TCRLA_Public/191213.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 13, 2019, Vol. 20, No. 249

                           Headlines



A R G E N T I N A

ARGENTINA: Alberto Fernandez Sworns in as New President


B R A Z I L

BANCO DAYCOVAL: Fitch Rates $350MM Sr. Unsec. Notes Final BB-
ODEBRECHT: Creditors Delay Vote on New Bankruptcy Plan to Dec. 19


C O L O M B I A

AVIANCA HOLDINGS: Finalizes Debt Restructuring Agreements


E L   S A L V A D O R

GRUPO UNICOMER: Fitch Affirms BB- LT IDRs; Alters Outlook to Pos.


M E X I C O

MAXCOM TELECOMUNICACIONES: S&P Hikes ICR to 'CCC+', Outlook Stable


P U E R T O   R I C O

ASOCIACION DE PROPIETARIOS: Jan. 22 Hearing on Disc. Statement Set
STONEMOR PARTNERS: Will Sell Oakmont Memorial Park for $33MM


V E N E Z U E L A

PDVSA: 6 CITGO Execs Jailed in Venezuela Granted House Arrest
PDVSA: Some Creditors Expect CITGO to Help Pay Parent's Debts

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Alberto Fernandez Sworns in as New President
-------------------------------------------------------
The Financial Times reports that Alberto Fernandez was sworn in as
Argentina's new president on Dec. 10, marking a historic return to
power for the leftist Peronist movement amid a looming sovereign
debt crisis and a deep recession.

According to the FT, Mr. Fernandez, who becomes the fourth Peronist
president to rule Argentina since the return of democracy in 1983,
is facing the urgent challenge of staving off the country's ninth
sovereign debt default after a currency crisis last year that led
to a $57 billion bailout from the IMF.

"The country has the willingness to pay, but it lacks the capacity
to do so .  .  . In order to pay [the economy] needs to grow
first," the 60-year-old lawyer said in an hour-long address to
congress, drawing applause, the FT relays. The outgoing president,
Mauricio Macri, who earlier hung the presidential sash on Mr.
Fernandez, had "left the country in a situation of virtual
default", he added.

The FT relates that Mr. Fernandez, who drove his own car to
congress flashing a victory sign to elated supporters on the
streets, promised a social pact to address poverty levels
approaching 40 per cent. He said that the implementation of "a plan
to fight against hunger" would be his first action as president.

He also pledged thorough judicial reform, declaring that "without
an independent judiciary there can be no democracy", and that there
had been "undue persecution and arbitrary imprisonment" in recent
years, the FT says. Looking on approvingly beside him was his
vice-president, Cristina Fernandez de Kirchner, who was Argentina's
president from 2007 to 2015 and faces a series of corruption
charges.

The FT says the left's return to power in Argentina comes at a time
when most other countries in the region are run by centrist or
rightwing leaders, with the notable exceptions of Andres Manuel
Lopez Obrador in Mexico, Nicolas Maduro in Venezuela and Miguel
Diaz-Canel in Cuba. Of them, only Mr Diaz-Canel attended the
ceremony on Dec. 10, the FT notes.

With many countries in Latin America in crisis, there were few
regional presidents present. Of Argentina's neighbours, only the
presidents of Uruguay and Paraguay travelled to Buenos Aires, while
Brazil's hard-right president, Jair Bolsonaro sent his
vice-president, Hamilton Mourao, instead. Chile's Sebastian Piñera
cancelled his trip after a Chilean military aircraft carrying 38
passengers went missing on its way to Antarctica on Dec. 9.

In his address, Mr. Fernandez pledged to strengthen the regional
trade bloc Mercosur--in spite of his "personal differences" with Mr
Bolsonaro--as well as the country's claim to the Falkland Islands,
which are known as the Malvinas in Argentina, the FT adds.

According to the FT, Peronist supporters, including trade unions
and social organisations, filled the square outside the
neoclassical congress building in Buenos Aires, beating drums and
carrying banners that celebrated the reunification of the movement
that has dominated Argentine politics for the past seven decades.

