In this publication, we revisit our investment views on the Latin American (LatAm) telecom credit market. The sector is undergoing a period of structural transformation, partly driven by Telefónica (Baa3/BBB-/BBB-) monetising subsidiaries and special purpose vehicles across several Hispanic American countries, including Colombia Telecom and Movistar Chile. On the other hand, over the last five years, Millicom International Cellular (Millicom or Tigo: Ba2/NR/BB) has made a significant operational shift over the last five years. Its subscriber base has expanded from approximately 31.8 million mobile users in early 2018 to more than 42.2 million by year-end 2025, largely supported by a series of M&A transactions. Our trade idea: Go long Tigo 28s and 29s and reduce ENTEL 32s. Our tactical idea: Long Televisa 2032s and 2040s as a tactical play. We also reiterate our constructive stance on SILAMX (Baa3/NR/BBB-), particularly the 2029s and 2032s, given their solid fundamentals and stable cash flow profile.