/raid1/www/Hosts/bankrupt/TCRLA_Public/210322.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, March 22, 2021, Vol. 22, No. 52

                           Headlines



B R A Z I L

BRF SA: Fitch Affirms 'BB' LT IDRs and Sr. Unsec. Notes Rating


C O L O M B I A

AVIANCA HOLDINGS: Adding Routes With Eye on Bankruptcy Exit
AVIANCA HOLDINGS: S&P Rates Tranche A $1.27BB DIP Facility 'B'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Banks Channeled RD$1.2BB in Loans to MSMEs
DOMINICAN REPUBLIC: Government Re-freezes Fuel Prices
DOMINICAN REPUBLIC: Livestock Advances in Animal Health Control


J A M A I C A

JAMAICA: PM Announces Plan for Low Income Housing


P A R A G U A Y

FRIGORIFICO CONCEPCION: S&P Raises ICR to 'B', Outlook Stable


P U E R T O   R I C O

ORGANIC POWER: Case Summary & 20 Largest Unsecured Creditors


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Extends Temporary Lay-Offs


X X X X X X X X

[*] BOND PRICING: For the Week March 15 to March 19, 2021

                           - - - - -


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

BRF SA: Fitch Affirms 'BB' LT IDRs and Sr. Unsec. Notes Rating
--------------------------------------------------------------
Fitch Ratings has affirmed BRF S.A.'s (BRF) Long-Term Foreign and
Local Currency IDR and senior unsecured notes at 'BB'. In addition,
Fitch has affirmed BRF's National Rating and Debentures at
'AA+(bra)'. The Rating Outlook remains Stable.

The affirmation reflects BRF's improved performance and lower
leverage in 2020, resilience of the business due to its geographic
diversification and product offering; as well as its sound
liquidity, which provides the company with financial flexibility
for organic and inorganic investments. The rating is tempered by
the company's "Vision 2030" growth strategy, which will likely
lower FCF and result in higher leverage during the investment
cycle.

KEY RATING DRIVERS

Deleveraging Expected: Fitch expects BRF's net leverage to decrease
toward 3.2x in 2021 (3.5x in 2020) due to an increase in EBITDA,
which should be driven by price increases, as well as single-digit
volume growth in the domestic and international markets. The
company should benefit from less logistical issues related to the
coronavirus pandemic, as well as fewer disruptions of the
foodservice segment. Robust demand from international markets is
expected to continue. Fitch's net debt/EBITDA ratio is around 0.8x
higher than the ratio reported by BRF due to IFRS16 adjustments,
the exclusion of restricted cash, as well as the inclusion of
securitized receivables. Gross leverage is expected to remain high
at about 5.3x in 2021.

Improved EBITDA: Fitch forecast EBITDA of about BRL6.1 billion in
2021, an increase from BRL5.2 billion in 2020. Fitch expects a
price of about 10.3 BRL/KG in Brazil in 2021, compared to 9.4
BRL/KG in 2020. BRF increased its average price by 15.2% yoy, and
EBITDA margin reached 12.9% in 2020. Pandemic-related expenses
amounted to BRL500 million in 2020. Performance in Brazil was solid
in 2020, as the company was able to increase prices, improve its
product mix and innovate despite the challenge caused by the
pandemic. International markets were more challenging due to lower
demand from Japan and poor performances in Turkey, the Middle East,
and direct export, which were severely affected by the pandemic.

Expansion Program: Fitch expects BRF to generate negative FCF of
about BRL1.3 billion in 2021 based on BRL5.2 billion of capex in
2021 (including IFR16), more than double the BR2.5 billion spent in
2020. The company aims to double EBITDA over the next three years
and invest BRL55 billion over the next 10 years. BRF's expansion
plan includes developing product categories, expanding in the pet
food business, and geographical diversification. Fitch expects BRF
to be acquisitive to achieve its growth ambition, likely causing
net leverage to increase over the next two years due to organic and
inorganic expansion.

