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        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

               Thursday, December 27, 2018, Vol. 19, No. 255


                            Headlines



B R A Z I L

ELETROBRAS-CENTRAIS: S&P Affirms BB- ICR, Outlook Stable
EMBRAER SA: Boeing Approve Joint Venture Terms
GOL LINHAS: Fitch Affirms 'B' LT IDRs, Outlook Stable


E L  S A L V A D O R

GRUPO UNICOMER: Fitch Affirms 'BB-' LT IDR, Outlook Stable


J A M A I C A

CABLE & WIRELESS: S&P Alters Outlook to Stable on Improved Metrics
DIGICEL GROUP: Convinces Bondholders to Wait Longer For Repayment


M E X I C O

GRUPO IDESA: S&P Lowers ICR to 'CCC+' on Rising Refinancing Risk
MEXICO: Will Carry Out Project to Expand Capital Airport
RASSINI S.A.B.: S&P Lowers Long-Term ICR to 'B+', Outlook Stable


P E R U

PERU: Gets $2 Million-IDB Loan to improve Trout Aquaculture


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B R A Z I L
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ELETROBRAS-CENTRAIS: S&P Affirms BB- ICR, Outlook Stable
--------------------------------------------------------
The ratings on Brazil-based government-owned electric utility,
Eletrobras, continue to incorporate S&P Global Ratings'
expectations of extraordinary support from the sovereign.

On Dec. 19, 2018, S&P Global Ratings affirmed its 'BB-' global
scale issuer credit and issue-level ratings on the company. S&P
also affirmed its 'brA-1+' short-term national scale rating and
kept the 'b+' stand-alone credit profile (SACP) unchanged.

The stable outlook on Eletrobras continues to mirror that on the
sovereign, considering the company's close ties with the latter
and the absence of a clearly defined strategy from the incoming
administration on the scope of privatization, apart from the
ongoing non-core asset sales. Our ratings on Eletrobras continue
to reflect its government-related entity (GRE) status, the
influence of its controlling shareholder, the Federative Republic
of Brazil (BB-/Stable/B), and the latter's incentives, capacity,
and tools to support the company if needed. S&P based this
assumption on the following factors:

-- Eletrobras' critical role as the government's vehicle to
    develop the electricity sector. It functions as the
    government's agent for several key social programs, and
    manages and controls electricity assets across the country.
    Eletrobras accounts for 30% of Brazil's electricity-generating
    capacity and operates 48% of its transmission lines. It acts
    as the central government's agent to support and implement
    microeconomic strategies related to the electricity sector,
    especially in areas where private entities are less
    predisposed to invest.

-- The company's integral link to the government, reflecting the
    sovereign's majority equity stake in Eletrobras, and a track-
    record of support to it. This is seen in past capital
    injections, the lines of credit the company has received from
    state-owned banks, and in government guarantees on a portion
    of its debt.

In mid-2017, the Temer administration announced plans to privatize
Eletrobras, which is likely a complex and lengthy process. This
stems from the legal and regulatory approvals, including from
Congress. The new administration, which is to take office in
January 2019, is giving mixed signals for its strategy for the
company. S&P said, "If the incoming administration reassesses the
relevance and importance of Eletrobras' core assets, we could
reconsider our current view of the company's critical role and/or
integral link with the sovereign. This in turn would impact our
view of the likelihood of receiving extraordinary support, which
could ultimately impact the company's issuer credit rating given
its stand-alone credit profile (SACP) of 'b+'."

S&P said, "Our business risk profile assessment on Eletrobras
reflects its dominant position as the largest power generation and
transmission player in the country. In 2016, it decided not to
renew the distribution concessions, while it committed to continue
operating them until their privatization. As of this report's
date, Eletrobras auctioned off five of its six distributors. In
order to attract private investors, Eletrobras will assume more
than R$13 billion of debt when all the auctions are completed, but
will no longer consolidate these companies that operate at a
loss." Eletrobras also auctioned a portion of its portfolio of
minority stakes in several wind power generation and electricity
transmission projects, for which it would receive about R$1.3
billion over the next few quarters.

S&P said, "We view positively Eletrobras' strategy to focus on its
core generation and transmission assets that it controls, in order
to improve the overall efficiency of the group. Eletrobras also
launched initiatives to reduce costs, including a voluntary
retirement program and a shared services center. In order to
preserve its liquidity and streamline its investments, Eletrobras
also slashed its investment plan to R$19.6 billion for 2018-2022
from the original aim of R$35.7 billion for 2017-2021. These
factors improve credit metrics prospects, but in our view, a
consistent and significant deleveraging will depend on success of
its asset-sales program, especially its stakes in large projects
(i.e. Santo Antonio and Belo Monte). Therefore, we currently
expect Eletrobras' credit metrics to remain highly leveraged."


