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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, December 17, 2024, Vol. 25, No. 252

                           Headlines



A R G E N T I N A

ARGENTINA: Oil Output Poised to Oust Colombia From Top Three


C A Y M A N   I S L A N D S

DEER INVESTMENT: Fitch Lowers LongTerm Foreign-Curr. IDR to 'CCC+'


M E X I C O

CYDSA, SAB: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


P A N A M A

TELECOMUNICACIONES DIGITALES: Fitch Affirms 'BB+' LT IDRs


P E R U

PERU: Gets $40MM IDB Loan for Digitalization of Bank of the Nation


P U E R T O   R I C O

ALUMAX INC: Case Summary & 20 Largest Unsecured Creditors
PUERTO RICO: No Clear Solution to Reduce PREPA Debt


S U R I N A M E

SURINAME: IDB OKs $25MM Program to Improve Air Transport Sector

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Oil Output Poised to Oust Colombia From Top Three
------------------------------------------------------------
Buenos Aires Times reports that a shale-drilling frenzy in
Argentina has put the country on the verge of leapfrogging regional
rival Colombia as a top-three crude producer in South America.

Drilling activity is accelerating in Argentina's Vaca Muerta shale
region, thanks in large part to policies by the business-friendly
government of President Javier Milei, according to Buenos Aires
Times.  Shale oil now accounts for about 60 percent of Argentine
crude and has put the nation on course to reach production levels
unseen in more than 20 years, according to the US Energy
Information Administration, the report notes.

Drillers are expected to bring extra rigs to the Vaca Muerta next
year, Buenos Aires Times relates.  Ambitious infrastructure plans
are also gaining momentum as Milei's reforms give companies an
opportunity to attract international finance for pipelines and
ports, Buenos Aires Times relays.

Meanwhile, in Colombia, natural gas reserves are half of what they
were a decade ago and crude reserves have stagnated as President
Gustavo Petro shunned oil exploration in favor of reducing
greenhouse-gas emissions, according to Buenos Aires Times.

Colombia's oil and natural gas industry had been looking to
hydraulic fracturing, the same technology used in the Vaca Muerta,
to expand reserves. But after taking office in 2022, Petro halted
two key fracking tests, the report discloses.  To be sure,
explorers recently made a significant offshore gas discovery, the
report notes.

Colombian drilling investments in 2024 dropped for a second
consecutive year and the declines mean that crude production won't
create enough revenue to meet the government's tax-revenue targets,
according to industry forecasts, the report says.

Brazil is by far South America's biggest daily crude producer at
more than three million barrels, the report discloses.  Venezuela
churned out a similar amount at the turn of the century before
output nosedived under socialist regimes, but the figures have been
inching higher recently, placing it second in the region, the
report adds.

                          About Argentina

Argentina is a country located mostly in the southern half of
South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.

In March 2022, the International Monetary Fund (IMF) approved a
new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota).  The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.

Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of
monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.

In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina.  The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.

On Nov. 15, 2024,  Fitch Ratings has upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC'
from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from
'CCC-'.  Argentina's upgrade to 'CCC' from 'CC' reflects
developments that have improved Fitch's  confidence in the
authorities' ability to make upcoming  foreign-currency bond
payments without seeking relief of some  sort.

S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national
scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating.  The S&P ratings have
been affirmed as of August 2024.  S&P said the stable outlook on
the long-term ratings balances the risks posed by pronounced
economic imbalances and other uncertainties with recent progress
in
making fiscal adjustments, reducing inflation, and undertaking
structural reforms to address long-standing microeconomic
weaknesses that have contributed to poor economic performance for
many years that it would likely consider to be distressed.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.



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

DEER INVESTMENT: Fitch Lowers LongTerm Foreign-Curr. IDR to 'CCC+'
------------------------------------------------------------------
Fitch Ratings has downgraded Deer Investment Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+'
from 'B-'.

The downgrade is due to the narrowing liquidity headroom, as
negative Fitch-adjusted free cash flow (FCF), which includes net
interest expense, was high in 9M24. Fitch expects the company to
cover narrowing negative FCF starting in 2025 and the annual loan
amortisation with available liquidity, including the committed
revolving credit facility (RCF), but the buffer against potential
performance shortfall is lower.