Strong Business Profile: BRF is one of Brazil's largest food
companies and one of the largest poultry exporters worldwide. The
company's cash flow benefits from strong domestic brands that give
the company market shares ranging between 40% and 50% in multiple
market segments. While barriers to entry in the processed food
segment are relatively low, BRF benefits from its extensive product
offering, strong brand recognition, recurring innovation, and
extensive distribution capacity for refrigerated products in
Brazil. This allows the company to lead price initiatives in many
of its Brazilian categories and provides some resilience in
economic downturns. BRF's "Vision 2030" plan aims to transform the
company into a high-value-added food company and to reach BRL100
billion net revenue with an EBITDA margin above 15%.

Geographic Diversification: BRF's business profile benefits from
its geographic diversification, with approximately 47% of its sales
occurring outside Brazil. The company's diversification, in terms
of sales and production, mitigates risks, such as potential export
restrictions that may occur in particular regions of the country
due to sanitary concerns.

Favorable Protein Sector: Fitch expects long-term fundamentals for
the protein sector to remain positive due to growing demand for
protein and strong export markets, especially in Asia, following
African Swine Fever. The USDA forecasts Brazilian chicken meat
consumption growth of 2% for 2021, with exports representing 28% of
all chicken production in Brazil and increase four percent in
2021.

DERIVATION SUMMARY

BRF S.A.'s ratings reflect the group's business profile as one of
the largest poultry exporters in the world, with a solid processed
foods business, strong brand awareness in Brazil, and a vast
distribution platform. The company is also leader in the Halal
market with a market share of about 37.1% in the Gulf Cooperation
Council (GCC) countries.

BRF's ratings are tempered by the company's large exposure to
Brazil and high business, execution and sanitary risks associated
to the commodity part of the business. The company has weaker
credit metrics compared to other international peers, such as Tyson
Foods Inc. (BBB/Negative) and JBS SA (BB+/Stable), which operate
with lower gross and net leverage ratios.

KEY ASSUMPTIONS

-- High double-digit revenue growth driven by price and volume
    increases;

-- Net debt/EBITDA trending towards 3.2x in 2021;

-- Capex of about BRL5.2 billion in 2021 (including IFRS16
    leases);

-- No dividends.

RATING SENSITIVITIES

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

-- Net debt/ EBITDA at or below 3x or gross leverage below 4x for
    a sustained period of time;

-- Positive FCF.

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

-- Net debt/ EBITDA above 4x or Gross debt/ EBITDA above 5x for a
    sustained period of time;

-- Sustained negative FCF generation;

-- EBITDA margin below 8%;

-- Weak liquidity;

-- A multi-notch downgrade of Brazil would put pressure on BRF's
    ratings.

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

Adequate Liquidity: BRF's liquidity remains adequate. BRF had
BRL7.9 billion of cash and cash equivalents and BRL1.06 billion of
short-term debt (mainly trade finance and working capital lines) as
of Dec. 31, 2020. Around 7% of debt is short term. Approximately
71% of the total debt is foreign currency-denominated.

On Dec. 27, 2019 and Oct. 28, 2020, the company retained two
revolving credit facilities of up to BRL1.5 billion each from Banco
do Brasil, both for three years. Both facilities can be withdrawn
totally or partially, whenever necessary. As of Dec. 31, 2020, the
credit facilities were available but unused.

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.



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

AVIANCA HOLDINGS: Adding Routes With Eye on Bankruptcy Exit
-----------------------------------------------------------
Ezra Fieser at Bloomberg News reports that Avianca Holdings SA
plans to add dozens of routes using smaller aircraft as it plots
its emergence from bankruptcy later this year, the airline's chief
executive said.

Colombia's largest carrier is expanding with 50 direct routes
between secondary cities in coming years, said CEO Anko van der
Werff in an interview, according to Bloomberg News.  Using
narrow-body planes, it will target tourist spots such as Punta
Cana, Cartagena and Cancun, offering a new level of cheaper fares
to capture demand for leisure travel that's leading a rebound after
the pandemic crippled the airline business, Bloomberg News notes.

