/raid1/www/Hosts/bankrupt/TCRLA_Public/191227.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

          Friday, December 27, 2019, Vol. 20, No. 259

                           Headlines



B R A Z I L

BRAZIL: Rio Grande to Strengthen Fiscal Balance Scope w/ IBD Loan
OI SA: Mobile Unit to Issue Up to $609.4MM in Debenture Bonds


C A Y M A N   I S L A N D S

COMCEL TRUST: Fitch Affirms BB+ LT LC IDR, Outlook Stable


D O M I N I C A N   R E P U B L I C

AES ANDRES: Fitch Affirms BB- LT IDR; Alters Outlook to Stable
EMPRESSA GENERADORA: Fitch Affirms BB- Sr. Unsec. Notes Rating


M E X I C O

ASEGURADORA PATRIMONIAL: A.M. Best Affirms C++(Marginal) FS Rating


P A R A G U A Y

TELEFONICA CELULAR: Fitch Affirms BB+ LT IDR, Outlook Stable


P U E R T O   R I C O

FERRELLGAS PARTNERS: Intends to Voluntarily Delist from NYSE
STONEMOR PARTNERS: Unitholders Approve C-Corporation Conversion

                           - - - - -


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B R A Z I L
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BRAZIL: Rio Grande to Strengthen Fiscal Balance Scope w/ IBD Loan
-----------------------------------------------------------------
Brazil will strengthen the recovery of the fiscal balance of the
State of Rio Grande do Sul, through the control of public spending
and the modernization of the tax administration with a loan of $60
million approved by the Inter-American Development Bank (IDB).

The program will contribute to improve management instruments,
modernize the technological infrastructure and increase the
transparency of fiscal management with society, enhancing the
institutional performance of the Ministry of Finance and the
Attorney General of the State of Rio Grande do Sul.

In the area of tax administration, it will seek to increase
collection efficiency, increase revenues and simplify compliance
with obligations. It will also finance the implementation of better
online care services available to Taxpayers of Tax on the Movement
of Goods and Services and Tax on Property of Motor Vehicles,
through self-help channels, such as portal, chat bot, mobile device
applications and solutions Technological

Additionally, it will contribute to fiscal discipline and the
increase in efficiency and effectiveness of public spending,
through models of quality of expenditure and fiscal risks and
public debt management systems, liabilities and assets of the
State.

The project will enhance the performance of public finances by
increasing tax collection and increasing the efficiency of public
spending for greater fiscal sustainability of the State, benefiting
citizens, businesses and taxpayers, and public and non-governmental
sector entities.

The IDB loan of $60 million has a repayment term of 25 years, a
grace period of five and a half years, an interest rate bate on
LIBOR and has a local counterpart of $6.7 million.

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.

OI SA: Mobile Unit to Issue Up to $609.4MM in Debenture Bonds
-------------------------------------------------------------
Gabriela Mello at Reuters reports that Oi SA said its mobile unit
has signed an agreement to issue up to BRL2.5 billion ($609.40
million) in debenture bonds with a 24-month term to meet its cash
needs.

The move comes as Brazil’s largest fixed-line carrier struggles
to turn around its business since filing for bankruptcy protection
in June 2016 and to restructure approximately BRL65 billion ($15.7
billion) of debt, according to Reuters.

In a securities filing early, Oi said the debt issuing was foreseen
in its restructuring plan as debtor-in-possession financing (DIP)
to raise cash while under bankruptcy, the report notes.

The company is also working to divest non-core assets such as
towers, data centers, real estate and a 25% stake in Angolan
carrier Unitel to fulfill investments in its fiber-to-the-home
broadband service, the report relates.

Earlier in December, Oi's chief operating officer said the company
had hired financial advisors to put a value on its mobile unit,
which has drawn the interest of all three competitors, the report
recalls.

Executives from all three major carriers -- Telefonica Brasil SA
(VIVT4.SA), TIM Participacoes SA (TIMP3.SA) and America Movil’s
Claro (AMXL.MX) -- said they could consider a deal with Oi.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings, on Sept. 12, 2019, affirmed its global scale 'B'
issuer credit and issue-level ratings on Oi S.A. and revised the
outlook to negative from stable. At the same time, S&P lowered its
national scale rating to 'brA-' from 'brA' and assigned a negative
outlook.



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C A Y M A N   I S L A N D S
===========================

COMCEL TRUST: Fitch Affirms BB+ LT LC IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings affirmed the long-term, foreign and local-currency
Issuer Default Ratings of Comcel Trust at 'BB+'. The Rating Outlook
is Stable on the Local Currency Rating and Negative on the Foreign
Currency Rating. The Negative Outlook on the foreign currency
rating is a reflection of Guatemala's Negative Outlook; which is
highlighted by political uncertainty and steady erosion in the
government's low tax collection. Fitch has also affirmed Comcel's
USD800 million senior unsecured notes at 'BB+'.