Key Rating Drivers

Persistent Negative FCF: Fitch expects negative FCF will remain
high in 2024 but the gap is likely to narrow in 2025, primarily
from better EBITDA and stabilising inventory. Fitch expects
profitability to improve, but at a slower pace than previously
expected, with EBITDA interest coverage low and improving gradually
from 1.1x in 2024 to 1.3x in 2025. In the near term, Deer may not
yet have sufficient excess cash flow following payment of interest
costs to fully cover other costs like capex or working capital.

Lower Liquidity Buffer: With the persistent negative FCF, Deer's
liquidity buffer is likely to narrow further in 2024. Fitch expects
it to continue to rely on temporary liquidity sources to bridge the
funding gap, such as the yuan revolver in 2023 to 2024 and the
committed RCF of USD75 million. Available liquidity, including the
committed RCF, should be sufficient to cover narrowing cash flow
shortfalls from FCF and annual loan amortisation of USD4 million.

Gradual Profitability Improvement: Fitch expects profitability to
improve but at a gradual pace. Gross profit margin was lower than
expected in 1H24 due to changes in raw material inputs, but lower
operating expenses should lead to EBITDA margin improving to 17% in
2024 from 16% in 2023. Fitch expects further improvement to 19% in
2025 from higher capacity utilisation, improved efficiency at
overseas production sites, and continued cost control.

Growing Revenue: Fitch expects Deer to sustain revenue at a higher
level after it resumed growth in 2Q24. The company is executing its
strategy to expand product coverage and wallet share at key
customers and balance its portfolio concentration. The company has
secured a growing number of new awards, which indicates future
revenue growth, although there can be variation in order timing and
size of replenishment orders.

Niche Market Leader: Deer owns HCP Global Limited, the largest APAC
manufacturer of rigid packaging for beauty and skincare products
and the second-largest globally. HCP has a share of around 5% in
the fragmented market, with the top-five manufacturers making up
less than 20% of market share. Fitch expects HCP's market position
to be supported by high entry barriers and long-term relationships
with key customers. New entrants must set up production facilities
and pass a rigorous qualification process before becoming global
suppliers for beauty brands.

Derivation Summary

Deer has a smaller scale and a more limited and cyclical product
range in comparison with peers in the 'B' rating category, such as
Titan Holdings II B.V. (B+/Rating Watch Positive), a European metal
food-can producer. However, Deer's rating is constrained by low
liquidity headroom.

Deer's credit profile is weaker than Ardagh Metal Packaging S.A.
(AMP, B-/Negative, SCP: b), where recent weaker operating
performance has delayed deleveraging and sustained negative FCF.
However, AMP's business profile justifies its SCP, as it is one of
the leading metal beverage-can producers globally.

Deer compares favourably to AMP's parent, Ardagh Group S.A. (CCC),
which is constrained by excessive refinancing risk related to
material debt maturities in 2026 and an unsustainable debt
structure with leverage at over 10x in 2024-2025. Deer does not
have immediate debt maturities, with the nearest in 2029, and Fitch
expects it has sufficient liquidity to cover moderate near-term
shortfall.

Key Assumptions

- Revenue to rise by 5% annually in 2024-2025, moderating to 3% by
2026

- EBITDA margin of 17% in 2024 and improving to 19% in 2025-2027

- Capex intensity of 4%-5% in 2024-2027

- No dividends paid

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Upgrade:

- Further significant deterioration in liquidity headroom due to
inability to trend toward neutral FCF generation by 2025

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Improved liquidity position from sustained positive FCF
generation sufficient to materially reduce net debt

- EBITDA interest coverage sustained above 1.5x

Liquidity and Debt Structure

Fitch believes the liquidity buffer reduced further in 9M24, with
the net debt balance increasing as negative FCF continued.
Available cash of USD21 million along with the undrawn committed
balance of USD70 million in the RCF as of end-September 2024 should
be sufficient to cover the short-term debt balance of USD31
million. The short-term debt balance includes a yuan-denominated
revolver, which can be rolled over and mandatory amortisation of
USD4 million on a Term Loan B. However, the liquidity buffer will
worsen if FCF does not trend towards neutral.

Issuer Profile

Deer is an investment vehicle set up by Carlyle to acquire HCP, a
manufacturer of cosmetic packaging for beauty brands. The
acquisition was completed in August 2022.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Deer Investment
Holdings Limited     LT IDR CCC+  Downgrade   B-



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

CYDSA, SAB: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Cydsa, S.A.B. de C.V.'s Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) and senior
unsecured debt at 'BB+'. The Rating Outlook is Stable.

