Arcor S.A.I.C. - Moody's Global Credit Research

Arcor S.A.I.C.

Arcor S.A.I.C. - Moody's Global Credit Research
Arcor S.A.I.C.
Published May 03, 2012
8 pages (3647 words) — Published May 03, 2012
Price US$ 750.00  |  Buy this Report Now

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Brief Excerpt:

...Arcor S.A.I.C., Cordoba, Argentina, is one of the largest food companies in the country with over US$3 billion in sales for the fiscal year ended December 2011. Arcor's well-known brands include: Arcor Butter Toffees, Bon o Bon, Rocklets, Coffler, Arcor Cereal Mix, Bagley, Opera, Sonrisas, La Campagnola, Dos en Uno, Topline, Sapito. Arcor is one of the largest global producers and exporters of candy, with about 20,100 employees, and operations mainly in Argentina, Brazil, Chile, Mexico and Peru. It is also Argentina's leading manufacturer of cookies, processed food, corrugated cardboard and one of its main milk producers. Arcor owns multiple products with well known brand names, reaching consumers in 120 countries in Latin America, the US, Africa, the Middle East and Europe. As of December 31, 2011, the company operated 40 manufacturing plants, of which 29 are located in Argentina, five in Brazil, four in Chile, and one each in Peru and Mexico, It has nine distribution centers in Argentina,...

  
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Arcor S.A.I.C. - Credit Opinion – 2013/06/27 – US$ 250.00 – ...Moody's Latin America afirm= la calificaci=n de familia corporativa de Arcor en B1 en escala global, moneda local. Finalmente, Moody's afirm= la calificaci=n de B1 en moneda extranjera y de Aa2.ar en Escala Nacional de Argentina a las notas senior no garantizadas de Arcor por USD 200 millones, con vencimiento en 2017. La perspectiva para todas las calificaciones es negativa. Las calificaciones de Arcor estßn respaldadas por su posici=n de mercado lfder como uno de los principales productores y exportadores de caramelos a nivel mundial y fabricante lfder de galletitas, alimentos procesados y cart=n corrugado. Las calificaciones estßn tambiTn soportadas por la limitada volatilidad de producto de la compa±fa ya que la mayorfa de sus ingresos provienen del negocio de alimentos razonablemente estable, y por las atractivas oportunidades de expansi=n que tiene la compa±fa en su negocio local e internacional, principalmente en Argentina, Brasil, Chile, MTxico y Per·. Su negocio internacional le...

Arcor S.A.I.C. - Credit Opinion – 2013/06/26 – US$ 250.00 – ...Moody's Latin America asign= calificaciones de B1 en moneda extranjera y de Aa2.ar en Escala Nacional de Argentina a las notas senior propuestas de Arcor S.A.I.C. (Arcor) por hasta ARS 300 millones, a ser emitidas en el mercado local. Al mismo tiempo, Moody's afirm= la calificaci=n de familia corporativa de Arcor en B1 en escala global, moneda local. La perspectiva para todas las calificaciones es negativa. Las calificaciones de Arcor estßn respaldadas por su posici=n de mercado lfder como uno de los principales productores y exportadores de caramelos a nivel mundial y fabricante lfder de galletitas, alimentos procesados y cart=n corrugado. Las calificaciones estßn tambiTn soportadas por la limitada volatilidad de producto de la compa±fa ya que la mayorfa de sus ingresos provienen del negocio de alimentos razonablemente estable, y por las atractivas oportunidades de expansi=n que tiene la compa±fa en su negocio local e internacional, principalmente en Argentina, Brasil, Chile, MTxico y...

