales are still underpenetrated in
Latin America. In recent years, MercadoLibre has showed a strong
track record of sales growth but at the expense of profitability as
the expansion strategy incorporated a material increase in
subsidized shipping and marketing expenses; although profitability
showed material improvement in 2020, it remains low relative to
industry peers.

Revenues increased to $3.3 billion for the last twelve months ended
in September 2020 (LTM Sep-20) from $2.3 billion in 2019, and were
3.5 times higher than in 2015. During 2018-2019 higher marketing
and logistics costs, on top of free-shipping campaigns and
discounts to mobile points of sales, drove down Moody's adjusted
EBITDA to $63 million in 2019 and $30 million in 2018, from around
$200-240 in the 2015-2017 period. But EBITDA has recovered
significantly during 2020, reaching $322 million as of LTM Sep-20,
driven by both higher Gross Merchandise Volume (GMV) of $18 billion
from $14 billion in 2019 and higher Total Payment Volume (TPV), on
and off the market place, at $42.4 billion from $28 billion in
2019. We expect EBITDA margin to remain around 8.0-9.0% in
2020-2021, up from an average of 2.4% in 2018-2019, aided by
growing GMV and TPV and a reduction in marketing expenses,
supporting EBITDA levels at around $400 million. Moody's also
believe there is upward potential to this scenario if
MercadoLibre’s is able to capture growing e-commerce sales in
Latin America without a deterioration in profit margins.

The company has a strong liquidity profile and a track-record of
prudency towards liquidity. As of September 30, 2020, the company
had $3.8 billion in cash and short-term investments, of which $484
million was restricted cash. MercadoLibre’s $3.3 billion in
available cash and short-term investment compares favorably to the
company's short-term debt maturities of $618 million. The company
is required to hold liquid positions to face cash withdrawals of
vendors and customers that have holdings in MercadoPago, which as
of September 2020 amounted to $1.4 billion. Moody's expects
MercadoLibre to maintain a cash balance greater than its debt
maturities and to continue generating positive retained cash flow
as the company manages profitability and limits dividend payments.

The proposed notes issuance will reinforce the company's liquidity,
while also providing additional funding to its fintech business and
environmental and social projects. At the same time, positive and
growing EBITDA margins will allow MercadoLibre to continue its
deleveraging process. Moody's expects adjusted debt to EBITDA ratio
to remain at around 5.0x in the next 12-18 months, down from 16.1x
as of fiscal year 2019. However, the company is exposed to exchange
rate swings in the region, particularly in Brazil, Argentina and
Mexico, where it generates the bulk of revenues, which may hinder
the company's ability to deleverage in the future. This risk is
somewhat mitigated by the company's cost structure mainly
denominated in the local currencies and by the company's large
holdings of cash and marketable securities in US dollars.

MercadoLibre's Ba1 ratings are one notch above Brazil's government
bond rating of Ba2, which is granted only on an exceptional basis.
The company has solid liquidity and broad presence and competitive
position in other countries in the region, which allows financial
flexibility to sustain economic downturns.

The stable outlook incorporates our expectation that MercadoLibre
will be able to maintain EBITDA margins at healthy levels, which in
turn will aid the company's deleveraging process and support its
cash generation ability. The outlook also incorporates Moody's
expectation that the company will maintain its robust liquidity
profile.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

A positive rating action would require strong liquidity and a
continued improvement in EBITA margins on a sustained basis.
Quantitatively, a positive rating action would require (all Moody's
adjusted metrics) debt to EBITDA ratio to remain below 3.0x (4.5x
LTM Sep-20) and EBITA to interest expense ratio to remain above
6.0x (1.8x LTM Sep-20); also, retained cash flow to net debt ratio
should remain above 25% or a net cash position (MercadoLibre had a
net cash position as of September 30, 2020).

MercadoLibre's rating could be downgraded if it fails to maintain
strong liquidity and/or profit margins deteriorate to an extent
that lead to a weakening of credit metrics. Quantitatively, a
downgrade would require (all Moody's adjusted metrics) debt to
EBITDA ratio to remain above 5.0x and EBITA/interest expense below
1.5x. Negative pressure on the rating could also emerge if logistic
operations and/or access to the securitization market necessary to
fund the company's fintech business is considerably restricted in
any way.