The ratings reflect Cydsa's mid-size operations, limited geographic
diversification, and price volatility in its chlorine and caustic
soda business. However, the company benefits from a diversified
business, low costs, resilient operations, vertical integration,
and strong domestic brand recognition in table salt.

The Stable Outlook considers strong operating results, with EBITDA
margins anticipated to exceed 28% over the next three years, driven
by demand, efficiencies, and better pricing in the Salt and
Chlorine & Caustic Soda segments. Capex is expected to decrease
from 11% to 6% of revenues starting in FY 2025, improving the
company's cash flow profile. Despite potential increase in
deleveraging headroom, the company remains in the 'BB' category due
to its limited scale and geographic diversification.

Key Rating Drivers

Midsize Producer: Cydsa is a midsize vertically integrated and
domestically focused chemical company in Mexico (BBB-/Stable), with
a diversified portfolio of products and services. Fitch estimates
that 40% of EBITDA comes from the Energy Processing and Logistics
and the Salt segments. These more resilient operations add
stability to the company's more volatile chemicals portfolio, and
are a key rating differentiator compared with pure chemical peers
in the region. Cydsa's operating scale and geographic footprint
places it in the 'BB' category.

Resilient Operating Performance: Fitch projects Cydsa's EBITDA will
be almost MXN4.0 billion, mostly driven by its Salt and Chlorine &
Caustic Soda segments, given resilient demand and operating
efficiencies, and improving pricing environment, respectively.
Cydsa's share of chlorine-caustic soda installed capacity in Mexico
increased to 59% as of 3Q24, from the current 51% in FY 2023, due
to the completion of the Membrane plant in Coatzacoalcos, Veracruz,
with a capacity of 220,000 electrochemical units (ECUs).

This new technology facilitates cost savings and, along with a
higher market share, supports expected increased profitability.
Fitch forecasts consolidated EBITDA margins will approach 30% over
the rating horizon.

Positive FCF: Fitch estimates Cydsa will be FCF positive between
2025-2027 as capex intensity declines from 11% of revenue to 6%,
starting in FY 2025. This expectation also includes average
dividend payments of MXN240 million per year. The company is
completing a five-year capex plan of MXN9.3 billion by YE 2024,
which was mainly focused on the construction of the new Membrane
chlorine-caustic soda plant. This plant aims to replace the
Coatzacoalcos mercury plant currently operating.

Deleveraging Capacity: Fitch projects Cydsa's FY 2024 consolidated
net leverage will approach 2.7x and gross leverage will be 3.5x,
gradually declining to 2.0x and 2.3x, respectively, by YE 2026.
Fitch expects Cydsa will fund its operations with internal cash
flows without incremental debt, given lower capex needs. This
should enhance Cydsa's cash flow profile and add more deleveraging
headroom.

Derivation Summary

Cydsa is well-positioned relative to small scale chemical producers
with limited regional diversification, which are typically rated in
the low 'BB' or below rating categories. Cydsa's business profile
is more diversified and its cash flows are more stable than those
of Braskem Idesa, SAPI (B+/Stable). Cydsa's business profile is
supported by the strong brand recognition of its household salt
products, and its cost position in its chlorine-alkali chain
segment benefits from important investments in technology and
operations in the energy processing and logistics.

Larger and more diversified chemical companies with lower leverage,
including Orbia Advance Corporation, S.A.B. de C.V. (BBB/Stable) or
Alpek, S.A.B. de C.V. (BBB-/Stable), are typically rated in the low
to mid 'BBB' category due to their stronger financial markets
access and broader geographic diversification. Chemical companies
rated in the 'BBB' category tend to be product leaders across
broader regions, often spanning several continents.

Key Assumptions

- Cydsa generates annual EBITDA in the range of MXN4.0
billion-MXN4.9 billion between 2024-2026;

- Salt revenue per metric ton of USD320 2024; average of USD315 in
2025 and 2026;

- Salt volumes to grow at nearly 1.0% per year during 2024-2026, in
line with expected population growth;

- Caustic soda reference prices of USD889 per metric ton in 2024,
USD915 in 2025 and USD1,027 in 2026;

- Capex of roughly USD94 million in 2024; average of USD55 per year
between 2025-2026;

- Fitch estimates dividends of USD14 million 2025-2026 and share
buybacks of USD6 million per year.

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- Expectation of sustained net debt/EBITDA above 3.5x on a
consolidated basis, and gross debt/EBITDA above 4.5x;

- A further steep decline of chlorine and caustic soda prices that
erodes Cydsa's EBITDA or competitive dynamics, weakening Cydsa's
caustic soda business;

- Material increases in dividends that impacts liquidity;

- Any change or disruption in the contract with PEMEX for the
underground storage business could pressure the ratings;

- Large debt-financed acquisitions or investments.