Comcel Trust is a special-purpose vehicle created in the Cayman
Islands to issue USD800 million senior unsecured notes on behalf of
Comcel Group, a group of several legal entities providing primarily
mobile telecommunication services under the Tigo brand. The ratings
of the trust are based on the combined credit profile of Comcel, of
which entities jointly and severally guarantee the note on a senior
unsecured basis.

Comcel's ratings reflect its strong market position as the leading
mobile provider in Guatemala and its robust financial profile, with
low leverage for the rating category. The company's ratings are
tempered by its lack of geographical and service revenue
diversification, as well as high shareholder returns, which limit
any material deleveraging. Comcel's ratings are closely linked to
that of its parent, Millicom International Cellular S.A. given its
strong financial and strategic linkage. Comcel Trust is a 55%-owned
subsidiary of Millicom International Cellular S.A. (MIC;
BB+/Stable).

KEY RATING DRIVERS

Leading Market Position: Comcel is a 55% owned subsidiary of
Millicom International Cellular S.A. and, as of year-end 2018, is
the largest mobile operator in Guatemala, with an estimated
subscriber market share of over 58%. The company's entrenched
market position is supported by its solid network and service
quality, as well as its strong brand recognition. Fitch expects
these competitive strengths to remain intact and ward off
competitive pressures over the medium term.

Stable Revenue Growth: Fitch forecasts Comcel will undergo low
single-digit revenue growth over the medium term, mainly driven by
continued growth in data and home business revenues that will help
to offset voice revenue erosion. Strong demand for mobile data,
supported by increased penetrations of smart phones and data plans,
will continue to offset the pressured voice ARPU to an extent.
Additionally, the company's continued investment in fixed-line
services will result in an increased contribution from both
fixed-line broadband and cable TV.

Fixed Line Growth: Fitch projects Comcel's fixed broadband and
cable TV segments will experience strong double-digit revenue
growth over the medium term given its increasing investment in
network coverage expansion. The segment remains relatively
underpenetrated and highly fragmented, which should provide Comcel
with ample room to grow, as well as opportunities to consolidate
the market by acquiring small players. Fitch expects the revenue
proportion of the Tigo Home segment will reach 11% by 2021, which
positively compares with 8.9% in 2018 and 7.3% in 2017.

Solid Margins: Comcel boasts one of the highest operating margins
among telecom operators in the region with a Fitch calculated
EBITDA margin of 49% as of Dec. 30, 2018. Comcel's EBITDA margin
has trended down since 2014 as a result of average revenue per unit
erosion from declining voice/SMS revenues and increasing
competitive pressures. Additionally, an increasing contribution
from lower-margin fixed-line and equipment sales will continue to
pressure margin. Nevertheless, this level of margin still compares
favorably with its regional peers. Fitch expects margins to
stabilize at around 48% over the medium term.

Low Leverage: Fitch expects Comcel to maintain moderately low
leverage for the rating category, with its net debt/EBITDAR to
remain below 1.5x over the medium term, backed by its solid
operational cash generation. Fitch does not foresee any material
improvement in the company's financial profile due to the
aggressive shareholder return policy in the medium term. Dividend
payments could continue to pressure Comcel's FCF generation into
negative territory, despite solid cash flow from operations (CFFO)
estimated to be above USD500 million, which comfortably covers
annual capex requirement.

DERIVATION SUMMARY

Comcel's credit profile is strong compared with its regional
telecom peers in the 'BB' rating category given its high
profitability, robust cash flow generation, and low leverage,
underpinned by its leading market shares and solid network quality
and coverage. The company's credit profile is in line with its peer
Telefonica Celular del Paraguay (BB+), an integrated telecom
operator and MIC's another subsidiary in Paraguay. Comcel's credit
profile is stronger than Axtel (BB-/Stable) and VTR Finance
(BB-/Stable) given their lack of service diversification and weaker
financial profiles. The company's lack of geographic
diversification and weak revenue diversification, as well as its
high shareholder return temper the credit. Parent/subsidiary
linkage is applicable given MIC's strong influence over Telecel's
operations and MIC's reliance on Telecel's dividend upstream.

KEY ASSUMPTIONS

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

  -- Stable single-digit total revenue growth;

  -- Double-digit revenue growth in fixed-line operations;

  -- EBITDA margin to stabilize around 48% over the medium term;

  -- Total Capex-to-sales around 12%;

  -- Net leverage to remain comfortably below 1.5x over the medium
term.

RATING SENSITIVITIES

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

  - A revision of Guatemala's sovereign Rating Outlook to Stable
from Negative, would lead to a change in Comcel's Foreign Currency
(FC) IDR Outlook to Stable;

  - An upgrade of Guatemala's sovereign rating, although unlikely
at this time, would lead to an upgrade of Comcel's FC IDR and Local
Currency (LC) IDR to 'BBB-';

  - An upgrade of Millicom, Comcel's controlling shareholder, to
'BBB-' from 'BB+' would also have positive rating implications.
Millicom's upgrade triggers include increased dividend receipts
from its subsidiaries in Colombia and/or Panama, as well as
upgrades in the Country Ceiling of Guatemala and/or Paraguay to
'BBB-';

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

  - A downgrade of Guatemala's sovereign rating or country ceiling
would lead to a downgrade of Comcel's FC IDR;

  - Deterioration in Comcel's net leverage to beyond 3.5x on a
sustained basis;

  - A negative rating action on Millicom due to net leverage
exceeding 3.5x on a consolidated basis or 4.5x on a holding company
debt/dividends received basis.