EMBRAER SA: Boeing Approve Joint Venture Terms
-----------------------------------------------
Patrick Thomas at EFE News, citing Dow Jones Newswires, reports
that Boeing Co. and Embraer SA have approved the terms of a $4.2
billion joint venture that will give the Chicago-based Boeing
control over Embraer SA's commercial jetliner business.

Under the agreement that was disclosed this summer, Boeing will
take an 80 percent stake in Embraer's commercial airplane and
services business, according to EFE News.  The Sao Paulo, Brazil-
based Embraer will own the remaining 20 percent.

Boeing will have operational and management control of the new
company, the report relays.  The commercial aviation joint venture
would be led by Brazil-based management, including a president and
chief executive officer, the report notes.  The estimated annual
pre-tax cost synergies of approximately $150 million are seen by
the third year of operations, the report says.

"Boeing and Embraer know each other well through more than two
decades of collaboration, and the respect we have for each other
and the value we see in this partnership has only increased since
we announced our joint efforts earlier this year," Boeing Chief
Executive Dennis Muilenburg said in a statement obtained by the
news agency.

The companies also said they have agreed to the terms of a joint
venture to promote and develop new markets for the multi-mission
medium airlift KC-390, with Embraer owning a 51 percent stake and
Boeing the remaining 49 percent, the report relays.

The transaction, subject to approval from Brazil's government and
ratification by Embraer's board of directors, is expected to close
by the end of 2019, added the Dow Jones report, EFE News adds.

                       About Embraer SA

Headquartered in Brazil, Empresa Brasileira de Aeronautica SA
(Embraer) -- http://www.embraer.com-- is a company engaged in the
manufacture of aircrafts for commercial aviation, executive jet
and defense and government purposes.  The Company has developed a
line of executive jets based on one of its regional jet platforms
and launched executive jets in the entry-level, light, ultra-large
and mid-light/mid-size categories, the Phenom 100/300 family, the
Lineage 1000 and the Legacy 450/500 family, respectively.  The
Company supplies defense aircraft for the Brazilian Air Force
based on number of aircraft sold, and sells aircraft to military
forces in Europe, Asia and Latin America.  In July 2008, the
Company acquired a 40% interest owned by Liebherr Aerospace SAS in
ELEB Equipamentos Ltda (ELEB).  ELEB is an aerospace system and
component manufacturer, and its products include landing gear
systems, hydraulics and electro-mechanical sub-assemblies, such as
actuators, valves, accumulators and pylons.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
2, 2018, The Latin American Herald said that Brazilian aircraft
maker Empresa Brasileira de Aeronautica SA (Embraer) reported a
net loss in the second quarter as sales declined, financial
expenses rose and the Brazilian currency weakened.  The company
posted a loss of $126.5 million in the quarter, after earning a
$61.7 million gain a year before, the company said, according to
The Latin American Herald.  Embraer had revenue of $1.26 billion
in the period, a decline from the same period a year earlier, the
report noted.

TCRLA reported in Apr 30, 2018, that a class action against
Embraer was recently dismissed by U.S. District Judge Richard
Berman.  The class action, which was brought in federal district
court in New York, alleged that the firm had failed to adequately
disclose the scope and possible financial impact of ongoing
corruption investigations by the DOJ and SEC, harming the
company's investors.

In September 2016, the TCRLA reported that Embraer confirmed that
it would cut nearly 8 percent of its workforce through a voluntary
buyout program, slashing costs amid weak business jet sales and
downsized defense contracts.

The TCRLA further reported that Egan-Jones Ratings Company, in
September 2016, lowered the senior unsecured ratings on debt
issued by Embraer SA to BB+ from BBB-.


GOL LINHAS: Fitch Affirms 'B' LT IDRs, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed GOL Linhas Aereas Inteligentes S.A.'s
Long-Term, Foreign- and Local-Currency Issuer Default Ratings at
'B' and its National rating at 'BBB-(bra)'. Fitch has affirmed GOL
Finance S.A.'s unsecured bonds ratings at 'B'/'RR4'.

GOL's ratings reflect the company's solid business position in the
Brazilian domestic market, with a strong presence in key airports.
Gol's lack of product and geographic diversification compared with
regional peers, as well as its still high leverage despite
improvements over the last few years, are also incorporated into
ratings. The airline industry exhibits inherently high risk and
cash flow volatility as a result of exposure to fuel prices and FX
rate movement limits the ratings.

GOL has shown some efficiency over recent quarters with its
strategy to improve its cost structure, which has been key to
avoid greater credit deterioration during the challenging economic
scenario of 2018 exacerbated by higher fuel costs and strong
Brazilian real depreciation. Fitch expects GOL's total adjusted
debt/EBITDAR to end the year at around 5.7x, down from 6.3x at
year-end 2017. Ongoing improvement during 2019 is contingent upon
continued healthy demand for air travel in Brazil, with key
players operating a rational strategy and the absence of either
future spikes in fuel prices, further Brazilian real depreciation
or other exogenous shocks.

