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

          Thursday, November 21, 2019, Vol. 20, No. 233

                           Headlines



A R G E N T I N A

ARGENTINA: Fernandez Tells IMF He Plans to Spur Growth, Pay Debt
ARGENTINA: IMF Managing Director Statement
MERCADOLIBRE INC: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+


B R A Z I L

BRAZIL: October Records Highest Monthly Increase in Credit Default


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Conep Says Stability is Key to Growth w/ Equity
DOMINICAN REPUBLIC: Inflation Stands at 3.06% in 10 Months in 2019
DOMINICAN REPUBLIC: Tourism Smear Campaign Spurred Sector Layoffs


P U E R T O   R I C O

IGLESIA ROCA DE SION: Hires Gerardo Santiago Puig as Attorney

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Fernandez Tells IMF He Plans to Spur Growth, Pay Debt
----------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentine
President-elect Alberto Fernandez told International Monetary Fund
chief Kristalina Georgieva that he has a plan to grow the economy
and tackle the nation's debt as he seeks to renegotiate a record
$56 billion credit line with the lender.

"We have developed a sustainable plan that will allow us to grow
and comply with our obligations that Argentina has with you and
with the rest of the creditors," Fernandez told Georgieva in their
first publicly known phone call, according to his transition team's
press statement, notes Bloomberg News. "We're taking on a
commitment that we can meet," he added.

Although Fernandez, who takes office Dec. 10, said he well
understood the "relevance" of fiscal viability, he reiterated his
campaign pledge that any new agreement between Argentina and the
IMF won't include austerity, Bloomberg News relates.

"We can't do more spending cuts because the situation is enormously
complex," Fernandez said, Bloomberg News says.

The IMF granted Argentina a record line last year after President
Mauricio Macri sought aid following a rout of the peso and loss of
investor confidence, Bloomberg News notes.  To meet targets in the
deal and receive IMF cash, Macri had to accelerate painful spending
cuts, Bloomberg News discloses.  But IMF aid didn't get the economy
back on its feet: Inflation is over 50%, activity is heading toward
a third year of contraction and poverty has gone up, Bloomberg News
relates.

The gap in yield between Argentine bonds and U.S. Treasury notes,
known as sovereign risk, narrowed Nov. 20 by more than 80 basis
points following the call, Bloomberg News says.  International,
dollar-denominated notes due in 2028 advanced to 39.7 cents on the
dollar, the highest in three weeks, Bloomberg News relates.

While the call is a step in the right direction, investors are
still anxious to know more details about Fernandez's economic plans
including who will be in his cabinet, said Siobhan Morden, head of
Latin America fixed income strategy at Amherst Pierpont Securities,
Bloomberg News notes.

"We still don't have an economic transition team," Morden added,
says the report.

                          'Work Together'

Argentina's economic pain since the agreement began in June 2018
has evoked the unpleasant memory of the nation's last major
economic collapse in 2001, when it defaulted on $95 billion in debt
after another IMF agreement fell apart, Bloomberg News relates.
Fernandez defeated Macri in October, largely due to the economy's
sharp downturn, Bloomberg News notes.

Georgieva told Bloomberg in an interview earlier that "the
government has to figure out a way to live within budgetary
constraints," and "they will have to bring debt to a sustainable
level so they can return to markets."  In a statement, Georgieva
called the phone call "constructive," Bloomberg News adds.

According to Fernandez's statement, Georgieva said on the call she
was "very anxious" to know more details about Fernandez's economic
plan and moved by his priorities to fight poverty and hunger,
Bloomberg News relates.  She said she's very interested in learning
more about Fernandez's pending social pact to lower inflation, the
transition team said, Bloomberg News notes.

"I'm sure that we will work together," Georgieva told Fernandez,
according to his statement obtained by Bloomberg News.

                          About Argentina

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

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and -- in the recent decades -- increasing poverty.

Standard & Poor's foreign and local currency sovereign credit
ratings for Argentina stands at CCC- with negative outlook. S&P
said, "The negative outlook reflects the prominent downside risks
to payment of debt on time and in full per our criteria over the
coming months amid very complex political, economic, and financial
market dynamics."  Moody's credit rating for Argentina was last set
at Caa2 from B2 with under review outlook. Fitch's credit rating
for Argentina was last reported at CC with n/a outlook. DBRS's
credit rating for Argentina is CC with under review outlook.  S&P,
Moody's and DBRS ratings were issued on Aug. 30, 2019; Fitch rating
on Sept. 3, 2019.