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: Comcel has a solid liquidity profile backed by its
high cash balance, stable CFFO and well-spread debt maturities. As
of the LTM ended Sept. 30, 2019, the company generated USD586
million in CFFO and held USD226 million in cash and equivalents,
which favorably compares with no short-term debt. The company faces
no debt maturities until 2024 when its bond matures. The company's
total debt, as of Sept. 30, 2019 was USD1,175 million, which
consisted of USD800 million senior unsecured bonds due 2024, lease
liabilities of USD246 million and other local loans.

Comcel Trust is a special-purpose vehicle (SPV) created in the
Cayman Islands to issue USD800 million senior unsecured notes on
behalf of the Tigo Guatemalan entities, all of which jointly and
severally guarantee the note on a senior unsecured basis.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3, which implies that 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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D O M I N I C A N   R E P U B L I C
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AES ANDRES: Fitch Affirms BB- LT IDR; Alters Outlook to Stable
--------------------------------------------------------------
Fitch Ratings affirmed AES Andres B.V.'s Long-Term Foreign-Currency
Issuer Default Rating at 'BB-' and its National Scale Long-Term
Rating at 'AA(dom)' and removed the ratings from Rating Watch
Negative. The Rating Outlook is Stable. Fitch has also affirmed
Andres' USD270 million of notes due 2026 at 'BB-' and removed the
Negative Rating Watch.

Following repairs to the steam turbines, which were covered by the
companies' insurance and manufacturer's warranty net of applicable
deductibles for equipment and business interruption, at AES Andres
and Dominican Power Partners, the turbines at both plants are fully
operational. The Negative Rating Watch was placed on Andres and the
notes due to uncertainty surrounding the repairs to steam turbines
at both AES Andres and Dominican Power Partners, as well as the
possible length of outage times.

Andres's ratings reflect the Dominican Republic's (DR) electricity
sector's high dependency on transfers from the central government
to service their financial obligations, a condition that links the
credit quality of the distribution companies and generation
companies to that of the sovereign. Low collections from end-users,
high electricity losses and subsidies have undermined distribution
companies' cash generation capacity, exacerbating generation
companies' dependence on public funds to cover the gap produced by
insufficient payments received from distribution companies. The
ratings also consider the companies' solid asset portfolio, strong
balance sheet and well-structured power purchase agreements
(PPAs).

The rating of the notes considers the combined operating assets of
Andres and Dominican Power Partners (DPP; jointly referred to as
AES Dominicana), which are joint obligors of Andres's USD270
million notes due 2026. These notes are attached to Empresa
Generadora de Electricidad Itabo's USD100 million notes, also rated
'BB-'.

KEY RATING DRIVERS

Dependence on Government Transfers: High energy distribution losses
(27% as of September 2019), low level of collections and important
subsidies for end-users have created a strong dependence on
government transfers. This dependence has been exacerbated by the
country's exposure to fluctuations in fossil-fuel prices and strong
energy demand growth from distribution companies of 6.5% in 2019
through September. The regular delays in government transfers
pressure working capital needs of generators and add volatility to
their cash flows. This situation increases the risk of the sector,
especially at a time of rising fiscal vulnerabilities affecting the
Central Government's finances.

Strong Credit Metrics: The combined credit metrics for Andres and
DPP are strong for the rating category. Expected 2019 EBITDA of
USD270 million reflects the commencement of operations from DPP's
completed combined cycle unit, which is partially offset by the
steam turbine and generator outage at Andres. Fitch expects 2019
debt to EBITDA of 2.2x with a stable leverage trajectory toward
2.1x over the medium term as new LNG sales offset investment in the
50km pipeline. While the 750MW Punta Catalina project will likely
lower prices in the near term for the system as a whole, Andres and
DPP are substantially contracted through 2022 and their lower
leverage provides a cushion against eventual PPA revaluations.

High-Quality Asset Base: Andres has the Dominican Republic's most
efficient power plant, and ranks among the lowest-cost electricity
generators in the country. Andres's combined-cycle plant burns
natural gas and is expected to be fully dispatched as a base-load
unit as long as the liquefied natural gas (LNG) price is not more
than 15% higher than the price of imported fuel oil No. 6. In July
2017, the aggregate capacity of AES Dominicana increased by
approximately 122MW as result of the development of a combined
cycle facility in DPP's power plant. Fitch expects higher
medium-term margins, although generation may contract initially
when the Punta Catalina coal plant enters the dispatch curve.