"You already see the theme of leisure and beach traffic emerging,"
he said in an interview.  "In a nutshell, we'll be more efficient,"
he added.

Latin America's second-largest airline before the Covid-19
pandemic, Avianca filed for Chapter 11 in May, citing the impact of
government lockdowns that forced it to ground its fleet, Bloomberg
News notes.  It raised $2 billion under its bankruptcy plan,
including funding from United Airlines, Salvadoran air mogul
Roberto Kriete's Kingsland Holdings and Citadel LLC, the hedge fund
founded by billionaire Ken Griffin, Bloomberg News says.

After the bankruptcy restructuring, Avianca will offer cheap fares
to some destinations where it faces competition from low-cost
carriers -- including through its hubs in Colombia and El Salvador,
Bloomberg News discloses.  But the airline has no plans to
relinquish its position as a major carrier, van der Werff said,
Bloomberg News says.

It will continue flying to international destinations including
Europe, and offer benefits such as larger seats on the front of
planes, as well as its loyalty program, LifeMiles, Bloomberg News
relates.

"We're certainly not giving up any position in either San Salvador
or Bogota, in fact we're going to try to grow that as well," he
added.  Compared to its size before the pandemic, "we'll be bigger
again.  The question of course is as of when.  It will definitely
take a couple of years," Bloomberg News relays.

                            Second Half

Chile's Latam Airlines Group SA, and Grupo Aeromexico SAB followed
Avianca into Chapter 11 protection last year as Latin America
suffered one of the world's sharpest air travel downturns,
Bloomberg News notes.  But as it emerges from the pandemic and
governments roll out vaccine campaigns, the region's map is being
shaken up, Bloomberg News relays.  While flights are still
depressed, budget carriers are angling to steal market share and
the largest companies are retooling to focus more on short-haul
flights and cutting costs, Bloomberg News relays.

Avianca is targeting smaller markets, such as Colombia's
second-largest city, Medellin, while striking deals with labor
groups and redesigning the interior of planes to fit more seats.
The airline wants to be "more agile and flexible" as it comes out
of Chapter 11, van der Werff added.

It eyes exiting bankruptcy in the second half of the year, said
Chief Financial Officer Adrian Neuhauser, Bloomberg News notes.
Its fleet size will be reduced to around 100 passenger aircraft
from roughly 140 before bankruptcy, but its available seat miles --
a key measure of an airline's capacity -- will be similar to 2019
levels as its planes will have more seats and fly more frequently,
he added.

"We're restarting growth of the airline," he said, Bloomberg News
relays.


                         About Avianca

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A.  Avianca has been flying
uninterrupted for 100 years.  With a fleet of 158 aircraft, Avianca
serves 76 destinations in 27 countries within the Americas and
Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc. as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtors' bankruptcy cases on May 22, 2020.

AVIANCA HOLDINGS: S&P Rates Tranche A $1.27BB DIP Facility 'B'
--------------------------------------------------------------
On March 17, 2021, S&P Global Ratings assigned its 'B' issue-level
rating on a point-in-time basis to Colombian air transportation
service provider Avianca Holdings S.A.'s (Avianca) $1.27 billion
secured super priority Tranche A debtor-in-possession (DIP)
facility. This is a point-in-time rating and doesn't indicate
ratings it may assign to exit facilities or the reorganized firm
after it emerges from bankruptcy. S&P's issuer credit rating on
Avianca remains at 'D' (default).

The issue rating on Avianca's Tranche A DIP facility is effective
only on the date of this report and S&P will not review, modify, or
provide ongoing surveillance of the rating.

Rating Action Rationale

The main risks assessed include:

-- Avianca's capacity and willingness to meet its financial
commitments during bankruptcy, which S&P evaluates in its Debtor
Credit Profile (DCP) assessment, the starting point for our issue
ratings on DIP instruments. S&P assesses Avianca's DCP at 'b-'.

