...Latin America Corporate Cash Flow Stars Despite negative pressure on operating cash flows faced by many Latin American credits, several issuers stand out for their ability to generate strong cash flow metrics during periods of difficult operating conditions. This report highlights issuers that are among Latin America's strongest cash flow generators. The metrics used for analyzing cash flow growth include: FFO, cash flow from operations, FCF and revenues, as well as EBITDA margin expansion. Brazilian Homebuilders Face Perfect Storm Rising unemployment and interest rates, deteriorating consumer confidence, a squeeze in credit lines for homebuyers and higher withdrawals in saving accounts have created a perfect storm scenario for Brazilian homebuilders. Downgrades will outpace affirmations during 2015. In the first eight months of 2015, 10 ratings were downgraded while seven were affirmed. As of September 2015, 40% of the companies had a Negative Outlook/Watch. Colombian Corporates' Cash...