Cash Flow Volatility to Moderate: Cash flow to Andres and DPP has
historically been affected by delays in payment from the
state-owned distribution companies particularly during periods of
high fuel oil prices, which have pressured the system financially.
For Andres, payment periods are currently experiencing a
three-month lag while DPP is at six months. Fitch expects the
systemic payment delays to moderate with the entrance of the 752MW
Punta Catalina plant, which will significantly lower spot prices
and relieve financial pressure on the system.

Expanding Natural Gas Business: Andres operates the country's sole
LNG port, offering regasification, storage and transportation
infrastructure. In the medium term, the company is looking to
expand its transportation network and processing capacity for its
LNG operations as illustrated by the recent 10-year gas supply
agreement with Barrick. A 50-kilometer gas pipeline is also being
constructed from Andres's terminal to San Pedro de Macoris to
facilitate the conversion from heavy fuel oil to natural gas in
that region. For first-half 2019, natural gas sales and
transportation comprised 22 percent of the combined companies'
revenues, compared with 18 percent for first-half 2018.

DERIVATION SUMMARY

AES Andres B.V 's ratings are linked to and constrained by the
ratings of the government of the Dominican Republic, from whom it
indirectly receives its revenues. As a result, Andres's capital
structure is strong relative to similarly rated, unconstrained
peers. Orazul Energy Peru S.A. (BB/Stable), whose ratings reflects
combined results that include its subsidiary, Aguaytia Energy del
Peru S.R.L., has similar installed capacity and is expected to
generate around USD100 million in EBITDA annually, with estimated
leverage of approximately 5.0x. By comparison, the combined
Andres/DPP operations are expected to generated approximately
USD270 million, with leverage of 2.2x in the medium term. Fenix
Power Peru S.A. (BBB-/Stable) is considered another operational
peer to Andres. It shows high leverage, similar to Orazul, but
benefits from its strategic linkage to its parent company, Colbun
S.A. (BBB/Positive), resulting in a three-notch uplift from its
standalone credit quality.

KEY ASSUMPTIONS

  - Demand growth in line with GDP growth;

  - 100% of previous year's net income to be distributed as
dividends;

  - Natural gas prices in line with current levels;

  - Insurance coverage for property and business interruption for
recent Andres and DPP events;

  - Debt added as need to maintain adequate cash balance.

RATING SENSITIVITIES

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

  - A positive rating action could follow if the Dominican
Republic's sovereign ratings are upgraded or if the electricity
sector achieves financial sustainability through proper policy
implementation.

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

  - A negative rating action to Andres would follow if the
Dominican Republic's sovereign ratings are downgraded, if there is
sustained deterioration in the reliability of government transfers,
or financial performance deteriorates to the point of increasing
the combined Andres/DPP ratio of debt-to-EBITDA to 4.5x for a
sustained period.

LIQUIDITY AND DEBT STRUCTURE

Well-spread Maturities: Andres and DPP have historically reported
very strong combined credit metrics for the rating category. Both
companies have financial profiles characterized by low to moderate
leverage and strong liquidity. Combined EBITDA as of June 30, 2019
totaled USD222 million (versus USD228 million at June 30, 2018),
with gross leverage of 2.4x and FFO interest coverage of 8.1x. The
companies' strong liquidity position is further supported by the
2026 international bond and a series of local bonds due 2027,
replacing all short- to medium-term debt.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. 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.

EMPRESSA GENERADORA: Fitch Affirms BB- Sr. Unsec. Notes Rating
--------------------------------------------------------------
Fitch Ratings affirmed the rating of Empresa Generadora de
Electricidad Itabo, S.A.'s senior unsecured notes due 2026 at 'BB-'
and removed the Negative Rating Watch. Additionally, Fitch has
affirmed Itabo's Long-Term Foreign and Local Currency Issuer
Default Ratings at 'BB-'/Stable Outlook.

Following repairs to the steam turbines, which were covered by the
companies' insurance and manufacturer's warranty net of applicable
deductibles for equipment and business interruption, at AES Andres
and Dominican Power Partners, the turbines at both plants are fully
operational. The Negative Rating Watch was placed on the notes due
to uncertainty surrounding the repairs to steam turbines at both
AES Andres and Dominican Power Partners, as well as the possible
length of outage times. Itabo's 2026 notes were issued attached to
the AES Andres/Dominican Power Partners (Andres/DPP) issuance,
although there are no cross-guarantees or cross-default clauses
between the Itabo and Andres/DPP notes.

Itabo's ratings reflect the electricity sector's high dependency on
transfers from the central government to service its financial
obligations, a condition that links the credit quality of the
electric distribution companies (EDEs) and generation companies to
that of the sovereign. Low collections from end-users, high
electricity losses and subsidies have undermined distribution
companies' cash generation capacity, exacerbating generation
companies' dependence on public funds to cover the gap produced by
insufficient payments received from distribution companies. Itabo's
ratings also consider its low-cost generation portfolio, strong
balance sheet and well-structured PPAs, which contribute to strong
cash flow generation and bolster liquidity.