-- Capacity to fully repay the Tranche A of the DIP financing
through reorganization and emergence from bankruptcy, which S&P
gauges in its capacity for repayment at emergence (CRE)
assessment.

-- Potential for full repayment in a liquidation scenario,
reflected in our assessment of additional protection in a
liquidation scenario (APLS).

S&P said, "We exclude Avianca's prepetition debt in our calculation
of key credit metrics because the DIP term loan is senior on a lien
and priority basis. The prepetition debt is also subject to a stay
on collection and enforcement actions and to loss as part of the
reorganization process. Given that its loyalty program company
LifeMiles' (B-/Stable/--) debt has been excluded from bankruptcy
proceedings, we include its term loan due 2022 in our financial
risk profile. Therefore, to arrive at the DCP, in our credit
metrics calculation we include a relatively small amount of Chapter
11 debt relative to the company's expected annual base EBITDA; the
DIP debt-to-EBITDA ratio is above 5.0x through bankruptcy.
Moreover, we also consider the company's EBITDA interest coverage,
which reflects high leverage of below 2.0x. The issue rating on the
company's Tranche A DIP also considers the potential recovery
prospects on the DIP loans, which we reflect in our CRE and APLS
assessment.

"Our CRE assessment contemplates a reorganization and addresses
whether Avianca could likely attract sufficient third-party
financing at the time of emergence to repay the DIP debt in full.
Our CRE assessment of favorable coverage of the DIP debt in an
emergence scenario is indicative of coverage between 150% and 250%,
which provides one-notch uplift to the DCP assessment of 'b-'. We
assess repayment prospects for purposes of the CRE assessment on
the basis that Avianca must fully repay the Tranche A DIP facility
in cash at emergence, consistent with super-priority status under
the U.S. Bankruptcy Code."

Avianca's Tranche A will be refinanced with proceeds from exit
financing upon the company's emergence from bankruptcy later this
year. Our DIP methodology considers the company's ability to fully
repay DIP debt, even in a scenario where it cannot reorganize under
bankruptcy protection. We estimate coverage of about 47%, which is
below the 125% threshold required to achieve an additional notch
above the DCP.

Avianca's bankruptcy filing and S&P's business risk assessment
reflect various ongoing business challenges, including:

-- Social distancing measures to stem the pandemic that have
severely damaged labor markets and businesses such as airlines,
resulting in a sharp drop in domestic and international passenger
traffic.

-- Continued top-line pressures and low profitability due to lower
passenger traffic when borders closed.

-- Challenging market conditions that precluded Avianca from
addressing its capital structure in an out-of-court transaction.

-- These factors led to significant recent declines in revenues,
profitability, and cash flow that resulted in a prepetition capital
structure that was unsustainable.

In S&P's view, passenger traffic will continue to be uncertain and
volatile for airlines, especially international passenger traffic.
In addition, the rapid impact of the pandemic on the company
limited a quick reaction in terms of adjusting fixed operating
costs comparable to lower volume activity. This will continue to be
a challenge in increasing revenue and EBITDA margins in the next
few months. However, considering that the entire industry worldwide
is facing the same scenario, S&P believes Avianca's market share
and scale will remain similar to its pre-pandemic position. That is
why it continues to view Avianca's business risk profile as weak,
which is the same as before filing for bankruptcy and one level
above its lowest BRP assessment, because S&P thinks the operational
and financial reorganization process could lead to improvements in
the business model, including:

-- Plans to downsize the aircraft base by about 36% compared to
its fleet size as of March 31, 2020.

-- Lease renegotiation agreements to align expenses to
operations.

-- Reduced employee wages and pilot agreements, leading to
additional operating efficiencies.

-- Redesign of routes and frequencies to achieve more profitable
flying.

-- Hedging instruments on fuel consumption to reduce volatility
risk, along with other long-term business plans and strategies.



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

DOMINICAN REPUBLIC: Banks Channeled RD$1.2BB in Loans to MSMEs
--------------------------------------------------------------
Dominican Today reports that savings and credit banks channeled,
mainly to MSMEs and individuals, a total of RD$1,181.5 million in
credits from their portion of the Central Bank's Rapid Liquidity
Facilities.

