Report title:

Liquidity Challenges Remain For Non-Financial Companies in Americas

from Moody's Global Credit Research
14 page (5666 word) report published Jul 20, 2009

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About Moody's Global Credit Research

...Recent improvements in market access have halted the broad deterioration in the average liquidity profile of companies in the U.S., Canada, and Latin America. However, liquidity continues to be a critical area of focus for our credit analysis. We recently conducted our third semi-annual assessment of liquidity profiles of the more than 1,300 non-financial, non-utility companies in the Americas that are rated B3 and above. Liquidity of the vast majority of the issuers we assessed is sufficient to meet their obligations over the next 12 months. Our key findings are as follows: Approximately 94% of the issuers appear to have sufficient internal and external sources of liquidity to cover debt maturities and other cash outflows over the next 12 months. Financial covenants are currently either tight or restrictive for approximately 9% of the investment-grade issuers and 31% of the speculative-grade issuers. Of the companies with financial covenants, 1% had to seek covenant waivers over the last...

Report Type: Special Comment
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