KEY RATING DRIVERS

Dependence on Government Transfers: High energy distribution losses
(27% as of September 2019), low level of collections and important
subsidies for end-users have created a strong dependence on
government transfers. This dependence has been exacerbated by the
country's exposure to fluctuations in fossil-fuel prices and strong
energy demand growth from distribution companies of 6.5% in 2019
through September. The regular delays in government transfers
pressure working capital needs of generators and add volatility to
their cash flows. This situation increases the risk of the sector,
especially at a time of rising fiscal vulnerabilities affecting the
central government's finances.

Low-Cost Asset Portfolio: Itabo's ratings incorporate its strong
competitive position as one of the lower cost thermoelectric
generators in the country, ensuring the company's consistent
dispatch of its generation units. The company operates two low-cost
coal-fired thermal generating units and a third peaking plant that
runs on Fuel Oil #2 and sells electricity to three distribution
companies in the country through long-term U.S. dollar denominated
PPAs. The company expects to remain a base load generator even
after a 752 MW coal generation project starts operations in 2019.

Solid Credit Metrics: Itabo presents strong credit metrics for the
rating category. Gross leverage of 1.1x is expected for 2019,
compared with 1.2x for the previous year. Similarly, stable EBITDA
in the range of USD85-USD90 million is expected across both years.
Fitch expects gradual deterioration in prices to negatively impact
revenues and EBITDA through the medium term, resulting in leverage
potentially increasing to above 1.5x after Itabo's current PPAs
expire in 2022.

Working Capital Pressure: Instability in the company's collection
periods has resulted in operating cash flow volatility. Following
invoice payments by the state-owned distribution companies in 2019,
Itabo's account receivable lag is now roughly two and a half
months, approximately half the level seen a year earlier. The high
receivable days can be attributed to the Dominican Government's
continued lag in paying state-owned distribution companies, which
in turn delays payments to generation companies.

DERIVATION SUMMARY

Itabo's ratings are linked to and constrained by the ratings of the
government of the Dominican Republic, from whom it indirectly
receives its revenues. As a result, Itabo's capital structure is
strong relative to similarly rated, unconstrained peers. Orazul
Energy Peru S.A. (BB/Stable), whose ratings reflects combined
results that include its subsidiary, Aguaytia Energy del Peru
S.R.L., has similar installed capacity and is expected to generate
around USD100 million in EBITDA annually, with estimated leverage
of approximately 5.0x. By comparison, Itabo is expected to
generated approximately USD75 million, with leverage around 1.5x
through the medium term. Fenix Power Peru S.A. (BBB-/Stable) is
considered another operational peer to Itabo. It shows high
leverage, similar to Orazul, but benefits from its strategic
linkage to its parent company, Colbun S.A. (BBB/Positive),
resulting in a three-notch uplift from its standalone credit
quality.

KEY ASSUMPTIONS

  -- Demand growth of approximately 2%;

  -- Fuel prices to remain low in the near-to-medium term;

  -- 100% of previous year's net income paid as dividends;

  -- Demand falls by 4% in 2020 due to the entrance of Punta
Catalina in the market.

RATING SENSITIVITIES

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

  -- A positive rating action could follow if the Dominican
Republic's sovereign ratings are upgraded or if the electricity
sector achieves financial sustainability through proper policy
implementation.

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

  -- A negative rating action would follow if the Dominican
Republic's sovereign ratings are downgraded, if there is sustained
deterioration in the reliability of government transfers, or if
financial performance deteriorates to the point of increasing the
ratio of debt-to-EBITDA to 4.5x for a sustained amount of time.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: In May 2016, the company issued attached
10-year notes with its sister companies AES Andres and DPP to repay
existing debt and extend its maturity profile. The tranche assigned
to Itabo totaled USD99.9 million. Fitch expects that lower coal
prices (to which contract prices are indexed) coinciding with the
expiration of its existing PPAs to limit medium term growth
recovery prospects in Itabo's EBITDA. Nevertheless, the company's
conservative capital structure with total leverage of 1.1x and
coverage of 9.0x confers substantial cushion within its rating
category.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. 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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M E X I C O
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ASEGURADORA PATRIMONIAL: A.M. Best Affirms C++(Marginal) FS Rating
------------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of C++
(Marginal), the Long-Term Issuer Credit Rating of "b+" and the
Mexico National Scale Rating of "bbb.MX" of Aseguradora Patrimonial
Vida, S.A. de C.V. (Patrimonial Vida) (Mexico). The outlook of
these Credit Ratings (ratings) remains stable. Concurrently, AM
Best has withdrawn the ratings as the company has requested to no
longer participate in AM Best's interactive rating process.

The ratings reflect Patrimonial Vida's balance sheet strength,
which AM Best categorizes as weak, as well as its adequate
operating performance, limited business profile and appropriate
enterprise risk management (ERM).

Patrimonial Vida's balance sheet strength is underpinned by its
risk-adjusted capitalization at a weak level, as measured by Best's
Capital Adequacy Ratio (BCAR). The ratings also reflect the
company's significant underwriting leverage, business profile
limited by concentration in a single business line and distribution
channel, and the company's relatively small size within Mexico's
life insurance industry. Partially offsetting these factors are
Patrimonial Vida´s consistent profitability and well-structured
reinsurance program.