Mr. Bolsonaro, who has called Mr Fernandez a "red bandit", finally
backpedalled on his earlier decision to neither attend nor send a
cabinet member to the Argentine's inauguration, in what would have
been the first such absence in the inauguration of an elected
Argentine president since the country's return to democracy.
Instead he opted to dispatch the pragmatic Mr Mourao.

"I see it as a political gesture of goodwill with the new Argentine
government," Mr. Mourao told local media. Brazil is Argentina's
main trading partner. Earlier, Mr Bolsonaro told reporters that
when he took over as president in January, "I didn't invite some
authorities either. And our trade with Argentina is still the same.
No problem, it won't interfere with anything."

Markets reserved judgment on Mr. Fernandez's announcements, with
further details expected Dec. 11 when its new economy minister,
Martin Guzman, is set to unveil a more detailed plan, according to
the FT.

"It is true that the country needs to grow again, but through what
instruments? You run the risk that you may see growth but it is low
quality and not durable growth," the FT quotes Alberto Ramos, head
of Latin American economics at Goldman Sachs, as saying. "How do
you fund a larger fiscal deficit without access to voluntary debt
markets and a relationship with the IMF that is estranged? .  .
 .  [T]he reason why they are in this situation today is
because of a large fiscal deficit."

"It is obviously an encouraging sign that he has not really taken a
hard stance on the IMF  .  .  .  but having said that, with
the plans he has laid out about increasing subsidies, tax cuts and
generally high public spending, it is hard to see how the IMF would
be on board with all of those proposals," said Nikhil Sanghani, an
economist at Capital Economics. "It is difficult to see how
bondholders would be able to negotiate a new plan without credible
policies from Fernandez  .  .  .  the fact that you see
bond prices around distressed levels suggests they are sceptical
about what he and Martin Guzman have been saying."

                         About Argentina

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

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

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

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




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B R A Z I L
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BANCO DAYCOVAL: Fitch Rates $350MM Sr. Unsec. Notes Final BB-
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Fitch Ratings assigned a 'BB-' final Long-Term Rating to Banco
Daycoval S.A.'s senior unsecured notes issued in the amount of
USD350,000,000 with a maturity date of Dec. 13, 2024.

The Final Rating follows a review of the final terms and conditions
conforming to information already received when Fitch assigned the
expected rating on Nov. 27, 2019.

The net proceeds of the senior unsecured notes will be used for
general corporate purposes.

KEY RATING DRIVERS

The notes are rated at the same level as Banco Daycoval's Long-Term
Issuer Default Rating, since they rank equal with other senior
unsecured debts.

Daycoval's ratings reflect its solid company profile, underpinned
by a stable franchise and business diversification that is
relatively higher than other midsized banks in Brazil. In addition,
the ratings reflect Daycoval's consistent and strong performance
track record maintained through the cycles, comfortable
capitalization, and the bank's conservative asset and liability
management and strong liquidity, which would mitigate risks arising
from potential volatility in its wholesale-based funding structure.
Daycoval's VR, and consequently IDRs, remain constrained by the
sovereign rating, as the bank does not possess the characteristics
required to be rated above the sovereign. The bank's Viability
Rating also captures the limitations imposed by the operating
environment.

RATING SENSITIVITIES

The bank's ratings and its issuance could be negatively affected by
a sovereign rating downgrade or a revision of the sovereign Rating
Outlook to Negative and/or a severe deterioration in earnings that
leads to a fall in the operating profit/RWA ratio to below 2% and
the FCC ratio below 12% on a sustained basis.

An upgrade in Daycoval's ratings is unlikely as its ratings are
constrained by the sovereign.

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.

ODEBRECHT: Creditors Delay Vote on New Bankruptcy Plan to Dec. 19
-----------------------------------------------------------------
Tatiana Bautzer and Carolina Mandl at Reuters report that Brazil's
Odebrecht creditors have delayed the vote on the conglomerate's new
bankruptcy plan to Dec. 19, according to representatives for the
conglomerate.

The company said in a statement that 20 of the 21 subsidiaries have
agreed to delay the vote on the restructuring to Dec. 19, Reuters
relates.

Creditors of one last subsidiary, Atvos Investments, are still
discussing the delay, Reuters notes.

Odebrecht presented the new restructuring plan to creditors on Dec.
10, Reuters discloses.