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- EBITDA of at least USD400 million and adequate portfolio
diversification;

- Sustained net debt/EBITDA below 1.5x and gross debt/EBITDA below
2.0x.

Liquidity and Debt Structure

Fitch believes Cydsa will fund its operations with internal cash
flows and without incremental debt. As of Sept. 30, 2024, the
company had cash and equivalents of MXN4.4 billion, which covers
1.1x its short-term debt. The ratings base case assumes debt will
be at or below MXN13 billion over the next three years.
Additionally, Cydsa has actively reduced its exposure to
USD-denominated debt to 52% of the total debt balance in September
2024, down from 66% the previous year.

Issuer Profile

Cydsa, S.A.B. de C.V. is a mid-scale chemical producer in Mexico,
with a diversified portfolio of products. The company manufactures
and commercializes salt for household and food industry use, as
well as chlorine-caustic soda, refrigerant gases and also operates
underground hydrocarbon storage.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
Cydsa, S.A.B. de C.V.   LT IDR    BB+  Affirmed   BB+
                        LC LT IDR BB+  Affirmed   BB+

   senior unsecured     LT        BB+  Affirmed   BB+



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P A N A M A
===========

TELECOMUNICACIONES DIGITALES: Fitch Affirms 'BB+' LT IDRs
---------------------------------------------------------
Fitch Ratings has affirmed Telecomunicaciones Digitales, S.A.'s
(Tigo Panama) Long-Term Foreign Currency (FC) and Local Currency
(LC) Issuer Default Ratings (IDRs) at 'BB+' with a Stable Outlook.
Fitch has also affirmed Tigo Panama's senior unsecured debt at
'BB+'.

Tigo Panama's ratings are linked to its parent, Millicom
International Cellular S.A. (BB+/Stable), due to the lack of
ring-fencing and Millicom's ability to access the subsidiary's cash
flow through dividends and other measures. Tigo Panama's ratings
also reflect its leading market position, supported by an extensive
network, strong brand recognition and a solid financial profile.

Key Rating Drivers

Parent-Subsidiary Relationship: Fitch adopts a consolidated rating
approach for Tigo Panama and Millicom. This methodology, guided by
Fitch's "Parent and Subsidiary Rating Linkage Criteria," limits
Tigo Panama's ratings to the 'BB+' level of its parent, Millicom,
despite Tigo Panama's 'bbb-' Standalone Credit Profile. The absence
of legal ring-fencing allows unrestricted upstream cash
distributions to Millicom, which could strain Tigo Panama's FCF.
Access and control are also open, as there is no formal policy
separating funding and subsidiary upstream lending occurs.

Deleveraging Path Nearly Complete: Fitch expects Tigo Panama's net
leverage to decline to around 2.5x in 2024 from 2.8x in 2023, and
stabilizing thereafter, resulting from modestly higher EBITDA and
lower capex, consistent with the company's growth and cost cutting
initiatives. Fitch projects CFO to continue to grow gradually,
while excess FCF beyond capex needs is likely to be upstreamed to
Millicom, consistent with the parent company's other operating
entities in the region. Fitch also expects lease-adjusted net
leverage to remain steady over the rating horizon.

Market Position Ensures Steady Profitability: Tigo Panama's robust
competitive standing results in relatively high EBITDA margins
compared to regional peers. The ability to cross-sell mobile and
broadband services to existing customers, combined with potential
cost reductions and economies of scale, is expected to sustain
these margin levels. The company's strong market position and solid
profitability across all business segments mitigate concerns
regarding its limited geographic diversification.

Post-Paid Growth Boosting Revenue: Considering a relatively strong
GDP per capita, Panama continues to exhibit relatively low
penetration of post-paid mobile subscribers among Latin American
countries. More than 90% of Tigo Panama's users are now on 4G,
presenting a strong opportunity for the company to convert pre-paid
customers to post-paid. Fitch expects Tigo Panama's post-paid
subscribers to grow around 30% in 2024, and grow mid-single digits
over the rating horizon. Pre-paid subscriber growth is expected to
remain stable, helping to support blended ARPUs.

Derivation Summary

Tigo Panama's financial profile compares favorably to peers in the
region. In Panama, the company enjoys a stronger subscriber market
share and maintains more conservative financials than its primary
competitor, Cable & Wireless Communications Limited (BB-/Stable).