Patrimonial Vida initiated operations in Mexico City in 2014,
providing short-term life insurance coverage for the private and
public sectors. As of year-end 2018, the company held a 0.4% market
share in the life segment. Patrimonial Vida operates for the most
part through a network of agents.

AM Best expects improvements in the company's risk-adjusted
capitalization to remain supported over the long term through
stable sums assured retention levels and continuous expansion of
Patrimonial Vida's capital base, consistently supported by positive
bottom-line results. Additionally, positive results have reflected
gradual improvements in Patrimonial Vida's underwriting leverage
and further efficiency in capital management. The company has
considerable dependence on reinsurance, but it is well-supported by
an adequately structured program placed with highly rated
entities.

In AM Best's view, the insurer was able to achieve rapid premium
expansion while maintaining profitable underwriting practices in
2017, as reflected by premiums sufficiency levels. Moreover, the
company's conservative investment strategy has provided a steady
flow of revenues, which in conjunction with technical results, have
maintained profitability, as reflected by a 2.5% return on assets
and a 25% return on equity at year-end 2018.

AM Best expects Patrimonial Vida to further strengthen its ERM
framework through improvements in systems, and embedded value tool,
and an internal economic capital model.

The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a comprehensive explanation of
AM Best's rating process and contains the different rating criteria
employed in the rating process.

Key insurance criteria report utilized:

AM Best's Ratings On a National Scale (Version Oct. 13, 2017)

Available Capital and Holding Company Analysis (Version Oct. 13,
2017)

Evaluating Country Risk (Version Oct. 13, 2017)

Understanding Universal BCAR (Version May 23, 2019)

View a general description of the policies and procedures used to
determine credit ratings. For information on the meaning of
ratings, structure, voting and the committee process for
determining the ratings and monitoring activities, please refer to
Guide to Best's Credit Ratings.

Previous Rating Date: Dec. 19, 2018

Date Range of Financial Data Used: Dec. 31, 2013-Sept. 30, 2019  



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P A R A G U A Y
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TELEFONICA CELULAR: Fitch Affirms BB+ LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Foreign Currency Issuer
Default Ratings of Telefonica Celular del Paraguay S.A. at 'BB+'
with a Stable Outlook. Fitch has also affirmed Telecel's USD300
million senior unsecured notes due 2027 at 'BB+.'

Telecel's ratings reflect its leading market positions in Paraguay,
supported by its extensive network and distribution coverage, and
the strong brand recognition of Tigo. The company's competitive
strengths have enabled stable operational cash flow generation and
high margins, resulting in the company's solid financial profile,
with leverage that is considered low for the rating category.
Negatively, the company's ratings are tempered by its persistent
negative FCF generation, amid intense competition.

Telecel's ratings also reflect a strong linkage between the company
and its parent, Millicom International Cellular S.A (MIC;
BB+/Stable), given Telecel's strategic and financial importance to
the parent. The company also benefits from synergies related to
MIC's larger scale and management expertise. Telecel is a
100%-owned subsidiary of MIC.

KEY RATING DRIVERS

Increased Competitive and Macroeconomic Pressures: Recent
performance has been affected by increased macroeconomic and
political disruptions Paraguay. These pressures have exacerbated
the impact of increased competition and have mainly affected the
pre-paid mobile and B2B segments. Fitch expects ARPUs to continue
to be pressured as the company works on defending its leading
market position. Telecel's growth strategy will be increasingly
centered on mobile data and fixed line home services (cable and
broadband) as the company seeks to alleviate pressure on declining
voice and SMS revenue.

Solid Market Position: Telecel is a wholly owned subsidiary of MIC
and the largest mobile operator in Paraguay, with an estimated
mobile market share of 50%. Telecel has an entrenched position with
the most extensive network in Paraguay under the Tigo brand. Fitch
believes Telecel's market leadership will remain intact, supported
by continued expansion in its fixed-line services.

Positive Revenue Diversification: Fitch expects Telecel's home and
business-to-business segment to represent close to 30% of total
revenues by 2021, from 25% in 2018, supported by the continued
expansion of its network coverage. Telecel's mobile segment, which
generates about 64% of its revenues, is expected to weaken over the
medium to long term as a result of declining voice/SMS revenues and
competitive pressures. Demand in fixed-line services remains
strong, given the low penetration of services in Paraguay.

Solid Profitability: Telecel's EBITDA margin remained stable at 50%
over the last two fiscal years, mainly as a result of operating
cost reductions as well as a higher proportion of service during
the period. Fitch believes that further margin expansion will be
limited due to competitive pressures and an increasing revenue
contribution from lower-margin pay-TV and broadband services.
Nevertheless, Telecel's average projected margin over the medium to
long term is expected to remain solid compared with its regional
telecom peers. Fitch expects margins to stabilize around 48% over
the medium term.