                      About Odebrecht SA

Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate
consisting of diversified businesses in the fields of engineering,
construction, chemicals and petrochemicals.  Odebrecht S.A. is a
holding company for Construtora Norberto Odebrecht S.A., the
biggest engineering and contracting company in Latin America, and
Braskem S.A., the largest petrochemicals producer in Latin America
and one of Brazil's five largest private-sector manufacturing
companies.  Odebrecht controls Braskem, which by revenue is the
fourth largest petrochemical company in the Americas.

On June 17, 2019, Odebrecht filed for bankruptcy protection,
aiming
to restructure BRL51 billion (US$13 billion) of debt.

The bankruptcy filing comes after years of struggles for
Odebrecht,
the biggest of the Brazilian engineering groups caught in a
sweeping political corruption investigation that has ripple Across
Latin America, Reuters relayed, as reported by The Troubled
Company
Reporter - Latin America.

On August 28, 2019, the Troubled Company Reporter - Latin America,
citing The Wall Street Journal, reported that Odebrecht and its
affiliates filed for chapter 15 bankruptcy, seeking U.S.
recognition of the largest-ever bankruptcy in Latin America.
Odebrecht SA and several of its affiliates has filed for
bankruptcy
protection in the U.S. Bankruptcy Court for the Southern District
of New York on  Aug. 26.  The case is assigned to Hon. Stuart M.
Bernstein.



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C O L O M B I A
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AVIANCA HOLDINGS: Finalizes Debt Restructuring Agreements
---------------------------------------------------------
Ezra Fieser at Bloomberg News reports that Colombian airline
Avianca Holdings SA on Dec. 10 said it reached agreements with
creditors and secured fresh financing, completing a restructuring
of its debt that will free up cash as it pursues a turnaround
plan.

The Bogota-based carrier received approval from major creditors
with whom it had been negotiating since June, when it began to
defer principal payments and announced a "re-profiling" of its
debt, Bloomberg relates.

According to Bloomberg, the company said it secured extensions of
bank lines, letters of credit, and other agreements with more than
125 creditors and suppliers.

It was a critical step in a plan being pursued by Chief Executive
Officer Anko van der Werff and Chief Financial Officer Adrian
Neuhauser, who took over mid-year, Bloomberg says.  With the
agreements finalized, the company received a US$250 million loan
from stakeholders, Bloomberg discloses.  It also announced on Dec.
10 US$125 million in additional financing, including a commitment
from billionaire Ken Griffin's Citadel, Bloomberg relays.

The US$125 million in new financing includes US$50 million from a
group of Latin American investors, Bloomberg notes.

The management team is putting a plan in place to boost
profitability and restore investor confidence by cutting leverage,
reducing its fleet size, eliminating unprofitable routes while
adding new destinations and focusing on flights through its hub in
Bogota, Bloomberg discloses.

                   About Avianca Holdings S.A.

Avianca Holdings SA -- http://www.avianca.com/-- is a Panama-based
company engaged, through its subsidiaries, in the provision of air
transportation services for passengers and commercial purposes.
Avianca comprises the airlines: Aerovias del Continente Americano
S.A. Avianca (Avianca), Tampa Cargo S.A.S., incorporated in
Colombia, Aerolineas Galapagos S.A. - Aerogal, incorporated in
Ecuador, and the TACA Group companies: TACA International Airlines
S.A., incorporated in El Salvador, Lineas Aereas Costarricenses
S.A., LACSA, incorporated in Costa Rica, Trans American Airlines
S.A., incorporated in Peru, Servicios Aereos Nacionales S.A.,
SANSA, incorporated in Costa Rica, Aerotaxis La Costena S.A.,
incorporated in Nicaragua, Islena de Inversiones S.A. de C.V.,
ISLENA, incorporated in Honduras and Aviateca S.A., incorporated in
Guatemala.

