| | |
| Brief Excerpt: | ...Difficult 2015 Environment: Downgrades are predicted to outpace upgrades for the 50 largest high-yield Latin America corporates. Government measures to stimulate economic growth have not created robust demand. Consumer confidence is weak in many countries and cost pressure continues. Tax increases will further hurt cash flows. Weak Demand for Small Issuers Rated `B': Issuance activity in the `B' rating category was limited to only seven Latin America corporate issuers. All of them were large companies capable of issuing bonds of more than USD700 million. This contrasts with robust capital markets activity, where more than 70 issuers placed a record USD74 billion of debt during the first 10 months of 2014. Corporates Respond Quickly: Fitch Ratings' broader portfolio of all high-yield corporates has responded to challenging market conditions by cutting capex to bolster FCF. For Latin America corporates in the `B' category, aggregate capex has fallen from to around USD50 billion per year after... |
| | |
| Report Type: | |
| Company(ies) | Citgo Petroleum Corporation
, Petroleos De Venezuela SA
, YPF S.A.
, Cemex Espana S.A.
, LATAM Airlines Group SA
, KUO S.A.B. de C.V.
, Cemex, S.A.B. de C.V.
, Grupo Elektra S.A.B. de C.V.
, Masisa S.A.
, Companhia Siderurgica Nacional SA(CSN)
, Suzano S.A.
, PAN American Energy SL
, Grupo Famsa S.A.B. de C.V.
, Centrais Eletricas Brasileiras S.A.
, Cemex Materials LLC
, Companhia de Saneamento Basico do Estado de Sao Paulo
, GCC Sociedad Anonima Bursatil de Capital Variable
, Grupo Posadas, S.A.B. de C.V.
, Nemak, S.A.B. de C.V.
, Banco Azteca, S.A., Institucion de Banca Multiple |
| Ticker(s) | AXTEL , BEEF3 , BRML3 , CEMEXA , CSAN3 , CSNA3 , CZZ , ELEKTRA.CPO , ELET3 , GCC.B , GFAMSAA , GOLL3 , GRUMA.B , GSHP3 , HOC , HYPE3 , JBSS3 , KUO.A , LAN , M4M1 |
| Issuer | VRG Linhas Aereas S.A. |
| Format: | | PDF |  |
|
| |