KEY RATING DRIVERS

Market Position and FX Risk Incorporated: The ratings reflect
GOL's leading business position in the Brazilian airline domestic
market, which is viewed as sustainable over the medium term, with
a market share of around 36% as measured by revenues/passenger/
kilometer in January through September 2018. As this is the
company's key market, GOL's operational results are highly
correlated to the Brazilian economy. Due to this limited
geographic diversification, the company's FX exposure is high. GOL
generates approximately 85% of its revenues in Brazilian reals,
while around 60% of its total costs and 87% of its total debt are
denominated in U.S. dollars.

Better Industry Scenario for 2019: The expectation of Brazil's
better macroeconomic environment in 2019, notwithstanding any
reverse due to political turbulence, should benefit traffic levels
resulting in a stable cost structure and interest expenses. The
relatively improved fuel and FX outlook are expected to drive some
profit margin recovery from third-quarter 2018. Fitch forecasts
Brazil's GDP growth to be 2.2% in 2019 and this represents an
important expansion compared with the average of 1.2% during 2017-
2018 and negative 0.3% during 2012-2016. Fitch expects Brazil's
domestic segment traffic (total transported passengers), to reach
low single-digit annual growth as demand fundamentals and
corporate activity recover during 2019.

Competition Tactics to Watch: The rational approach taken by
players in the industry over the last two years has been
fundamental to support healthy passenger yields and the ability to
pass-through a portion of the cost increase related to higher oil
prices and a stronger U.S. dollar. Changes in the rational
capacity management by the key players in the domestic market, as
well as a more aggressive approach in competition following the
financial stress with Ocenair (Avianca Brasil), could pressure
passenger yields and, consequently, operating margins.

Operating Margins to Remain Adequate: GOL reached an operational
margin of 10% during the LTM ended September 2018 versus 7.1% and
-1.9% in 2016 and 2015, respectively. Fitch expects GOL to sustain
its EBIT margin in the 9%-11% range during 2019, driven by cost
reduction, moderate higher passenger yields and expectations of
moderate demand recovery as the Brazilian macroeconomic
environment improves. These factors could be partially offset by
fuel cost increases, depreciation of the local currency versus the
U.S. dollar, and/or increasing capacity from competitors. Fitch
anticipates GOL will maintain reasonable capacity management in
the domestic market resulting in increases of 1% and 3%, measured
as total available seat kilometers.

Capex to Pressure FCF: Fitch expects GOL to post neutral FCF
during 2018 and negative FCF during 2019, as capex levels are
anticipated to increase. Fitch views GOL as having the capacity to
adjust its capex plan in the event of an economic distress
scenario as occurred in 2016-2017. GOL renegotiated 29 aircraft
contracts in 2016, including payment deferrals, final sale, sale
and leaseback, and leasing returns. In addition, GOL postponed 11
new aircraft deliveries during 2016-2017 to 2026-2027. During
2017, the company's FCF generation was BRL415 million, resulting
in a FCF margin of 3.9%. During the LTM period ended on Sept. 30,
2018, FCF was BRL324 million while the FCF margin was 2.9%,
representing a material improvement when compared with negative
16.7% in 2015 (negative BRL1.6 billion).

Smiles Merger Could Accelerate Deleveraging: Fitch expects GOL's
total adjusted leverage to improve to around 5.4x by 2020. GOL's
total adjusted debt/EBITDAR was 5.8x during LTM September 2018
down from 6.8x and 14.2x in 2016 and 2015, respectively. Fitch's
leverage calculation should be unaffected after the implementation
of IFRS16 as of January 2019, as the agency will continue to
adjust lease-adjusted leverage ratios using multiples. The
successful incorporation of Smiles Fidelidade S.A., GOL's
coalition loyalty program, as planned through a shares exchange
with no cash disbursement, could benefit GOL's positive FCF in
2020. This should allow the company to bring total adjusted
leverage to just below 5.0x as well as to improve financial
flexibility and liquidity as it will have full control of Smiles'
cash position.

DERIVATION SUMMARY

GOL's recent operational performance compares well with those of
the other two main airlines in Latin America rated by Fitch, LATAM
Airlines Group S.A. (B+/Stable) and Avianca Holdings S.A.
(B/Negative). The rating differences between the three airlines
reflect variations in their financial strategies, operational
performance volatility and business diversification.