The Association of Savings and Credit Banks and Credit Corporations
(Abancord) offered the information while discarding the versions
that have circulated in the press in the sense that, supposedly,
the banking institutions do not facilitate access to these funds,
according to Dominican Today.

The association pointed out that only two of the savings and credit
banks with coverage in different regions of the country, which
specialize in financing the micro and SME sector, granted direct
financing to more than 10,000 individuals and micro-enterprises,
the report notes.

These credit funds indirectly impacted more than 20,000 families,
60% of which were directed to women businesswomen and entrepreneurs
who carry out productive activities, the report relays.  Thirty
percent was disbursed in rural areas and 70% in urban areas, the
report adds.

It was further explained that the target segments of the loans were
service, commerce, production, and agriculture, with a higher
percentage in the commercial sector, which provided an opportunity
to stimulate and reactivate the MSME sector in the area of
commerce, the report relays.

The effective interest rate in this type of financing has decreased
by more than ten percentage points, the report discloses.

The entity explained that complying with the prudential norms
established by the monetary and supervisory authorities of the
financial system does not constitute an obstacle, but rather
security, formality, and the certainty that operations are carried
out correctly, the report notes.

Abancord said that, in this way, the banks reach the sectors for
which the funds are intended, avoiding the danger of
over-indebtedness in the country's micro-enterprises, the report
says.

The group valued very positively the support provided by the
Central Bank of the Dominican Republic through these Fast Liquidity
Facility resources, which have benefited micro and small Dominican
enterprises and households, contributing to the protection of jobs
in these lower strata of the economy and facilitating household
consumption in the face of the adverse situation created by the
COVID-19 pandemic, the report relays.

                      More Than One Billion

A total of RD$1,181.5 million in credits have been channeled from
their portion of the Central Bank's Rapid Liquidity Facilities, the
report discloses.

Abancord dismissed the versions that supposedly, the banking
institutions do not facilitate access to these funds, the report
says.  He said that two banks granted financing directly to more
than 10,000 people, 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.

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

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: Government Re-freezes Fuel Prices
-----------------------------------------------------
Dominican Today reports that for the third consecutive week, the
Ministry of Industry, Commerce, and MSMEs (MICM) ordered that fuels
maintain the same price.

The Government assumes 316 million pesos that would imply the
increase in prices, as a way to avoid transferring the impact of
the international markets of the rise in oil prices to the citizen,
according to Dominican Today.

Thus, Premium Gasoline will continue to be sold at RD$242.10 per
gallon; Regular Gasoline at RD$228.50 per gallon; Regular Diesel at
RD$181.60; El Optimo will be sold at RD$197.50; Liquefied Petroleum
Gas (LPG) at RD$128.10 and Natural Gas at RD$28.97 per cubic meter,
the report relays.  They all maintain their price from last week,
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.

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

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: Livestock Advances in Animal Health Control
---------------------------------------------------------------
Dominican Today reports that the director of the General
Directorate of Livestock (DIGEGA), Geovanny Molina, said that since
the arrival of the government of President Luis Abinader, several
programs of a broad plan to be developed had been executed, having
as a central axis the responsibility of animal health, as well as
the promotion and extension of national livestock production, in
convergence with the Government's objectives of offering food
security in the country, coordinating actions with the Ministry of
Agriculture.

The Livestock Directorate received from the previous administration
a country severely affected by animal diseases, with a high
incidence of bovine tuberculosis, classical swine fever, Newcastle,
with an institution incapable of dealing with these diseases, which
endanger the health and national exports, according to Dominican
Today.

In the seven months of management, from August 2020 to date, the
fundamental sanitary control programs have been relaunched, and
important work has been carried out to prevent diseases in the
livestock sector to improve and increase the benefits of national
production, the report relays.

According to official data, 122,656 samples were taken to diagnose
brucellosis between September 2020 and February 2021, the report
discloses.  Of these, 88,435 samples were taken between September
and December 2020; 14,643 were obtained in January 2021 and 19,578
in February 2021, the report says.