KPMG S.A.S., in Bogota, Colombia, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated April
26, 2019, on the Company's consolidated financial statements for
the year ended Dec. 31, 2018, citing that the controlling
shareholder of the Company obtained a loan and pledged its shares
in Avianca Holdings S.A. as security for this loan agreement (the
loan agreement), which requires compliance with certain covenants
by the controlling shareholder, including compliance with the
Company financial ratios.  Breach of these covenants provides the
lender the right to enforce the security, leading to a change of
control over the Company.  A change of control over the Company
would breach covenants included in some loan and financing,
aircraft rental, and other agreements of the Company, which in turn
could trigger early termination or cancelation of these contracts.
On April 10, 2019, the Company was informed by the controlling
shareholder and its lender, that there was a non-compliance with
covenants established in the controlling shareholder's loan
agreement, and no waiver was in place; thus, there is a potential
risk of change of control.  The auditors said this circumstance
raises a substantial doubt about the Company's ability to continue
as a going concern.

As of Dec. 31, 2018, Avianca Holdings had US$7.11 billion in total
assets, US$6.12 billion in total liabilities, and US$992.46 million
in total equity.

                         *   *   *

As reported by the Troubled Company Reporter-Latin America on
November 5, 2019, Fitch Ratings assigned a 'C'/'RR4' rating to
Avianca Holdings S.A.'s USD550 million senior secured notes due
2020. These notes
are being received in exchange for USD550 million of senior
unsecured notes due 2020. The new issuance will be secured by a
pledge of the AVIANCA brand and certain other intellectual property
and unencumbered aircraft. The note holder will also receive a
residual interest in all aircraft, except for aircraft currently
expected to be sold or subject to third-party leases. The aggregate
value of the aircraft in the collateral is approximately USD1.0
billion. Fitch currently rates Avianca's Long-Term Foreign- and
Local-Currency Issuer Default Ratings 'RD'/Outlook Stable.



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GRUPO UNICOMER: Fitch Affirms BB- LT IDRs; Alters Outlook to Pos.
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Fitch Ratings affirmed Grupo Unicomer Corp.'s Long-Term Local and
Foreign Currency Issuer Default Ratings at 'BB-'. The Rating
Outlook for the Foreign and Local Currency IDRs has been revised to
Positive from Stable. Fitch has also affirmed Grupo Unicomer's
USD350 million senior notes due 2024 at 'BB-'.

Grupo Unicomer's ratings incorporate its leading business position
in most of the countries in which it operates, relatively stable
operating cash flows and the solid financial position of its main
shareholders. The ratings also consider Grupo Unicomer's geographic
and format diversification, which have contributed to positive
consolidated cash flow from operations throughout economic cycles.
The company has reported stable operational results based on a
retail business model that targets the low- to middle-income
segments.

The Positive Outlook reflects Fitch's expectations that Grupo
Unicomer will continue maintaining positive FCF generation as well
as financial flexibility, supported by a controlled credit
portfolio and successful commercial strategy. The company has
proved ability to innovate and quickly respond to different
consumer environments through a combination of its retail and
financial businesses, which has strengthened its market share in
the countries where it has operations. The outlook also
incorporates the better than expected operating results Grupo
Unicomer has presented over the past years amid economic downturns
in some of its important markets and Fitch's confidence in the
company presenting an adjusted net leverage of around 4.0x and a
retail-only adjusted leverage in the 4.0x-3.5x range over the next
12 to 18 months.

KEY RATING DRIVERS

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 19 years in
consumer durables sales, which has enabled it to develop long-term
relationships with suppliers and to have competitive advantages in
terms of store location 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 and Format Diversification: Geographic diversification
allows Grupo Unicomer to have a broad revenue base, supported by
different economic dynamics and mitigating the company's country
risk from any individual market. Jamaica, Costa Rica, Trinidad and
Tobago, Guyana and Honduras are among the most important cash flow
contributors, giving the company some strength and stability to its
operating cash flows. Most of the countries in which the company
operates are in the 'B' rating category. The company has several
store formats and brands across its operations, which covers
different socioeconomic segments of the population.

Expected Positive FCF: For the LTM ended Sept. 30, 2019, the
company generated USD72.6 million of CFFO and USD12 million of FCF.
For the medium term, Fitch expects the company's CFFO to be above
USD85 million and FCF to be above USD20 million per year. One of
Grupo Unicomer's goals is to improve profitability margins. Capex
levels should be around USD45 million per year during the medium
term, excluding potential acquisitions. The last 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.