GOL's volatility in its operational performance over the last five
years and relatively low liquidity are incorporated into the
company's rating versus its peers. On the positive side, the
company benefited from Brazil's improving business environment and
from a capacity reduction, which both resulted in better
operational performance and declining leverage since 2017. Among
the three companies, GOL has the highest operational margin. In
addition, the ratings incorporate expectation of further
improvement in GOL's liquidity position, measured as readily
available cash as a percentage of LTM revenues.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  -- Capacity growth of 1%-3% in the domestic market during 2019;

  -- Low single-digit yield growth and load factor in the 79%-80%
     range;

  -- 2018-2019 EBIT margin around 10%;

  -- Neutral to negative FCF margin in 2018 and negative in 2019,
     due higher capex level;

  -- 2018-2019 liquidity, measured as readily available cash over
     LTM net revenues, in the 10%-12% range.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that GOL would be considered a going
concern in bankruptcy and that the company would be reorganised
rather than liquidated. Fitch has assumed a 10% administrative
claim.

Going-Concern Approach: GOL's going concern EBITDA is based on an
average of 2014-2016 EBITDA that reflects a scenario of intense
volatility in the airline industry in Brazil. The going-concern
EBITDA estimate reflects Fitch's view of a sustainable, post-
reorganisation EBITDA level, upon which Fitch's bases the
valuation of the company. The EV/EBITDA multiple applied is 5.5x,
reflecting GOL's strong market share in the local market.

Fitch applies a waterfall analysis to the post-default enterprise
value (EV) based on the relative claims of the debt in the capital
structure. The agency's debt waterfall assumptions take into
account the company's total debt at Sept. 30, 2018. The waterfall
results in a 34% 'RR4' Recovery Rating for senior unsecured debt.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- Liquidity, measured as cash/LTM revenues, consistently around
     15%;

  -- Gross adjusted leverage consistently below 5x;

  -- Moving toward neutral-to-positive FCF;

  -- Coverage ratio, measured as total EBITDAR/(net interest
     expense plus rents) consistently above 2x.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- Adjusted gross leverage consistently above 6.5x;

  -- EBIT margin consistently below 6%;

  -- Liquidity, cash/ LTM revenues, consistently below 10%;

  -- Sustained negative FCF at levels resulting in a FCF margin
     consistently below negative 5%.

LIQUIDITY

FCF Volatility Pressures Liquidity: GOL's liquidity is currently
adequate, when compared with short-term debt, after the company
completed some liability management during 2017-2018. The intense
volatility of FCF generation, as a result of business
fundamentals, such as FX and oil prices, leads to ongoing
refinancing risks over the medium term. As of Sept. 30, 2018, the
company had BRL1.6 billion of cash and marketable securities and
BRL16.3 billion of total adjusted debt, with BRL8.0 billion
excluding leasing obligations, and short-term debt of BRL2.1
billion. The refinancing of around BRL1 billion of local
debentures that were due in the short term, gives an important
relief for the company's refinancing risks during 2019. For 2019
and 2020, GOL faces BRL690 million and BRL1.2 billion of
maturities, respectively. Liquidity, measured as total cash and
marketable securities/LTM revenue, was 14% as of Sept. 30, 2018.

GOL's financial flexibility is somewhat limited by having around
BRL750 million of its cash position at its 52.7% subsidiary,
Smiles. On the other hand, GOL's financial flexibility is enhanced
by accounts receivable, consisting mostly of ticket sales via
credit card and accounts receivable from travel agencies of BRL1.1
billion that can be monetized at a discount rate. GOL does not
have a committed standby credit facility.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

GOL Linhas Aereas Inteligentes S.A. (GOL)

  -- Long-Term, Foreign- and Local-Currency IDRs at 'B';

  --National Long-Term Rating at 'BBB-(bra)'.

VRG Linhas Aereas S.A. (VRG)

  -- Long-Term, Foreign and Local-Currency IDRs at 'B';

  -- National Long-Term Rating at 'BBB-(bra)'.

GOL Finance Inc

  -- USD650 million of senior unsecured notes due 2025 at
     'B'/'RR4'.

  -- USD200 million perpetual bonds at 'B'/'RR4' (transferred from
     GOL Linhas Aereas Inteligentes S.A.).

GOL Finance

  -- USD325 million of senior unsecured notes due 2022 at
     'B'/'RR4'.

The Rating Outlook for the corporate ratings is Stable.



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GRUPO UNICOMER: Fitch Affirms 'BB-' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch has affirmed Grupo Unicomer Company Limited's Long-Term
Local and Foreign Currency Issuer Default Ratings at 'BB-'. Fitch
has also affirmed Grupo Unicomer's USD350 million senior notes due
2024 at 'BB-'. The Rating Outlook is Stable.