Negative FCF: Telecel's negative FCF generation is unlikely to
reverse in the medium term due to its high dividends to its parent,
Millicom. Fitch expects cash upstream to remain high, given its
financial position and relatively lower leverage, pressuring FCF
margin into negative territory. Fitch projects cash flow from
operations (CFFO) to remain solid at around PYG1 trillion annually
over the medium term, comfortably covering its estimated annual
capex of roughly PYG550 billion, resulting in solid pre-dividend
FCF.

Relatively Low Leverage: Fitch believes Telecel's solid financial
profile will remain intact over the medium term, backed by its
operational cash flow generation. The company's net leverage should
remain below 2.5x over the medium term, despite the increase in
competitive pressures and continued negative FCF, as a result of
its growing revenues mainly driven from double-digit growth coming
from the home business. The company's net leverage ratio is
expected to remain around 2.1x over the rating horizon, which is
considered low for the rating category.

DERIVATION SUMMARY

Telecel is well-positioned relative to its regional telecom peers
in the 'BB' category based on its high profitability and low
leverage, and its leading mobile market position, backed by its
solid network competitiveness and strong brand recognition. Telecel
boasts a strong financial profile with high profitability and low
leverage for the rating level, compared to its regional telecom
peers in the same rating category. The company's credit profile is
in line with its peer Comcel Trust (BB+/Stable), an integrated
telecom operator and MIC's other subsidiary in Guatemala, as well
as Colombia Telecomunicaciones S.A. E.S.P. (BBB-/Stable), an
integrated telecom operator in Colombia. Telecel's credit profile
is stronger than Axtel (BB-/Stable) and VTR Finance (BB-/Stable)
given their lack of service diversification and weaker financial
profiles. The company's lack of geographic diversification and weak
revenue diversification, as well as its high shareholder return
temper the credit. Parent/subsidiary linkage is applicable given
MIC's strong influence over Telecel's operations and MIC's reliance
on Telecel's dividend upstream.

KEY ASSUMPTIONS

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

  -- Low-single-digit revenue drop mainly driven by strong
competition in the prepaid market;

  -- EBITDA margins to slightly deteriorate due to increased
competition and higher contribution from fixed-line services;

  -- Capex-to-sales ratio of 18% in 2019 as network coverage
expansion continues;

  -- Negative FCF generation to remain uncurbed in the medium
term;

  -- Net leverage increasing slightly to 2.1x due to competitive
pressures.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action -An upgrade of Paraguay's sovereign rating
would lead to upgrade of Telcel's FC IDR -An upgrade of Millicom,
Telcel's controlling shareholde, to 'BBB-' from 'BB+' would also
have positive rating implications. Millicom's upgrade triggers
include increased dividend receipts from its subsidiaries in
Colombia and/or Panama, as well as upgrades in the Country Ceiling
of Guatemala and/or Paraguay to 'BBB-'. Developments That May,
Individually or Collectively, Lead to Negative Rating Action -A
downgrade of Paraguay's sovereign rating or country ceiling would
lead to a downgrade of Telcel's FC IDR; -Deterioration in Telcel's
net leverage to beyond 3.5x on a sustained basis -A negative rating
action on Millicom due to net leverage exceeding 3.5x on a
consolidated basis or 4.5x on a holding company debt/dividends
received basis

LIQUIDITY AND DEBT STRUCTURE

Telecel's liquidity position is adequate, supported by its readily
available cash balance, conservative leverage and solid cash flow
generation. As of Sept. 30, 2019, the company held a cash balance
of PYG461 billion. The company has short-term debt of PYG313
billion, which Fitch expects to be serviced with cash flow
generation, and no other material debt repayments over the medium
term, which further bolsters its financial flexibility. The
company's total debt as of Sept. 30, 2019 was PYG3,585 billion,
which consists mainly of a USD300 million (PYG1,875 billion) senior
unsecured bond due 2027 and local currency unsecured bank debt.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, The highest level of
ESG credit relevance is a score of 3, which implies that 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.



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

FERRELLGAS PARTNERS: Intends to Voluntarily Delist from NYSE
------------------------------------------------------------
Ferrellgas Partners, L.P., has notified the New York Stock Exchange
of its intent to voluntarily delist its common stock from the
Exchange.

This announcement follows the Company's receipt of notice from the
NYSE that the Company is not in compliance with the continued
listing standards and, as a result, has been subject to the
procedures outlined in Sections 801 and 802 of the NYSE Listed
Company Manual.

The Company has been evaluating its options with respect to its
NYSE listing and after much discussion and deliberation, the Board
of Directors approved a resolution authorizing the Company to
voluntarily delist from the NYSE for an indefinite period of time.
The Company believes the delisting from the NYSE will be a
temporary event.  Further, it is the Company's position that as it
resolves its balance sheet issues, which the Company is attending
to with its financial and legal advisors, the issues causing the
delisting likewise should be resolved.

The Company currently anticipates that it will file with the
Securities and Exchange Commission a Form 25 relating to the
delisting of its common units on or about Dec. 30, 2019, and
anticipates that the delisting of its common units will become
effective on or about Jan. 9, 2020.  The Company does not expect
the delisting to have any adverse effects on its business
operations.