A downgrade of Brazil's (Ba2 stable) sovereign rating would also
likely lead to a rating downgrade for MercadoLibre.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

MercadoLibre, Inc. was founded in 1999 and has become one of the
largest online ecommerce ecosystems in Latin America, with
operation in 18 countries and 320 million confirmed registered
users as of 2019. MercadoLibre accounted for 18% of the region's
e-commerce net sales in 2019. MercadoLibre's operations combine the
company's e-commerce operations and its fintech platform, Mercado
Pago, with each segment accounting for around half of net revenue.

MERCADOLIBRE INC: S&P Assigns BB+ Rating to New Sr. Unsec. Notes
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S&P Global Ratings assigned its 'BB+' issuer credit rating to
MercadoLibre Inc. (MELI). Additionally, S&P assigned its 'BB+'
issue-level rating to MELI's proposed senior unsecured notes with a
recovery rating of '3', which indicates a recovery of 50%-70%
(rounded estimate: 65%) in the event of default.

The stable outlook reflects S&P's expectation that the company will
continue posting strong growth rates, along with rising margins and
bottom-line profitability, with debt to EBITDA below 2.0x and funds
from operations (FFO) to debt above 30% in the next 12 to 24
months.

The 'BB+' rating reflects the company's solid market position as
the largest e-commerce and payments ecosystem in Latin America.
This, combined with a light balance sheet, should support business
growth in the next few years.

Although smaller than global peers, after years of consistent
growth and expansion, the company has become a regional player with
presence in 18 countries and serves more than 86 million users.

S&P said, "Additionally, we consider a key competitive advantage
that MELI serves as a single platform offering marketplace,
shipping, and payment solutions. This array of services, combined
with the scale the company has reached, poses higher entry barriers
and a competitive edge against a growing number of competitors. We
expect e-commerce competition to remain intense as traditional
brick and mortar (B&M) retailers that start expanding their
e-commerce solutions and new entrants into the regional e-commerce
landscape increase."

The secular trend is evident in most of the largest economies in
the region where MELI has leading market positions. In addition,
access to credit and access to and use of banking services rates
are low, which favors online banking adoption. In S&P's opinion,
these factors support strong mid-term growth for the industry and
the company.

In recent years, the company has spent aggressively to build
efficient logistics networks and expand its footprint. It has
expanded its free shipping offering to attract new customers and
ensure loyalty, All of these efforts dented margins. Over time, the
impact of free shipping on profitability should diminish as GMV
(gross merchandise value) continues growing, the company gains
logistic efficiencies, and take rates improve. For instance, given
the economies of scale the company has reached and its significant
growth year-to-date, it has been able to turn around its results.
MELI has reported positive EBIT for the first nine months of 2020,
and S&P expects operating margins and bottom-line results to
strengthen in the next few years.

Leveraging its ample user platform, MELI began to offer credit to
its customers and merchants in 2017. On one hand, this broadens
revenue diversification, growth prospects, and profitability. On
the other hand, the exponential growth this business line could
have in the next few years could add credit risk if MELI doesn't
manage underwriting properly.

In 2019, the company raised $1.96 billion through three equity
offerings, strengthening its balance sheet and providing capital
cushion for growth in the next couple of years. Given the
capitalization and the improvements S&P expects in operating cash
flows, it forecasts the company to maintain a conservative
financial profile with adjusted debt to EBITDA consistently below
2.0x and FFO to debt above 30% through 2022.

S&P said, "MELI has significant exposure to Brazilian sovereign
risks: we expect the company to generate about 55% of revenue in
that country in the next couple of years. In a sovereign distress
scenario, we expect the company's revenue and operating cash flows
in Brazil to erode. However, given MELI's large cash balances held
abroad, diversification into other economies, and relatively small
short-term maturities, we think there's a considerable likelihood
that the company wouldn't default in a hypothetical scenario of
sovereign default. For this reason, we don't limit our issuer
credit rating on MELI by the long-term foreign currency 'BB-'
rating on Brazil."




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BRAZIL: Pres. to Sign Provisional Measure Raising Min. Wage by 5%
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Rio Times Online reports that Brazilian President Jair Bolsonaro
said that he would sign a Provisional Measure raising the national
minimum wage by 5.26% to R$1,100 (US$211.80) per month beginning on
January 1st.