Moderate Leverage: 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 2019, consolidated lease adjusted debt/EBITDAR was
4.8x (calculated pre-IFRS 16), and Fitch expects this ratio to
decline to 4.4x by the end of fiscal year March 31, 2020. Fitch
also expects the company to reduce its consolidated adjusted
leverage ratio close to 4.0x in the medium term.

An important portion of the company's debt is related to the
financial business and repaid with credit portfolio collections.
Excluding the consumer finance business, the retail-only adjusted
leverage -calculated pre-IFRS 16- would decline below 4.0x,
according to Fitch's calculations.

Stable Portfolio Net 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 39%
on average. As of Sept. 30, 2019, Grupo Unicomer's credit portfolio
had NPLs of 8.0% (past due accounts for 90 days or more), slightly
lower than that of a year ago of 8.6%. The company has provisions
equivalent to 131.4% 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 shareholders Milady Group and El Puerto
de Liverpool, S.A.B. de C.V. (BBB+/Positive), each of which 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 business with 266 units and
27 shopping malls in Mexico, had USD7.3 billion in total revenues
during the LTM ended Sept. 30, 2019 with a 14.7% EBITDA margin.
Liverpool's total adjusted debt/EBITDAR (including captive finance
adjustment) was 0.7x for the period.

DERIVATION SUMMARY

The company has about the same scale in number of stores than Grupo
Elektra (BB+/Stable), while Grupo Famsa (C) has less stores. Grupo
Unicomer's credit portfolio is smaller in size than Elektra and
Famsa as 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. From a financial risk profile view, the company maintains
lower profitability margins and higher leverage than Elektra but it
is stronger than Famsa. Unicomer's operating margins are higher
than Famsa's, while Elektra has the best operating margins of the
three companies. As per Fitch's criteria, Grupo 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'
rating range.

KEY ASSUMPTIONS

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

  -- Revenues grow 2.9% annually on average for 2020-2023;

  -- EBITDA margin of 12.2% on average for 2020-2023;

  -- Capex of USD45 million per year on average for 2019-2022;

  -- Dividend payment of USD22 million for YE March 20;

  -- Dividend payments equivalent to 25% of net income for YE March
21-March 23;

  -- Stable portfolio credit quality;

  -- Potential inorganic growth in 2021.

RATING SENSITIVITIES

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 close to 4.0x on a
sustained basis;

  -- Retail-only adjusted net leverage close to 3.5x on a sustained
ba sis;

  -- Maintained credit quality of the portfolio and significant
reduction on its current maturities that result in a consistent
ratio of cash plus CFFO/short-term debt of 1.0x.

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/EBITDAR ratio above 5.0x and/or
deterioration of liquidity compared with short-term debt.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of Sept. 30, 2019, Grupo Unicomer reported
total debt of USD780 million, of which, USD211 million was
classified as short term. This level of current debt compares with
USD68 million of cash and marketable securities, approximately
USD107 million of uncommitted undrawn revolving credit facilities
and a short-term credit receivables portfolio of USD556 million.

The company's main source of liquidity is internal cash generation
consisting of positive CFFO. Cash and equivalents of USD68 million
and a short-term net receivables portfolio of USD556 million
further support the company's liquidity. The liquidity ratio,
measured as FCF plus cash and marketable securities over short-term
debt, was 0.4x at Sept. 30, 2019; and including short-term account
receivables in the calculation the ratio increases to 3.0x.

As of Sept. 30, 2019, Grupo Unicomer's total debt was allocated
45.6% at the holding level, 28.3% at Unicomer Latin America Co.
Ltd., 19.9% at Unicomer Caribbean Holding Co. Ltd., and the
remaining 6.2% at Regal Worldwide Trading Inc. (RWT). 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Financial statements as of June 2019 and September 2019 were
adjusted to revert IFRS16 effect.

ESG CONSIDERATIONS

Grupo Unicomer's highest level of ESG credit relevance is a score
of 3 which means 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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M E X I C O
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MAXCOM TELECOMUNICACIONES: S&P Hikes ICR to 'CCC+', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Mexican
integrated telecommunications services operator, Maxcom
Telecomunicaciones S.A.B. de C.V. (Maxcom) to 'CCC+' from 'D'. At
the same time, S&P assigned its 'CCC+' issue-level rating on its
senior secured notes and withdrew its 'D' issue-level rating on its
senior unsecured notes. S&P's assigning a recovery rating of '4' to
the new notes.