Back in July 2014, Argentina defaulted on some of its debt, after
expiration of a 30-day grace period on a US$539 million interest
payment.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.  On
March 30, 2016, Argentina's Congress passed a bill that will
allow the government to repay holders of debt that the South
American  country defaulted on in 2001, including a group of
litigating hedge  funds that won judgments in a New York court.
The
bill passed by a vote of 54-16.

ARGENTINA: IMF Managing Director Statement
------------------------------------------
Kristalina Georgieva, the Managing Director of the International
Monetary Fund, made the following statement on Argentina:

"I had a very constructive call with President-elect Alberto
Fernandez today. During our conversation, we talked about
Argentina's economy and Mr. Fernandez' views on the country's main
challenges going forward.

"I stressed the IMF's readiness to engage with his government and
work towards paving the way for sustained growth and poverty
reduction. We agreed to pursue an open dialogue for the benefit of
the Argentinian people."

As reported in the Troubled Company Reporter-Latin America on Nov.
13, 2019, Reuters said markets are watching closely for any
signals
from Fernandez on future economic policies or how he will approach
negotiations for the restructuring of some $100 billion in
sovereign debt.

                          About Argentina

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

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and -- in the recent decades -- increasing poverty.

Standard & Poor's foreign and local currency sovereign credit
ratings for Argentina stands at CCC- with negative outlook. S&P
said, "The negative outlook reflects the prominent downside risks
to payment of debt on time and in full per our criteria over the
coming months amid very complex political, economic, and financial
market dynamics."  Moody's credit rating for Argentina was last set
at Caa2 from B2 with under review outlook. Fitch's credit rating
for Argentina was last reported at CC with n/a outlook. DBRS's
credit rating for Argentina is CC with under review outlook.  S&P,
Moody's and DBRS ratings were issued on Aug. 30, 2019; Fitch rating
on Sept. 3, 2019.

Back in July 2014, Argentina defaulted on some of its debt, after
expiration of a 30-day grace period on a US$539 million interest
payment.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.  On
March 30, 2016, Argentina's Congress passed a bill that will
allow the government to repay holders of debt that the South
American  country defaulted on in 2001, including a group of
litigating hedge  funds that won judgments in a New York court.
The
bill passed by a vote of 54-16.

MERCADOLIBRE INC: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on November 11, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by MercadoLibre Incorporated to BB+ from BBB.

Mercado Libre, Incorporated is an Argentine company incorporated in
the United States that operates online marketplaces dedicated to
e-commerce and online auctions, including mercadolibre.com.




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

BRAZIL: October Records Highest Monthly Increase in Credit Default
------------------------------------------------------------------
Xiu Ying, writing for Rio Times Online, reports that trade
consumers' default grew two percent over the same month last year,
according to data from the Central Credit Protection Service of
CDLRio (Club of Store Directors of Rio de Janeiro).

The proportion of customers who were unable to pay off their
purchases made on credit in Rio de Janeiro increased by two percent
in October 2019, compared to 2018, according to Rio Times Online.

As reported in the Troubled Company Reporter-Latin America on Nov.
18, 2019, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-'. The Rating Outlook is
Stable.



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

DOMINICAN REPUBLIC: Conep Says Stability is Key to Growth w/ Equity
-------------------------------------------------------------------
Dominican Today reports that the National Business Council (Conep)
presented to the main presidential candidates its proposed
development agenda for the next four years, which covers the period
of a new administration elected for the 2020-2024 term.

The business leaders' proposal forms part of the IX Business
Convention, an activity to promote their commitment to the progress
of a country, which in their view must grow with equity, political
stability, institutional development, and with an economy based on
innovation, productivity, employment and "wealth for all,"
according to Dominican Today.

The Convention-luncheon drew a large audience of business and
political leaders, including vice president Margarita Cedeno, the
report relates.

Present were government officials, members of the diplomatic corps,
members of the Board of Directors of the Conep, executives of
business associations, businessmen, entrepreneurs, academics,
social leaders, trade unions and opinion makers, as well as
representatives of the various media, the report discloses.

Conep president Pedro Brache delivered the keynote speech: "Today
we present a roadmap proposal for the country, based on the
capacities and desires of Dominican business and the future of
growth with equity that we want," the report relays.

"This stability is the basis on which institutionality, innovation,
productivity, employment and wealth for everyone can be built.
Without that stability "we will have nothing," he added, notes the
report.

                  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.

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

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

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (2017).
Fitch's credit rating for Dominican Republic was last reported at
BB- with stable outlook (2016).