Bolsonaro said on Twitter that he would make the change via a
Provisional Measure, valid for 60 days after issuance, but which
requires Congressional approval to take permanent effect, notes the
report.

                          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.



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ZHENRO PROPERTIES: Moody's Rates New Sr. Unsec. USD Notes 'B2'
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Moody's Investors Service has assigned a B2 rating to Zhenro
Properties Group Limited's (B1 stable) proposed senior unsecured
USD notes.

Zhenro plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

"Zhenro's B1 corporate family rating reflects the company's (1)
quality and geographically diversified land bank, which helps it
manage property market volatility and regulatory risks; (2) ability
to generate strong contracted sales growth; and (3) good liquidity
and improved access to funding, especially in the debt capital
markets," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

"However, the company's credit profile is constrained by its
improving but still-moderate financial metrics as a result of its
moderate debt leverage," adds Lai.

The proposed issuance will improve Zhenro's liquidity profile and
will not materially affect its credit metrics, because the company
will use the proceeds to refinance existing debt.

Moody's expects Zhenro's revenue/adjusted debt and adjusted
EBIT/interest, excluding adjustments for its joint-ventures and
associates, will improve to around 50%-55% and around 2.0x,
respectively, over the next 12-18 months from 46% and 1.7x for the
12 months ended June 2020, underpinned by increased revenue
recognition from strong contracted sales over the past two years.

Zhenro's total contracted sales grew 7.1% to RMB124.8 billion in
the first 11 months of 2020 compared with the same period in 2019
despite the impact from the coronavirus outbreak. Moody's expects
its contracted sales will slightly increase in 2020 when compared
with 2019, supported by its strong sales execution abilities,
good-quality land bank and sizable salable resources in upper tier
cities.

The B2 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. This risk reflects the fact
that the majority of Zhenro's claims are at its operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination.
Consequently, the expected recovery rate for claims at the holding
company will be lower.

Zhenro's liquidity is good. Its cash holdings of RMB39.8 billion as
of June 30, 2020 could cover its short-term debt of around RMB19
billion. Moody's expects the company's cash holdings, together with
expected operating cash inflow, will be able to cover its committed
land purchases, dividend payments, as well as capital spending and
payables for its previous acquisitions, over the next 12-18
months.

In terms of environmental, social and governance factors, Moody's
has considered the company's concentrated ownership by the owner
family, which held a 64.56% stake in the company as of June 30,
2020. Moody's has also considered the fact that independent
directors chair the audit and remuneration committees; the low
level of related-party transactions and dividend payouts; and the
presence of other internal governance structures and standards as
required by the Hong Kong Exchange.

Moody's regards the impact of the deteriorating global economic
outlook amid the rapid and widening spread of the coronavirus
outbreak as a social risk under its environmental, social and
governance framework because of the substantial implications for
public health and safety.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The stable rating outlook reflects Moody's expectation that Zhenro
will be able to execute its sales plan and remain prudent in its
financial management, such as by maintaining sufficient liquidity
over the next 12-18 months.

Moody's could upgrade Zhenro's ratings if the company demonstrates
sustained growth in its contracted sales and revenue through the
economic cycles without sacrificing its profitability; remains
prudent in its land acquisitions and financial management; improves
its credit metrics, such that EBIT/interest registers at least 3.0x
and revenue/adjusted debt rises to at least 75%-80% on a sustained
basis; and maintains adequate liquidity.

On the other hand, Moody's could downgrade the ratings if Zhenro
generates weak contracted sales; suffers from a material decline in
its profit margins; experiences an impairment of its liquidity
position, such that cash/short-term debt falls below 1.0x; and/or
materially increases its debt leverage.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 2.0x and/or adjusted revenue/debt falling
below 50%-55% on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At 30 June 2020, Zhenro had 198 projects in 32 cities
across China. Its key operating cities include Shanghai, Nanjing,
Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
54.6% of Zhenro Properties as of 30 June 2020. Mr. Ou Guowei and
Mr. Ou Guoqiang, the sons of Ou Zongrong, together owned 9.96% of
the company as of the same date.