The stable outlook reflects S&P's view that even though Maxcom's
credit metrics are weak, it doesn't envision a near-term credit
crisis because its liquidity sources will cover more than 1.2x of
uses for the next 12 months.

The upgrade reflects S&P's reassessment of Maxcom's credit quality
after the company announced the completion of its debt
restructuring under U.S. Chapter 11 bankruptcy law on Nov. 28,
2019. At this point, the company exchanged in full its $103.4
million step-up senior notes due 2020 with a discount of
approximately 15.6%, reducing total debt obligations by about $16.2
million. The remaining outstanding amount consisted of the exchange
of $56.9 million for the new 8% senior secured notes due 2024,
about $20.0 million for its junior pay-in-kind notes with no fixed
final maturity date, and about $10.3 million paid in cash through a
capital injection from shareholders of MXN330 million.




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P U E R T O   R I C O
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ASOCIACION DE PROPIETARIOS: Jan. 22 Hearing on Disc. Statement Set
------------------------------------------------------------------
A hearing on approval of disclosure statement of Asociacion de
Propietarios Condominio Radio Centro is scheduled for January 22,
2020 at 9:30 AM at the United States Bankruptcy Court, Southwestern
Divisional Office, MCS Building, Second Floor, 880 Tito Castro
Avenue, Ponce, Puerto Rico.

Objections to the form and content of the disclosure statement must
be filed and served not less than 14 days prior to the hearing.

                 About Asociacion De Propietarios
                      Condominio Radio Centro

Asociacion De Propietarios Condominio Radio Centro sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 19-02202) on April 23, 2019. At the time of the filing,
the Debtor was estimated to have assets of less than $100,000 and
liabilities of less than $500,000. Gloria Justiniano Irizarry,
Esq., at JUSTINIANO'S LAW OFFICE, is the Debtor's counsel.

STONEMOR PARTNERS: Will Sell Oakmont Memorial Park for $33MM
------------------------------------------------------------
StoneMor Partners L.P. has signed a definitive agreement to sell
the assets of Oakmont Memorial Park & Mortuary located in
Lafayette, California, to Carriage Services, Inc. for a total
purchase price of $33 million in cash, subject to customary working
capital adjustments.

Joe Redling, StoneMor's president and chief executive officer said,
"The sale of Oakmont is a significant achievement in accordance
with our previously announced divestiture strategy.  It allows us
to divest assets at attractive multiples, reduce debt levels and
improve the cash flow and liquidity profile of the business.

"Additionally, this sale represents a pivotal first step in
optimizing our operating footprint.  We remain focused on executing
our divestiture strategy in geographic areas where we lack
meaningful operating scale.  This will allow us to focus our
efforts and investments in markets where we can effectively
leverage our economies of scale to further improve the
profitability of the business.  We expect to finalize additional
transactions supporting our divestiture strategy by the end of the
1st quarter of 2020."

Per the indenture governing its Senior Secured PIK Toggle Notes,
StoneMor will use all of the net proceeds from this sale to redeem
a portion of its outstanding Senior Notes.

The transaction is expected to close, subject to confirmatory due
diligence and regulatory approvals, in early January 2020.

                       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 $72.69 million for the year ended
Dec. 31, 2018, compared to a net loss of $75.15 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.



=================
V E N E Z U E L A
=================

PDVSA: 6 CITGO Execs Jailed in Venezuela Granted House Arrest
-------------------------------------------------------------
Sergio Chapa at Houston Chronicle reports that the six executives
of Houston refining company Citgo released from a Venezuelan prison
remain under house arrest in the troubled South American nation and
the prospects of their return to the U.S. are murky.

Known as the Citgo Six, Alirio Zambrano, Jose Luis Zambrano, Tomeu
Vadell, Jorge Toledo, Gustavo Cardenas and Jose Pereira will likely
be able to see sunlight and breathe fresh air after enduring
life-threatening weight loss and chronic infections during their
two years confined in the basement of a military intelligence
building in the Venezuela capital of Caracas, according to Houston
Chronicle.