On a regional scale, Tigo Panama is smaller compared to other
operators across Latin America, primarily due to the limited size
of Panama's market. Larger diversified operators such as Telefonica
Moviles Chile S.A. (BBB-/Negative), Telefonica del Peru, S.A.A.
(B+/Negative), Empresa Nacional de Telecomunicaciones S.A. (ENTEL;
BBB-/Stable) and UNE EPM Telecomunicaciones S.A. (BB/Stable)
operate on a larger scale in their respective markets. Despite
this, Tigo Panama's strong market position across all service
offerings in Panama compensates for its smaller scale.

As with other Millicom subsidiaries, Tigo Panama's ratings reflect
a parent-subsidiary relationship, given Millicom's controlling
stake. Ratings for CT Trust (Comcel) (BB+/Stable) and Telefonica
Celular del Paraguay S.A.E. (Telecel; BB+/Stable) also reflect
strong links with Millicom, due to the financial significance of
these subsidiaries and Millicom's ability to extract dividends and
other upstream measures.

Comparing margins and capital structures to CT Trust (Comcel), Tigo
Panama's margins and net leverage are weaker. Millicom aims for
Tigo Panama to reduce leverage to 2.5x and increase EBITDA margins
to 50%, excluding certain items such as leases and value-creating
fees (VCF), similar to targets for Comcel and Telecel, in the
medium to long term.

Key Assumptions

- Incremental homes passed per year of around 10,000 over the
rating horizon;

- Home (residential pay-TV, broadband and fixed voice) revenue
generating units up slightly in 2024, roughly flat thereafter;

- Mobile subscribers growing low-to-mid-single digits over the
rating horizon with growth driven mainly by post-paid;

- Revenues in 2024 boosted by large B2B contract, expected to be a
slight headwind in 2025;

- Average EBITDA margins steady around 26-27% in the medium term
with improving operational efficiencies offset by higher tower
lease expense and VCF distributions to parent Millicom;

- Capital intensity falling to 11% in 2024, around 12.5% in 2025
due mainly to new spectrum payments, and settling around 12.0%
thereafter;

- Steady CFO-capex over the rating horizon, supporting stable net
leverage near long-term targets.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A negative rating action on Millicom;

- Significant deterioration in Tigo Panama's SCP due to higher
gross and net leverage levels.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An upgrade of Millicom, Tigo Panama's controlling shareholder,
would have positive rating implications.

Liquidity and Debt Structure

Tigo Panama's liquidity is bolstered by long-dated maturities and a
solid business profile. Fitch anticipates pre-dividend cash flows
to grow while capital intensity declines. Fitch expects Millicom to
extract upstream distributions from Tigo Panama, limiting FCF. As
of 2Q24, total debt was USD734 million, including USD185 million of
bank debt due in 2025-2026 and USD548 million of 4.5% notes due
2030. The company held USD151 million in cash and equivalents as of
June 30, 2024. Positively, the financial structure is not exposed
to foreign exchange risk, as cash flows and debt are U.S. dollar
linked.

Issuer Profile

Telecomunicaciones Digitales, S.A. (Tigo Panama) provides pay TV,
broadband internet, fixed telephony, and mobile services in Panama,
with networks covering over 1 million homes and businesses. It
serves over 2.5 million mobile customers and 1 million fixed
Revenue Generating Units (RGUs).

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Telecomunicaciones
Digitales, S.A.       LT IDR    BB+  Affirmed   BB+
                      LC LT IDR BB+  Affirmed   BB+
   senior unsecured   LT        BB+  Affirmed   BB+



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P E R U
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PERU: Gets $40MM IDB Loan for Digitalization of Bank of the Nation
------------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $40
million loan to support the digital transformation of Peru's Bank
of the Nation so it can expand financial and social inclusion in
the country.

The Banco de la Nación Digital Transformation Project, which has
been approved by the IDB Board of Executive Directors, aims to
harness digital technologies to provide efficient, safe, and
sustainable financial services to Peru's people and government
agencies.

The Bank of the Nation is a mainstay of Peru's financial system,
and all state transactions flow through it. It administers the
Public Treasury's subaccounts and provides banking services to the
central government to manage public funds. It is also responsible
for tax collection and handling payments.