Grupo Unicomer's ratings reflect a leading business position in
most of the countries in which it operates and the solid financial
position of its main shareholders. The ratings also incorporate
Grupo Unicomer's geographic and format diversification that have
contributed to positive consolidated cash flow from operations
(CFFO) throughout economic cycles. The company has reported stable
operational results based on a retail business model that targets
the low- to middle-income segments. Grupo Unicomer's ratings also
factor its growth strategy through acquisitions, funded mainly
with debt, which in turn has prevented it from reducing
consolidated leverage.

KEY RATING DRIVERS

Good Track Record and Solid Business Position: Grupo Unicomer has
commercial operations in 24 countries across Central America,
South America and the Caribbean. The company has a track record of
more than 17 years in consumer durables sales, which has enabled
it to develop long-term relationships with suppliers and to have
competitive advantages in terms of location of its stores within
small countries, where prime retailing points of sale are very
limited. The company maintains a leading business position in the
retailing of consumer durable goods, supported by its proprietary
financing services and economies of scale in terms of purchasing
power and logistics.

Geographic Diversification: Geographic diversification allows
Grupo Unicomer to have a broad revenue base, supported by
different economic dynamics and mitigating the company's country
risk of any individual market. Jamaica, Trinidad and Tobago, Costa
Rica, Ecuador and Guyana are among the most important cash flow
contributors, giving the company some strength and stability to
its operating cash flows. Most of the other countries where the
company operates are within the 'B' rating category. The company
has several store formats and brands across its operations.

Persistent Positive CFFO: For the LTM ended Sept. 30, 2018, the
company generated USD54.1 million of CFFO. Fitch expects the
company's CFFO to be above USD60 million per year during 2020-
2022. One of Grupo Unicomer's goals is to recover the
profitability margins it recorded in the past (around 13.5% EBITDA
margin). Capex levels should be around USD40 million per year
during the medium term, excluding potential acquisitions. The most
recent acquisitions occurred in 2015-2016, when the company
acquired two retail chains, one in Paraguay and the other in the
Caribbean countries of Bonaire, Curacao and St. Maarten.

Growth Funded Mainly with Debt: Historically, Grupo Unicomer
expanded its operations through a combination of organic and
inorganic growth. Since its inception, the company has made
significant acquisitions that increased its size and coverage.
While organic growth was primarily funded with internal operating
cash flows, acquisitions were funded mainly with debt. As of
September 2018, lease adjusted debt/EBITDAR was 4.7x and Fitch
expects this ratio to be 4.6x by the end of fiscal year ending
March 2019. Fitch also expects the company to reduce the adjusted
leverage ratio to around 4.3x in the medium term.

Stable Portfolio Yield: The company's consumer finance strategy
includes sufficient financial spreads to cover credit risks in the
portfolio. During the past eight years, the portfolio yield after
deducting uncollectable expenses and write-offs has been nearly
40% on average. As of Sept. 30, 2018, Grupo Unicomer's credit
portfolio had NPLs for 8.6% (past due accounts for 90 days or
more), an increase from the five-year-average of 6.8% mainly due
to the deterioration of the Nicaraguan credit portfolio derived
from the weakened economic environment in that country and to a
lesser extent the Dominica NPLs levels due to the devastation of
hurricane Maria. The company has provisions equivalent to 101% of
those NPLs. The level of overdue accounts is partially offset by
the company's efficient collection program and portfolio yield.

Strong Shareholders: The ratings consider the sound financial
position of Grupo Unicomer's shareholders Milady Group and El
Puerto de Liverpool, S.A.B. de C.V. (BBB+/Stable), which each owns
50% of Grupo Unicomer. Liverpool has a proven track record in
retail since 1847 in Mexico. Fitch is not incorporating into Grupo
Unicomer's ratings potential financial support from its
shareholders, if needed. Also, in Fitch's view, the shareholders'
solid credit profiles give flexibility to Grupo Unicomer, as the
shareholders' financial position does not rely on Grupo Unicomer's
dividend payments.

Milady's operations include real estate developments, department
store chains, all Inditex's franchises in Central America, and a
vertically integrated textile manufacturing and wholesaling
business. Liverpool, a department store with 261 units and 27
shopping malls in Mexico, had USD6.9 billion in total revenues
during the LTM ended Sept. 30, 2018 with a 14.9% of EBITDA margin.
Liverpool's total adjusted debt/EBITDAR (including captive finance
adjustment) was 0.8x for the period.

DERIVATION SUMMARY

Grupo Unicomer has about the same scale in number of stores as
Grupo Elektra (BB/Stable) while Grupo Famsa (B-/Stable) has fewer
stores. Unicomer's credit portfolio is smaller in size than
Elektra and Famsa and it does not lend through regulated banking
operations. The company is more geographically diversified than
Elektra and Famsa, which mitigates the company's operating risk of
any individual market; however, Unicomer operates in countries
with higher sovereign risks than Elektra and Famsa.