The Company intends to apply to have its common units quoted on the
OTCQB tier of the OTC Markets.  The Company will remain subject to
the periodic reporting requirements of the Securities Exchange Act
of 1934, as amended.

                       About Ferrellgas

Headquartered in Overland Park, Kansas, Ferrellgas Partners, L.P.,
through its operating partnership, Ferrellgas, L.P., and
subsidiaries, is a distributor of propane and related equipment and
supplies to customers in the United States.  The Company serves
residential, industrial/commercial, portable tank exchange,
agricultural, wholesale and other customers in all 50 states, the
District of Columbia and Puerto Rico.

Ferrellgas reported a net loss of $64.54 million for the year ended
July 31, 2019, a net loss of $256.82 million for the year ended
July 31, 2018, and a net loss of $54.50 million for the year ended
July 31, 2017.  As of Oct. 31, 2019, Ferrellgas had $1.44 billion
in total assets, $777.06 million in total current liabilities,
$1.73 billion in long-term debt, $88.77 million in operating lease
liabilities, $36.91 million in other liabilities, and a total
partners' deficit of $1.19 billion.

Grant Thornton LLP, in Kansas City, Missouri, the Company's auditor
since 2013, issued a "going concern" qualification in its report
dated Oct. 15, 2019, citing that the Partnership has $357 million
in unsecured notes due June 15, 2020 that are classified as current
in the consolidated financial statements and its current
liabilities exceeded its current assets by $667 million and its
total liabilities exceeded its total assets by $1,139 million.  The
Partnership's business plan contemplates restructuring or
refinancing its long-term arrangements and reducing outstanding
indebtedness.  The Partnership's ability to achieve the foregoing
elements of its business plan, which may be necessary to permit the
realization of assets and satisfaction of liabilities in the
ordinary course of business, is uncertain and raises substantial
doubt about its ability to continue as a going concern.

                            *   *   *

As reported by the TCR on Oct. 22, 2019, S&P Global Ratings lowered
its issuer credit rating on Ferrellgas Partners L.P. to 'CCC-' from
'CCC'.  The downgrade is based on S&P's assessment that Ferrellgas'
capital structure is unsustainable given the upcoming maturity of
its $357 million notes due June 2020.

STONEMOR PARTNERS: Unitholders Approve C-Corporation Conversion
---------------------------------------------------------------
At a special meeting of StoneMor Partners L.P.'s unitholders held
on Dec. 20, 2019, the unitholders voted to approve and adopt the
Merger and Reorganization Agreement dated Sept. 27, 2018, as
amended to date, pursuant to which, among other things, StoneMor GP
LLC will convert from a Delaware limited liability company into a
Delaware corporation to be named StoneMor Inc. (the "Company" when
referring to StoneMor Inc. subsequent to such conversion).  Merger
Sub will be merged with and into the Partnership and the
Partnership will become a wholly-owned subsidiary of the Company
and the holders of common units and Series A Covertible Preferred
Units of the Partnership, each representing limited partner
interests in the Partnership, will become stockholders in the
Company.

Approximately 99.9% of the total StoneMor units that were voted at
the special meeting voted in favor of the Merger.  With a quorum
voting, the Merger Agreement and Merger were approved and adopted
by the unitholders.

The Merger is expected to close on Dec. 31, 2019.  Immediately
after the closing, the Company Shares will begin trading on the New
York Stock Exchange under the ticker symbol "STON".

                     About StoneMor Partners

StoneMor Partners L.P., headquartered in Trevose, Pennsylvania --
http://www.stonemor.com/-- is an owner and operator of cemeteries
and funeral homes in the United States, with 321 cemeteries and 89
funeral homes in 27 states and Puerto Rico.  StoneMor's cemetery
products and services, which are sold on both a pre-need (before
death) and at-need (at death) basis, include: burial lots, lawn and
mausoleum crypts, burial vaults, caskets, memorials, and all
services which provide for the installation of this merchandise.

StoneMor reported a net loss of $72.70 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.16 million for the
year ended Dec. 31, 2017.  As of Sept. 30, 2019, the Company had
$1.73 billion in total assets, $1.77 billion in total liabilities,
$57.50 million in total redeemable convertible preferred units, and
a total partners' deficit of $104.02 million.

                           *    *     *

As reported by the TCR on Feb. 14, 2019, Moody's Investors Service
downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2
from Caa1 and Probability of Default rating to Caa3-PD from
Caa1-PD.  The Caa2 CFR reflects Moody's concern that if pre-need
cemetery selling and liquidity pressures do not abate while the
senior secured credit facility is being refinanced, a distressed
exchange or other default event could become more likely.

As reported by the TCR on July 3, 2019, S&P Global Ratings affirmed
its 'CCC+' issuer credit rating on StoneMor Partners L.P.  The
outlook remains negative.  S&P said, "The rating affirmation
reflects our view that despite the removal of near term maturities
and sufficient liquidity over the next twelve months, we continue
to view StoneMor's capital structure as unsustainable in the long
term given our projection for persistent free cash flow deficits."


                           *********


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.

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