"The Bank of the Nation is also central to promoting inclusive
development in Peru. It designs financial products, performs
transactions and provides financial inclusion services to foster
social inclusion in line with Peru's National Financial Inclusion
Policy," explained Francisco Demichelis, an IDB financial markets
specialist. "It is present almost everywhere in the country, so it
can offer banking services in places where there are no private
banks."

The project has three objectives: to increase institutional
capacities for designing and implementing digital products; to
enhance the digital capacity and interoperability of Bank of the
Nation's services; and to improve the bank's cybersecurity
maturity.

In pursuit of these objectives, the bank with strengthen both the
bank's digital infrastructure and the management and operational
capacities of its employees. It will also develop and implement
institutional strategies to guide a medium-term digital
transformation process.

The Bank of the Nation will contribute an additional $25.7 million
in funding to the project. The $40 million IDB loan has an 8.5-year
repayment term, a 5.5-year grace period, and an interest rate based
on the Secured Overnight Financing Rate (SOFR).



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

ALUMAX INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Alumax Inc.
        Zona Industrial Sabanetas
        EDIF A1
        Ponce, PR 00716

Business Description: The Debtor manufactures aluminum doors and
                      windows with its manufacturing
                      infrastructure located in San Sebastian,
                      Anasco, Ponce and San Domingo.

Chapter 11 Petition Date: December 6, 2024

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 24-05312

Debtor's Counsel: Javier Vilarino, Esq.
                  VILARINO AND ASSOCIATES, LLC
                  PO Box 9022515
                  San Juan, PR 00902
                  Tel: (787) 565-9894
                  Email: jvilarino@vilarinolaw.com

Total Assets: $416,851

Total Liabilities: $2,954,034

The petition was signed by Frank J Jimenez Cruz as president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/NVRCJ4I/ALUMAX_INC__prbke-24-05312__0001.0.pdf?mcid=tGE4TAMA

PUERTO RICO: No Clear Solution to Reduce PREPA Debt
---------------------------------------------------
Michelle Kaske of Bloomberg News reports that mediators have
informed U.S. District Judge Laura Taylor Swain, overseeing Puerto
Rico's seven-year bankruptcy, that no clear solution has emerged
for reducing the debt of the island's power utility.

In a report filed December 9, 2024, the mediators stated
that recent negotiations have not produced an agreement on
restructuring $9 billion in debt owed by the Puerto Rico Electric
Power Authority or on establishing a framework for resolving
disputes. They cautioned that pursuing litigation at this stage
would likely lead to appeals and further delay the process, the
report related.

            About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf  

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Website https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.



===============
S U R I N A M E
===============

SURINAME: IDB OKs $25MM Program to Improve Air Transport Sector
---------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a US$25 million
program to improve Suriname's air transportation sector, increasing
its safety and connectivity.

The program approved by the IDB's Board of Executive Directors will
support actions to improve compliance with international civil
aviation safety and security standards and increase the quality and
resilience of air transport infrastructure.

It will benefit approximately 465,000 air passengers per year,
including inhabitants of Amerindian and Maroon communities, with
better and reliable access to isolated regions, improved safety
conditions for operations, reduced time and cost of cargo and
passengers transporting, and access to health services. The entire
population of the Amerindian Village of Kwamalasamutu, composed of
1,308 inhabitants, will benefit from this program.

Women, people with disabilities, and the Amerindian population will
also benefit from improved delivery of essential services, such as
education and health care, and expanded employment opportunities.

In addition, the program will invest in air navigation,
communications equipment and digital technology for several
airfields under the responsibility of the Ministry of
Transportation, Communications and Tourism, thereby improving
connectivity and safety, which will benefit Maroon and Amerindian
communities, and private sector development in the country's
interior.

The operation plans to implement targeted interventions at
Paramaribo international airport, improvements to the Zorg en Hoop
domestic hub landside facilities and navigation equipment, and a
pilot intervention to modernize the Kwamalasamutu aerodrome to
support all-weather operations.

It will also finance measures to improve the sector's institutional
and legal framework, including restructuring and strengthening of
the civil aviation system, the Civil Aviation Safety Authority´s
regulatory capacity and sustainability policies, and gender and
diversity measures.

Moreover, it will contribute to strengthening air transport control
and operations with measures to enhance air navigation capacity,
efficiency and surveillance, establish an independent Air Accident
Investigation Authority, and to define a new international
standard-based fee structure and collection mechanism.

The US$25 million IDB loan has a 23.5-year repayment term, a 7-year
grace period, and an interest rate based on the Secured Overnight
Financing Rate (SOFR).



                           *********


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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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