Unicomer's financial risk profile is similar to other peers rated
in the 'BB-'/'B+' category. The company maintains a weaker
financial position in terms of profitability, flexibility and
financial structure than Elektra but it is stronger than Famsa.
Unicomer's operating margins are higher but closer to Famsa, while
Elektra has the best operating margins of the three companies.
Unicomer ranks in the middle between Elektra and Famsa in terms of
credit metrics and liquidity position.

As per Fitch's criteria, Unicomer's applicable Country Ceiling is
'BB+' and does not constrain the ratings as the LC IDR is lower
than the applicable Country Ceiling. At the current rating level,
the operating environment (OE) of the countries where the company
has operations does not constrain the ratings, but OE would likely
constrain them in the upper 'BB' range.

KEY ASSUMPTIONS

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

  - Revenues slightly decrease at year-end March 2019. Then they
    grow at 3% annually on average for 2020-2022;

  - EBITDA margin of 12.3% on average for 2019-2022;

  - Capex of USD40.7 per year in average for 2019-2022;

  - Dividend payment of USD11.1 million and a share premium
    distribution of USD11.3 million during the year-end 2019;

  - Dividend payments equivalent to 25% of net income for 2020-
    2022;

  - Stable portfolio credit quality;

  - Potential inorganic growth in 2020 and 2021.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

Diversification of operating subsidiaries in countries with lower
sovereign risk, consolidated adjusted net leverage below 4.0x on a
sustained basis, retail-only adjusted net leverage below 3.5x on a
sustained basis, maintained credit quality of the portfolio and
significant reduction on its current maturities that result in a
consistent ratio of cash plus CFO-to-short-term debt of 1.0x.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

Deterioration in overdue accounts from the consumer finance
business, significant reduction in cash flow generation, further
debt-financed acquisition activity resulting in a consolidated
adjusted debt to EBITDAR ratio above 5x and/or deterioration of
liquidity compared with short-term debt.

LIQUIDITY

Adequate Liquidity: As of Sept. 30, 2018, Grupo Unicomer reported
total debt of USD780.7 million, of which USD174 million was
classified as short-term. This level of current debt compares with
USD65 million of cash and marketable securities and USD189 million
of uncommitted undrawn revolving credit facilities.

The company's main source of liquidity is internal cash generation
consisting of positive CFFO. Cash and equivalents of USD65 million
and a short-term net receivables portfolio of USD590.2 million
further support the company's liquidity. The liquidity ratio,
measured as FCF plus cash and marketable securities over short-
term debt, was 0.5x at Sept. 30, 2018; including short-term
account receivables in the calculation increases the ratio to
3.9x.

As of Sept. 30, 2018, Grupo Unicomer's total debt was allocated
45.6% at the holding level (from 35.0% in December 2016), 31.1% at
Unicomer Latin America Co. Ltd., 21.3% at Unicomer Caribbean
Holding Co. Ltd. and the remaining 2.1% at Regal Worldwide Trading
Inc. (RWT; from the previous 12.0%). Unicomer Latin America is a
secondary holding that groups all the subsidiaries in Latin
America, including Central America, Ecuador, Paraguay and
Dominican Republic. Unicomer Caribbean is a secondary holding
company that groups all the subsidiaries in the Caribbean region,
including islands in the Caribbean Sea as well as Belize and
Guyana. RWT is also a secondary holding company dedicated to
managing the franchises and the international trade and logistics
for the group. Certain Grupo Unicomer's subsidiaries guarantee the
holding company senior notes outstanding but the holding companies
do not guarantee their subsidiaries' debt unless very particular
cases arise.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Grupo Unicomer Company Limited

  - Long-Term Foreign Currency Issuer Default Rating (IDR) at
    'BB-'; Outlook Stable;

  - Long-Term Local Currency IDR at 'BB-'; Outlook Stable;

  - USD350 million senior notes due 2024 at 'BB-'.



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


CABLE & WIRELESS: S&P Alters Outlook to Stable on Improved Metrics
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Cable & Wireless
Communications Limited (CWC) to stable from negative.

S&P said, "We also affirmed our 'BB-/B' issuer credit rating on
the company. In addition, we're affirming the issue-level ratings
on CWC's subsidiaries. We are also affirming our 'BB-/B' issuer
credit rating on Cable & Wireless Limited." The outlook revision
reflects CWC's successful recovery following the impact of
Hurricanes Irma and Maria in 2017. The company has already
restored all of its mobile services in the affected markets and
almost all of its fixed services on those jurisdictions.
Therefore, CWC has returned to almost normal operations.

S&P said, "The stable outlook reflects our belief that CWC has
rebounded from its unfavorable growth cycle and bolstered its
EBITDA. We now expect the company to keep its leverage levels
closer to a 4.0x and funds from operations (FFO) to debt ratio at
around 20%."