Houston Chronicle relates that in a statement released on Dec. 10,
the Vadell family confirmed that the Citgo vice president and the
others were given house arrest in Venezuela but did not have any
further information.

"We remain very concerned about Tomeu's wellbeing, and hope that
this is a step towards our loved one coming home very soon," the
family said, notes the report.

According to Houston Chronicle, working as executives with Citgo in
Texas and Louisiana, the six men were summoned to the refiner's
parent company, Petroleos de Venezuela SA, or PDVSA, on the Sunday
before Thanksgiving 2017.

During their last meeting, the men were arrested and charged with
corruption. Over the past two years, the six--five U.S. citizens
and one U.S. permanent resident--were denied contact with the U.S.
State Department, humanitarian organizations and religious groups
while food, water and vitamins sent by family members were either
rejected or confiscated by guards, Houston Chronicle says.

In a statement, Citgo officials reported that it stands behind the
imprisoned executives, the report relays.

"After more than two long years, this development is welcome news,
and an important step in the journey towards reuniting these men
with their families," Citgo officials, as cited by Houston
Chronicle, said. "As a company, Citgo will continue to pray for
their safety and well-being as they return home, and supports the
U.S. government's efforts to secure their full release."

Houston Chronicle says the six were arrested amid an ongoing
political feud between Venezuela and the United States. Facing
economic sanctions aimed at unseating strongman Nicolas Maduro, the
oil-rich South American nation, once considered one of the
wealthiest in Latin America, now faces shortages of food and
medicine while the security and economic situation continues to
deteriorate, the report notes.

Earlier this year, the Trump administration and most democracies
around the world recognized opposition leader Juan Guaido as
president of Venezuela.

Houston Chronicle notes that the Citgo Six are not without allies
in Washingon. Texas Senators John Cornyn and Ted Cruz and U.S. Sen.
Bill Cassidy from Louisiana have been monitoring their cases and
issued statements calling for their release.

"We want him back in the United States," Cassidy said in a
Wednesday evening [statement about Vadell] the report relays. "We
want him back with his family, but I'm glad for this first step.
We'll celebrate when we finish this story."

                           About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

As reported in Troubled Company Reporter-Latin America on June 3,
2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the
time
of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.

PDVSA: Some Creditors Expect CITGO to Help Pay Parent's Debts
-------------------------------------------------------------
Gary McWilliams and Marianna Parraga at Reuters report that some
creditors of Venezuelan state-owned oil company Petroleos de
Venezuela, S.A. expect Citgo Petroleum Corp to help pay off PDVSA
debts that have Citgo shares as collateral.

Citgo, the U.S. refining unit of PDVSA, reported a 76.2% rise in
profit for the third quarter, compared with the second, benefiting
from increased capacity, notes the report.

Total refinery throughput in the latest reported quarter increased
14.3% to 825,000 barrels per day (bpd) from the preceding quarter,
with utilizing rate of 94%, according to Reuters.

The eighth-largest U.S. refiner by capacity ousted its chief and
other top executives earlier this year and severed dealings with
PDVSA after Washington levied sanctions intended to force socialist
President Nicolas Maduro from office, the report notes.

Creditor court actions are threatening the refiner's assets since
the parent company's bonds defaulted earlier this year, the report
relays.

But Citgo has preferred to reinvest as much as it can to maintain
and update its three refineries, a task former executives of the
company say it is needed as PDVSA demanded most of Citgo's
available cash in recent years, the report notes.

Since its debt covenants stopped Citgo in 2015 from repatriating
dividends, the refiner has reinvested a portion of quarterly
profits and another portion has been transferred to Citgo Holding,
an entity between Citgo and PDVSA, to pay debt the unit acquired on
behalf of the parent company that year, the report discloses.

The U.S. Treasury has temporarily barred efforts to seize Citgo
shares and other assets for repayment of PDVSA debt, the report
says.

Citgo Petroleum's net income jumped to $215 million in the third
quarter from $122 million in the second, the report adds.

                           About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

As reported in Troubled Company Reporter-Latin America on June 3,
2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the
time
of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2746.

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

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

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


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