... across Latin America, with 17 nonfinancial cross-border GRE corporate issuers rated by Fitch Ratings across the region. The highest concentrations of GREs are in Colombia (five) and Brazil (three), followed by Argentina, Chile and Mexico (two each). The ratings of eight of the 17 GREs are equalized with their respective sovereign. Four GREs with higher Standalone Credit Profiles (SCPs) than their respective sovereign are capped at the same rating level. Four GREs are rated on a standalone basis and one has a top-down approach, whereby the GRE is linked to the sovereign rating and notched down due to underlying factors. This report summarizes Fitch's view of the strength of government support for 17 corporate issuers publicly rated in Latin America under our Government-Related Entities Rating Criteria. It also explains the considerations behind our assessment of government support for each GRE in the region, including a brief business summary,...