DIGICEL GROUP: Convinces Bondholders to Wait Longer For Repayment
-----------------------------------------------------------------
RJR News reports that Telecommunications group Digicel has
convinced holders of US$1.89 billion of bonds that are due to
mature in 2020 to postpone their scheduled repayment by two years,
following months of negotiation.

The Irish Times reported that Digicel said the figure represents
almost 95 per cent of the group's 2020 bonds, according to RJR
News.

Digicel Group, which has US$6.7 billion in debt, said in August
that it was looking for bondholders owed US$2 billion in October
2020 to swap them for similar notes due in 2022 with the same
interest rate of 8.25 per cent, the report notes.

At the same time, it offered holders of US$1 billion of notes due
in 2022 to swap their investments for 2024 bonds, carrying the
same interest rate of 7.125 per cent, the report relays.

The Irish Times reported that Digicel had indicated to creditors
that it may not meet its debt-burden target for its current
financial year to the end of next March, as its planned sale of
unwanted assets drags on, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2018, Moody's Investors Service changed to negative
from stable the outlook on the ratings of Digicel Group Limited
("Digicel", "DGL" or the "company") and Digicel Limited ("DL") and
assigned a negative outlook to Digicel International Finance
Limited ("DIFL"). At the same time, Moody's has affirmed DGL's B2
corporate family rating (CFR) and B2-PD probability of default
rating (PDR), as well as the B1 rating on the unsecured notes of
DL and the Ba2 rating on the secured bank credit facilities of
DIFL.



===========
M E X I C O
===========


GRUPO IDESA: S&P Lowers ICR to 'CCC+' on Rising Refinancing Risk
----------------------------------------------------------------
S&P Global Ratings lowered its rating on Grupo Idesa S.A. de C.V.
(IDESA) to 'CCC+' from 'B'. The outlook is negative. S&P said, "At
the same time, we lowered our issue-level rating on the company's
senior unsecured notes to 'CCC+' from 'B'. The '4' recovery rating
on the company's debt, indicating our expectation of an average
(30%-50%) recovery in the event of a payment default, remains
unchanged."

Mexico-based petrochemical producer and distributor IDESA faces
significant refinancing risk related to its $130 million loan and
$300 million notes coming due June 2020 and December 2020,
respectively. While IDESA has 18 months to refinance its debt, S&P
believes that the continued delays in receiving inflows from the
joint venture with Braskem S.A. increases the likelihood of a debt
restructuring. IDESA's financial performance continues to be weak,
with persistently high leverage, and it expects debt to EBITDA to
remain above 10.0x for 2018.

S&P said, "The rating action reflects our belief that company's
liquidity position has deteriorated due to the lower-than-expected
dividends coming from IDESA's joint ventures (JV), Braskem Idesa
(Etileno XXI project). Although the company expects cash flows
from the JV beginning in 2019, our base-case scenario assumes no
additional inflow from the JV this year due to ongoing shortages
in the supply of ethane. The latter prevents Braskem Idesa from
operating at full capacity, thereby limiting its ability to fully
comply with certain conditions  to upstream dividends to IDESA.
Therefore, we consider that IDESA relies on favorable market
conditions to meet its financial commitments."

The EO shortages continue to hamper IDESA's business operations
given that it is the main feedstock for glycols and ethanolamines
production. As a result, the company's EBITDA margins have fallen,
due to the lower feedstock coming from Petr¢leos Mexicanos
(PEMEX). Given that S&P believes shortages of EO from Pemex will
continue for the next year, we expect IDESA's EBITDA margins to
remain limited at 6% in 2019.

The company's capital structure continued to weaken during the
third quarter of 2018 because of persistently high debt. IDESA
posted total debt at MXN9.4 billion, about 99% of which is
denominated in dollars. S&P said, "But no meaningful exposure to
foreign exchange fluctuations exists, in our view, given that the
company's debt and revenue are somewhat naturally hedged, because
petrochemicals and chemicals prices are either denominated or
linked to the dollar. We believe that the company will be able to
pay down its interest payments in the short-term at around $16
million with its cash available of $31 million as of November 30,
2018. However, EBITDA interest coverage was below 1.2x as of Sept.
30, 2018, which led us to revise our capital structure assessment
on IDESA to negative. Going forward, we believe company's capital
structure will be unsustainable in the intermediate term if there
is no significant debt reduction."


MEXICO: Will Carry Out Project to Expand Capital Airport
--------------------------------------------------------
EFE News reports that Mexico's president said that the army will
be tasked with a project in the town of Santa Lucia to expand the
capital's existing airport.

That less ambitious plan just north of Mexico City will be carried
out following the cancelation of a partially built, $13.3 billion
entirely new airport for that giant metropolis, according to EFE
News.