Geovanny Molina expressed his satisfaction with the work that the
staff of this institution carries out so that the Dominican
Republic has an optimal animal health system as expected by
President Luis Abinader, the report relates.

Molina also highlighted the work being carried out by the
Quarantine Department to prevent pets from entering without
permission through the country's ports or contraband goods, the
report relays.

DIGEGA, through the Directorate of Animal Health, headed by Rafael
Bienvenido Núñez, has traveled the country to vaccinate and
strengthen livestock health, the report notes.

To further develop the sector, two Projects, 18 and 19, have been
launched with investments of 73 million pesos, and that directly
impacts national production, the report discloses.

On the subject of road controls, the reactivation of internal
traffic control, requiring the mobilization guide to everyone who
transports animals and subjecting them to the action of justice; if
not, they do not have the legal document to transport them, the
report relates.  This has allowed us to detect the livestock
thievery that is significantly affecting cattle ranchers throughout
the country, an action that is being pursued and condemned, the
report discloses.

                    Regarding Livestock Extension

There is also the sale of seeds of improved pastures at subsidized
prices, and through the Directorate of Development, more than 4,500
land tasks have been benefited by small producers, the report
notes.  The inclusion of new technicians and new efforts to resume
the artificial insemination plan, among other great efforts of the
DIGEGA Extension Directorate, the report says.

The government official specified that they would continue working
tirelessly so that "our sector advances and agricultural production
grows to satisfy the tastes and good nutrition of all Dominicans,"
in a way that favors the feeding of the Dominican population as a
whole and at the same time increase incomes and produces jobs for
population segments residing in rural and suburban areas throughout
the country, 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.

Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

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: PM Announces Plan for Low Income Housing
-------------------------------------------------
RJR News reports that the government is proceeding with plans for
the construction of houses in the $8 million bracket.

Prime Minister Andrew Holness says the search for both local and
foreign developers to carry out the projects will begin before the
middle of this year, according to RJR News.

"We need to build houses that people who are building houses in
river banks and gully courses and perched precariously on
hillsides, that they can say instead of me go and build here (sic),
let me go and invest in a structured, organized community," he
asserted during his budget debate presentation, the report notes.

The project will be spearheaded by the National Housing Trust
(NHT), 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).  Fitch's credit rating for Jamaica
was last reported at B+ with stable outlook (April 2020). Moody's
credit rating for Jamaica was last set at B2 with stable outlook
(December 2019).   

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

FRIGORIFICO CONCEPCION: S&P Raises ICR to 'B', Outlook Stable
-------------------------------------------------------------
On March 17, 2021, S&P Global Ratings raised its global issuer
credit rating on Frigorifico Concepcion S.A. and its issue ratings
on the company's senior secured notes to 'B' from 'B-'.

The stable outlook reflects that Concepcion will continue to
increase production volumes while meat prices remain high, which
will support credit metrics, cash flow generation, and liquidity.
S&P expects the company to keep its gross leverage close to 2.0x
and funds from operations to debt close to 45%.

S&P said, "We expect Frigorífico Concepcion S.A.'s slaughter
activity to reach around 685,000 heads of cattle in 2021 versus
374,000 heads in the last 12 months ended September 2020. We expect
an EBITDA margin of around 14%, which is aligned with the 13.5% in
September but much stronger than previous years of and 9.6% in 2019
and less than 6% in 2018." This improvement incorporates higher
volumes from the contract with Frigorífico Norte S.A. (Frigonorte)
that provides Concepcion with at least 12,000 heads of cattle per
month (or around 10% of Frigorífico Concepcion's current capacity)
and the ramp up of the company's Bolivian subsidiary, which is
expected to produce around 120,000 head of cattle in 2021 after
deploying around $15 million in its capacity expansion. Higher
volumes, along with strong prices, will enable Concepcion to
sustain gross leverage close to 2.0x and funds from operation (FFO)
to debt close to 45% in the next two years.