DOMINICAN REPUBLIC: Inflation Stands at 3.06% in 10 Months in 2019
------------------------------------------------------------------
Dominican Today reports that the consumer price index (CPI)
registered a variation of 0.67% in October 2019 compared to
September and the accumulated inflation in the January-October
period stood at 3.06%.

With this result, year-on-year inflation, measured from October
2018 to October 2019, stood at 2.48%, staying below the lower limit
of the target range of 4.0% +/- 1.0% established in the Monetary
Program, indicates the Central Bank (BCRD), according to Dominican
Today.

                        More Expensive Foods

The group with the greatest contribution to the variation in the
general CPI was Food and Non-Alcoholic Beverages, with an increase
of 1.22%, accounting for approximately half of the month's
inflation, the report notes.  They are followed by Transportation,
with an inflation of 0.82%, Alcoholic Beverages and Tobacco (2.37%)
and Housing (0.62%), the report relates.

         Inflation, Central Bank, Monetary Program, Food

The greatest variations were recorded in green bananas (7.11%),
green pigeon peas (16.89%), garlic (9.90%), onions (7.49%), peppers
(9.57%), lettuce (23.79%), black beans, carrots, ripe bananas, sour
lemons, green bananas, vegetables, rice, eggplant and American
taro. While others fell in price: fresh chicken (-0.97%), yam
(-5.54%), avocados, eggs, and oranges, the report relays.

                           Credit Portfolio

The 0.82% growth in the Transportation group is due to increases in
the prices of gasoline, LPG and diesel, the report notes.

                               Housing

The 2.92% increase in the price of LPG for domestic use and rents
was reflected with a 0.62% increase in the Housing group, 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.

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

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

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (2017).
Fitch's credit rating for Dominican Republic was last reported at
BB- with stable outlook (2016).

DOMINICAN REPUBLIC: Tourism Smear Campaign Spurred Sector Layoffs
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic was affected
internationally by a smear campaign in foreign media for the deaths
of several tourists, mostly Americans, a situation that led to
lower occupancy in tourist areas across the country and over 10,000
sector employees laid off.

According to National Hotel Workers Federation president Manolo
Ramirez, canceled hotel bookings spurred employee layoffs, the
report notes.

"These work stoppages mostly affected employees who are not
entitled to work benefits and those who have fewer years in
service," according to Dominican Today.

                  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.

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

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

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (2017).
Fitch's credit rating for Dominican Republic was last reported at
BB- with stable outlook (2016).



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P U E R T O   R I C O
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IGLESIA ROCA DE SION: Hires Gerardo Santiago Puig as Attorney
-------------------------------------------------------------
Iglesia Roca de Sion, Inc. asks the U.S. Bankruptcy Court for the
District of Puerto Rico for authority to hire Gerardo L. Santiago
Puig, as its bankruptcy counsel.

The Debtor requires the firm to provide services, including:

     a.  Preparing pleading and applications, and conducting
examinations incidental to administration;

     b.  Developing the "relationship of the status of the Debtor
to the claims of creditors" in this case;

     c.  Advising the Debtor of its rights, duties, and
obligations
as debtor operating under Chapter 11 of the Bankruptcy Code;

     d.  Taking any and all other necessary action incident to the
proper preservation and administration of this Chapter 11 estate;
and

     e.  Advising the debtor-in-possession and assisting the debtor
in the formulation and presentation of a plan pursuant to Chapter
11 of Bankruptcy Code, the disclosure statement and concerning any
and all matters relating thereto.

The Debtor has agreed with Mr. Gerardo L. Santiago Puig to pay in
advance the amount of $10,000 as retainer fee, which is deemed a
down payment for the services to be rendered.  The attorney will
charge to the estate at a rate of $200 per hour for the services
rendered.

Mr. Santiago Puig attests that his firm does not hold nor represent
an interest adverse to the Debtor's estate, nor has personal
connection with the Office of the United States Trustee or
anyperson working for it, neither with debtors accountant, or any
creditor of debtor or parties-in-interest as well as their
attorneys.  He is a disinterested person within the meaning of 11
U.S.C. Section 101(14).

                     About Iglesia Roca de Sion

Iglesia Roca de Sion, Inc., filed a voluntary Chapter 11 petition
(Bankr. D. P. R. Case No. 19-05990) on October 29, 2019, listing
under $1 million in both assets and liabilities, and is represented
by Gerardo L. Santiago Puig, Esq., at Gerardo L. Santiago Puig Law
Office.


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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 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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