RASSINI S.A.B.: S&P Lowers Long-Term ICR to 'B+', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Mexico-based suspension and brake auto supplier, Rassini, S.A.B.
de C.V., to 'B+' from 'BB'. S&P removed its rating on Rassini from
CreditWatch, where S&P placed it with negative implications on
Oct. 31, 2018. The outlook is stable.

The downgrade follows Rassini's announcement that as a result of
the tender offer it made in October 2018, a significant group of
owners (with a 45.73% stake in Rassini's ownership structure)
purchased ordinary shares (Series "A") and common share
certificates (CPOs) in a 100% debt-financed transaction. Combined,
the Series "A" shares and CPOs represent 52.47% of Rassini's
issued and outstanding shares, totaling $360 million. After the
transaction, the group now holds 98.2% of Rassini's shares.

As S&P discussed in its research update published on Oct. 31,
2018, the two-notch downgrade captures both the worsening of
Rassini's leverage metrics and our reassessment of the company's
financial policy.



=======
P E R U
=======


PERU: Gets $2 Million-IDB Loan to improve Trout Aquaculture
-----------------------------------------------------------
IDB Lab, the Inter-American Development Bank (IDB) Group's
innovation laboratory, approved over US$2 million funding to
support a project that will allow local small and medium-scale
aquaculture producers in Lake Titicaca (Peru) to incorporate the
benefits of Internet of Things (IoT) in trout farming. The project
will be carried out by Cooperativa de Ahorro y CrÇdito Abaco, a
Peruvian Credit Union, as a part of its focus on value chain
financing.  The specific activities related to aquaculture will be
implemented through Abaco's subsidiary called Piscifactorias de
los Andes (Piscis), a rainbow trout farming and processing company
operating in Lake Titicaca, in collaboration with Umitron, a
Singapore/Tokyo-based technology company for aquaculture that will
be the technology provider.

One of today's largest global challenges is how to supply enough
protein to growing markets without causing further environmental
stress and damage. The Food and Agriculture Organization of the
United Nations (FAO ) estimates that fish production through
aquaculture in Latin America and the Caribbean will grow from 2.7
million tons in 2016 to 4.0 million tons in 2030. In the case of
Peru, this sector is expected to grow from 100,000 tons in 2016 to
221,000 tons in 2030, a 120.9% increment.

However, aquaculture faces serious problems in Latin America and
the Caribbean. While agricultural and livestock productions in the
region have started to employ technological solutions to become
more data-driven and to optimize inputs to improve productivity,
aquaculture is lagging behind and remains mostly experience-
driven. This is partially because it is not straightforward to
adopt and adapt technological solutions to work on unstable water
surfaces or underwater. Accordingly, increasing feeding cost has
become the biggest issue aquaculture farmers face as the price of
feed ingredients has tripled over the last 15 years and in some
cases representing up to 70% of the total production cost. In
addition, aquaculture faces its own environmental issues. If the
amount and schedule of feedings do not strike the right balance,
especially in the case of overfeeding, the water quality can be
damaged, resulting in algae blooms whose effects go beyond one
specific fish farm.

In order to improve aquaculture producers' productivity and
income, and at the same time maintain the environmental
sustainability of aquaculture, this project will test a new
technological solution, called "UMITRON CELL". UMITRON CELL is a
service that introduces and expands IoT/data-driven practices in
aquaculture mitigating the risk of overfeeding, which in turn
decreases the risk of water pollution.

IDB Lab's grant resources will be used to customize UMITRON CELL
for the region and species, along with providing training to local
producers so they can become familiar with the technology and
eventually allow them to implement data-driven aquaculture
management decisions. Also, given the growth potential of the
aquaculture industry, grant resources will be used to develop a
plan to scale-up the UMITRON CELL solution.

"We are entering a new age for aquaculture, bringing new
technologies such as IoT to increase farmers' incomes as well as
sustainability. We hope that initial project results will allow
the UMITRON CELL solution to scale to other fish species and even
beyond Peru to other Latin American countries," said Irene Arias,
General Manager of IDB Lab.

"Through our daily operation, we see challenges in aquaculture
from various perspectives such as technology level, stable & safe
food supply, and economic & environmental sustainability. Those
challenges require borderless collaboration between public and
private sector. We're delighted to start this project with IDB and
Abaco to create a future successful model. We hope this technology
driven collaboration encourages sustainable aquaculture and
contributes to local economy and global issues," said Masahiko
Yamada, Managing Director of UMITRON.

The subordinated loan will allow Abaco to strengthen its equity
base and to grow its value chain financing portfolio and further
expand its financial and technical support to those value chains
that proactively seek and test innovations to improve their
productivity, competitiveness and profitability.

The total financing for the project will consist of a US$550,000
grant and a US$1.5 million subordinated loan.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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 2018.  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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