S&P expects volatility in profitability and cash flows because of
Concepcion's small scale and size compared to its peers in Latin
America and its concentration of export revenues in a few countries
(mainly Russia, Brazil, China, and Chile), as well as product
concentration and exposure to cattle and meat prices.

The company currently benefits from high meat demand and good
momentum for meat prices, especially from its exports to China. At
the same time, cattle availability in Paraguay has helped reduce
production costs, while large-scale production in Brazil is
suffering from very high cattle costs that's reducing slaughtering
volumes and, consequently, volume exported from Brazil. Those
factors have contributed to increasing profitability over the last
few quarters, with the company's EBITDA margin rising to 14% in
September 2020 from around 12% in June 2020, achieving margins
above industry competitors. The challenge Concepcion faces is to
sustain metrics and demonstrate resilience at cycle downturns,
which is reflected in potential high volatility in cash flows and
leverage metrics in our assessment of financial risk, which S&P now
views as aggressive.

The company issued $100 million secured bonds in January 2020 and
tapped the market twice in the second half of 2020, adding $40
million in October and $21 million in December. Although gross debt
increased to current levels of approximately $180 million from $105
million in December 2019, the company was able to extend its
overall debt maturity and improve liquidity.




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

ORGANIC POWER: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Organic Power LLC
        Ave El Naranjal Carr. PR 686
        KM 17.6 Int. Cabo Caribe Industrial Park
        Vega Baja, PR 00693

Business Description: Organic Power -- https://prrenewables.com --
                      offers food processing companies,
                      restaurants, pharmaceuticals and retail
                      outlets an alternative to landfill disposal;
                      a low cost & environmentally friendly
                      recycling option.

Chapter 11 Petition Date: March 17, 2021

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 21-00834

Judge: Hon. Edward A. Godoy

Debtor's Counsel: Rafael A. Gonzalez Valiente, Esq.
                  GODREAU & GONZALEZ LAW
                  Calle McCleary 1806
                  Suite 1-B
                  San Juan, PR 00902
                  Tel: (787) 726-0077
                  E-mail: rgv@g-glawpr.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Miguel E. Perez, president.

A copy of the petition is available for free at PacerMonitor.com
at:

https://www.pacermonitor.com/view/DIPCK3A/ORGANIC_POWER__LLC__prbke-21-00834__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. ASM Precast                                             $30,000
PO Box 1569
Vega Baja, PR
00694-1569

2. Brian E. Healy                      Deferred           $315,092
PMB 632 Calle                        Compensation
Morena 267
San Juan, PR 00926

3. Euro Caribe                                            $853,549
Packaging Co.
Chubb Plaza 33
Resolucion St
Suite 701 A
San Juan, PR 00920

4. Garratt Callahan                                        $25,150
100 Fisk Dr SW
Atlanta, GA 30336

5. Home Depot                                              $13,506
PO Box 790328
Saint Louis, MO
63179

6. Integrated Global Solutions                            $106,120
Centro Int's de
Mercadeo II
90 Carr 165 Ste 307
Guaynabo, PR
00968-8083

7. IRS                                 FICA                $63,720
PO Box 409101
Ogden, UT
84201-0038

8. IRS                                                     $18,080
PO Box 409101
Ogden, UT
84201-0038

9. La Vega Landfill &                                     $103,260
Res. Inc.
PO Box 582
Vega Baja, PR 00694

10. O'Neill & Borges                                       $17,627
250 Munoz Rlevra
Ave 800
San Juan, PR 00918

11. Organic Fuel                                          $197,858
PMB 632
Calle Siera Morena 267
San Juan, PR 00926

12. Quadrell                     Billing-Vendor            $62,702
PO Box 51397
Toa Baja, PR
00950-1397

13. Quantum Biopower              Raw Material             $18,611
Southing LLC
49 Depaolo Drive
Southington
Southington, CT
06489