Arcor's High Exposure to Argentina Challenges Revenue, Constrains Rating - Credit Focus – 2013/05/31 – US$ 750.00 – ...+ Exposure to Argentina offsets strong credit quality. Arcor S.A.I.C.'s (B1 negative) main challenge is its significant exposure to Argentina, which constrains its credit rating despite its superior credit quality. We expect Arcor to eventually decrease its exposure through organic growth in other markets, but that could take years. In the meantime, slowing economic growth in Argentina will pressure revenue. + Argentina presents a challenging operating environment. Argentina poses many challenges for companies including haphazard government policies, capital controls, high inflation, a weakening peso and other country risks. High inflation is the issue that affects Arcor most directly because it increases operating expenses. However, Arcor has been able to maintain sound market positions in its key confectionary businesses, which in part reflects its competitive margins compared with those of local and international peers. The company also has significant foreign currency debt obligations,...

Moody's downgrades Arcor's Corporate Family Rating to B1 - Rating Action – 2012/04/26 – US$ 180.00 – Global Credit Research Rating Action 26 APR 2012 Rating Action: Arcor S.A.I.C. Moody's downgrades Arcor's Corporate Family Rating to B1 The B1 rating on USD 300 million of debt affirmed New York, April 26, 2012 -- Moody's Investors...

Moody's baja la calificación de familia corporativa de Arcor a B1 - Rating Action – 2012/04/26 – US$ 180.00 – Global Credit Research Rating Action 26 APR 2012 Rating Action: Arcor S.A.I.C. Moody's baja la calificacin de familia corporativa de Arcor a B1 USD 300 millones de deuda afirmada para la calificación de B1 New York, April 26,...

Moody's comments on proposed reopening of Arcor's Sr. Unsecured Notes due 2017 - Rating Action – 2012/03/21 – US$ 180.00 – Global Credit Research Rating Action 21 MAR 2012 Rating Action: Arcor S.A.I.C. Moody's comments on proposed reopening of Arcor's Sr. Unsecured Notes due 2017 New York, March 21, 2012 -- Moody's Latin America commented that the proposed...

ARCOR S.A.I.C. - Pre-Sale Report – 2010/10/27 – US$ 250.00 – ...Proposed US$200 Million Senior Unsecured Notes due 2017 On October 25, 2010, Moody's assigned a provisional (P)B1 rating and Aa2.ar national scale rating to Arcor S.A.I.C.'s proposed US$200 million in senior unsecured global notes due in 2017. Moody's also assigned Arcor a provisional (P)Ba2 Corporate Family Rating. The US$200 million senior unsecured notes are subject to Argentina's B2 foreign currency country ceiling. The outlook for all ratings is stable. Net issuance proceeds will be used to refinance Arcor's existing debt, which mainly addresses a maturing credit facility with the International Finance Corporation (IFC). The notes should thus be almost neutral to leverage. Arcor may also use a minor portion of the proceeds for working capital and for general corporate purposes. Arcor's proposed senior unsecured notes, payable in U.S. dollars, are subject to Argentina's foreign currency convertibility and transfer risk. Moody's considered the risk that the Argentine government could...

Moody's assigns B1/Aa2.ar ratings to Arcor S.A.'s proposed USD 200 million notes. - Rating Action – 2010/10/25 – US$ 180.00 – Global Credit Research Rating Action 25 OCT 2010 Rating Action: Arcor S.A.I.C. Moody's assigns B1/Aa2.ar ratings to Arcor S.A.'s proposed USD 200 million notes. Approx USD 200 million debt affected Buenos Aires, October 25, 2010 --...

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Moody's Global Credit Research—Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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MLA:
Moody's Global Credit Research. "Arcor S.A.I.C." May 03, 2012. Alacra Store. Jul 20, 2018. <http://www.alacrastore.com/moodys-credit-research/Arcor-S-A-I-C-PBC_141860>
  
APA:
Moody's Global Credit Research. (). Arcor S.A.I.C. May 03, 2012. New York, NY: Alacra Store. Retrieved Jul 20, 2018 from <http://www.alacrastore.com/moodys-credit-research/Arcor-S-A-I-C-PBC_141860>
  
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