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

DOMINICAN REPUBLIC: Manufacturing Activity Declined in Nov. 2020
----------------------------------------------------------------
The Monthly Index of Manufacturing Activity (IMAM) of Dominican
Republic's Industries Association (AIRD) decreased in November in
relation to October, from 69.0 to 50.0.

The indicator is a portrait of the manufacturing activity for one
month in relation to the previous one and that it decreased for the
first time after rising two consecutive months in relation to its
previous reference month.

"When the IMAM is below the 50-point threshold, it reflects that
the economic conditions and prospects of the manufacturing sector
are considered unfavorable. By standing at 50.0 in November, its
behavior is located as neutral in relation to the month of October
2020," indicates a statement from the AIRD.

                 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: Pledges Zero Red Tape for Investments
---------------------------------------------------------
Dominican Today reports that Cabinet minister Geanilda Vasquez said
President Luis Abinader wants to expedite the permits processes in
government institutions, so that a company or industry can be
established if necessary.

Interviewed after a National Palace meeting headed by Abinader with
senior officials, Vasquez said the president is interested in
"fostering a favorable climate for investment and the dynamism of
the economy," according to Dominican Today.

"A permit that lasted three months, one year, two years, has to
have a defined time starting in January for an investor to obtain a
permit, for a builder; For any commercial activity for economic
reactivation, those sectors understand that the permit has to be an
instrument for development," she said, the report notes.

The official told reporters that also discussed in the meeting was
the need to reduce bureaucratic obstacles in public administration,
the report relays.  "The president has an interest in zero
bureaucracy within the State, that the investments made are more
agile," she said, the report discloses.

                 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: Saves US$281 Million in 4Q 2020
---------------------------------------------------
Dominican Today reports that the Dominican Government has saved
RD$16.3 billion (US$281.0 million) in the quarter from September to
December 2020 compared to the same period last year, according to
figures from the General Budget Office.281.0

One of the sections that has had the greatest savings is that of
the organization of events, festivities and entertainment
activities, when in 2019 RD$884.9 million were spent and in 2020
about 199 million, according to Dominican Today.

From this item comes the RD$103 million allocated to hiring artists
by the Cabinet of Social Policies, the report notes.

In general, the Government had savings in at least 18 important
items of its expenses, meaning a saving of 60% of the money
allocated in 2019, the report relays.

Another of the lines with the greatest savings is advertising and
propaganda, which went from 2.65 billion pesos to 806.9 million so
far in the last quarter of 2020, the report discloses.

                  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).



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

JAMAICA: Gov't Should Provide More Subsidies for Feeds, Says Farmer
-------------------------------------------------------------------
Brittny Hutchinson at Jamaica Observer reports that Clarendon
farmer Wayne Kelly said the Government should provide more
subsidies for animal feeds, chemicals and fertilisers to reduce the
expenses faced when growing crops and rearing animals.

"It is too expensive for farmers. For half of the year we would
have a flood or a drought and some farmers don't even know how to
start over again. Farmers are very important but farmers are barely
recognised," Kelly told the Jamaica Observer during a visit to his
farm at the Ebony Park Agro-Park in Clarendon.

Kelly, 60, who has been in farming for 10 years, and plants melons,
cucumbers and sweet potatoes on 15 acres of land, said farmers just
recently started get some recognition due to the effects of the
coronavirus pandemic on the country, according to Jamaica
Observer.

"Farmers are very important but barely recognised. The coronavirus
pandemic made people recognise us. Just imagine if we were not
producing during the pandemic. The Government just needs to invest
more into farmers [as] the farmers are the backbone of any
country," said Kelly, the report notes.

He said heavy rains in October damaged 75 per cent of his crops,
which put a dent in sales for the Christmas period, the report
relays.

"It (rains) really put a hold on everything. It slowed down the
farming [and] this year there was no real Christmas," he said. The
novel coronavirus, he added, made Christmas really the worst one,
the report discloses.

But, despite the challenges, Kelly said that progress is taking
place as he supplies produce to the Caribbean Broilers' farms in St
Catherine, the report adds.

                          About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its main sources of
foreign currency revenues: tourism, remittances and alumina
exports.



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

ORGANIC POWER: Unsecured Creditors to Recover 100% in 5 Years
-------------------------------------------------------------
Organic Power, LLC, filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a Plan of Reorganization and a Disclosure
Statement on Dec. 17, 2020.