14. RIMCO                                                  $99,311
PO Box 362529
San Juan, PR
00936-2529

15. Rod Rodder                                             $24,377
PO Box 191713
San Juan, PR
00919-1719

16. Treasury Department             Payroll                $74,409
PO Box 195540                     withholding
San Juan, PR
00919-5540

17. Treasury Dept                    SUTA                  $21,224
PO Box 195540
San Juan, PR
00919-5540

18. United Rental                                          $19,566
83 J 190 Carr 865
Toa Baja, PR 00949

19. Wilfredo Diaz                                         $125,000
PO Box 8155
Bayamon, PR 00960

20. Zero Medical                                           $18,862
425 Carr 693
PMB 135
Dorado, PR 00646



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

CARIBBEAN AIRLINES: Extends Temporary Lay-Offs
----------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that workers at
majority State-owned Caribbean Airlines Ltd (CAL), who were
temporarily laid off last year as a result of borders being closed
due to the pandemic, have had their furloughs extended for a
further three months.

In an internal memo that was sent by the communications department
to the workers, CAL's chief executive officer Garvin Medera said
the new temporary lay-off period will begin on April 15, according
to Trinidad Express.

In the internal memo, Madera stated that the Covid-19 global crisis
has massively impacted the airline's performance, particularly
compared to its previous upwards trajectory, the report notes.

"Over the past month, we have reduced third party liabilities
somewhat thanks to further Government support and negotiated
significant reductions in expected fleet costs.  But our financial
situation remains precarious, with no sign of an imminent
resurgence in business nor the Trinidad and Tobago borders
reopening to international passenger services," the report relays.

The airline executive said based on this, CAL was left with no
other option but to extend the temporary lay-offs for a further
three months, the report discloses.  This will run from the
existing lay-off period and apply to the same employee, the report
says.

In addition, Madera said the company is inviting employees to apply
for early retirement and, in some cases, part-time employment, the
report relates.

He noted that more details on the financials and the revised
tactical plan for the airline for 2021 and 2022, would be provided
through a virtual town hall meeting during the second quarter, the
report notes.

"I know we share disappointment and frustration that we are still
at the mercy of the global pandemic crisis, but I remain hopeful
the first signs of a global economic recovery will start to appear
as we move through 2021," according to Madera's memorandum, the
report relays.

He indicated that in recent weeks, particularly with the latest US
financial rescue plan being enacted by the new administration of US
President Joe Biden, airlines in North America are starting to see
significant levels of advance bookings and offering a positive
outlook to employees for the first time in 12 months, the report
adds.

This is the third extension of temporary lay-offs since CAL
announced furloughs and salary cuts on October 15, the report
relays.  These were initially meant to be short-term measures as
the airline struggled to cope with the financial fallout brought on
by the pandemic and the closure of the borders by the Government in
an attempt to curb the spread of the virus, the report discloses.

Employees who continued to work will work on reduced salaries for
eight months until June 15, 2021, the report relays.

In May last year, Government agreed to guarantee a US$65 million
($442 million) loan to CAL, which was meant to keep the airline
afloat during the pandemic, the report adds.

                  About Caribbean Airlines

Caribbean Airlines Limited - http://www.caribbean-airlines.com/-  

provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty free
store in Trinidad.  Caribbean Airlines Limited was founded in 2006
and is based in Piarco, Trinidad and Tobago.

Caribbean Airlines is among many airlines whose business has been
greatly affected in 2020 by the slowdown of international travel
caused by the COVID-19 pandemic.  The government of Trinidad &
Tobago guaranteed a US$65 million loan for the airline, and that
funding has helped with the airlines' cash flow shortfall since May
2020.  In September 2020, the airline related it will be taking
cost-cutting measures to help keep it afloat.  The measures, which
was to affect some 1,700 employees, included salary deductions,
no-pay leaves and lay-offs.



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

[*] BOND PRICING: For the Week March 15 to March 19, 2021
---------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
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
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
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
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
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
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
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
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
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
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
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
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
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     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


                           *********


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
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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.
.


                  * * * End of Transmission * * *