The Plan  would provide payment in full of all secured, priority,
administrative expenses and general unsecured claims plus
interest.

In addition, the Debtors will be able to continue operating, and
maintain jobs in the high unemployment area of Vega Baja.

As part of its reorganization, the Debtor and certain prepetition
creditors put into effect prepetition agreements which allowed for
those creditors to convert their credits into stock in the Debtor.
These creditors will also be injecting additional capital into the
Debtor corporation in order to finalize the project and convert to
generation with natural gas.

Class 2 consists of general unsecured creditors listed by Debtor
and those who have filed proof of claims.  General unsecured
creditors with allowed claims in this class are approximately
$765,154.  The Debtor proposes to pay 100% of their allowed claims
in a five year payment plan commencing thirty days after the
effective date.  This class is impaired.

The Disclosure Statement clarifies that although Debtor does not
appear to have enough cash flow to make payments under the Plan,
this is only due to the reduction in income due to the improper
withholdings by ECPC and the repairs to the generator.  The Debtor
expects to be back under full operation within the month of
December 2020 and expects that it will have be generating
electricity with natural gas within a reasonable time thereafter.
That should make the operation profitable and should be enough to
make the Plan payments.

The Plan will be funded by the cash on hand at the Effective Date;
injection of capital from new stock holders; future earnings of
the
reorganized Debtor; and Restructuring of Debtor's secured debt.

A full-text copy of the Disclosure Statement dated Dec. 17, 2020,
is available at https://bit.ly/3prd01A from PacerMonitor at no
charge.

Counsel for the Debtor:

     Rafael Gonzalez Valiente, Esq.
     Godreau & Gonzalez Law, LLC  
     P.O. Box 9024176      
     San Juan, PR 00902-4176      
     Tel: (787)726-0077      
     Email: rgv@g-glawpr.com

                      About Organic Power

Organic Power LLC -- https://prrenewables.com/ -- is a supplier of
renewable energy and a provider of environmentally sustainable food
waste recycling services based in Puerto Rico.  It offers food
processing companies, restaurants, pharmaceuticals and retail
outlets an alternative to landfill disposal.

Organic Power sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 19-01789) on April 1, 2019.  At the
time of the filing, the Debtor estimated assets and estimated
liabilities of between $10 million and $50 million.

Aimee I. Lopez Pabon of Godreau & Gonzalez LLC is serving as
counsel for the Debtor.



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

TRINIDAD & TOBAGO: Food Inflation Jumped to 5.1% in Nov. 2020
-------------------------------------------------------------
Trinidad Express reports that the Central Bank reported food
inflation was 5.1 per cent in November compared with 2.1 per cent
in August, as it decided to keep its repo rate at 3.5 per cent.

Calling the increase in food prices "notable," the Central Bank, in
its Monetary Policy Announcement, said it was "possibly related to
Covid-19 disruptions in supply from domestic and imported sources,"
according to Trinidad Express.

While food inflation was over 5 per cent, the Bank said overall
headline inflation remained contained, measuring 0.9 per cent in
the 12 months to November 2020, the report notes.

The Central Bank said the domestic economy remained "subdued"
during the third quarter of 2020, but there were signs of
resurgence in construction -- notably public works and home repairs
-- as well as manufacturing, the report relays.

"As the year comes to a close, there are also indications that a
number of financial institutions and other private businesses are
successfully adapting their processes to streamline operations and
boost sales, notwithstanding the shadows cast by the pandemic," the
Bank said, the report notes.

The report discloses that the Bank said its monetary policy actions
in March -- reducing the repo rate by 1.50 per cent and lowering
the reserve requirement to 14 per cent from 17 per cent -- continue
to work their way through the financial system.

The Bank said: "While liquidity remains at record highs and
interest rates have continued to decline, the credit response has
been sluggish. Credit growth measured 0.6 per cent (year-on-year)
in September 2020, with business credit contracting by 4.6 per cent
in September, slower than the 6.1 per cent decline three months
earlier.

"The tapering of domestic interest rates has contributed to a
substantial narrowing of domestic/foreign interest differentials:
the TT-US yield differential on three-month Treasuries moved from
85 basis points to 6 basis points between August and November
2020."


                           *********


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 2021.  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
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Information contained herein is obtained from sources believed to
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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.
.


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