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Jul 23, 2012

Standard and Poor's | Latin America Highlights: Credit Is Expanding Fast In Brazil, Colombia, And Peru

Standard & Poor's LatinAmerica Highlights


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¿Se está expandiendo muy rápido el crédito en Brasil, Colombia y Perú?
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Cursos de Análisis de Riesgo Crediticio Empresas y Proyectos

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Reporte Sectorial: Empresas de telecomunicaciones y medios de comunicación preparadas para crecer ante mayor demanda de datos; la competencia se mantendrá intensa

El panorama crediticio de Standard & Poor’s Ratings Services para los sectores de telecomunicaciones y de medios de comunicación de América Latina es de relativa estabilidad para la mayoría de las empresas calificadas, ya que nueve de las 16 empresas que calificamos tienen perspectivas estables.

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Portuguese Version

Credit Trends: Fallen Angels In Emerging And Developed Markets, Including The U.S. And Europe: Fallen Angels Count In Line With Last Year’s Pace

The number of global fallen angels increased by four since our previous report to 24 (through July 9). The count was also the same at this point last year.

Expansión rápida del crédito en Brasil, Colombia y Perú; ¿llegó el momento de que los bancos desaceleren?

La creciente demanda de crédito en Brasil, Colombia y Perú ha contribuido a que sus bancos se sitúen entre los de más rápido crecimiento en América Latina durante los últimos cinco años, con un crecimiento de entre 12% y 16% en sus carteras de crédito en términos reales.

English Version

Rating News

Argentina

S&P coloca "En Observación - En Desarrollo" al Fondo Goal Ahorro Max, administrado por Itaú Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión

Buenos Aires, 10 de julio de 2012 – Standard & Poor’s colocó “En Observación – En Desarrollo” la calificación ‘raAc (Nuevo)’ del Fondo Goal Ahorro Max administrado por Itaú Asset Management ...

Barbados

Barbados Ratings Lowered One Notch To 'BB+/B'; Outlook Stable

In our view, the economic fundamentals of Barbados continue to weaken, reflecting not only the external environment but also more pronounced competitiveness and other structural shortcomings; we believe that the fiscal stance remains weak, as seen in...

Brazil

Os 10 principais governos locais e regionais do Brasil possuem sólido desempenho econômico e fiscal, mas enfrentam necessidades de infraestrutura

Os governos locais e regionais (LRGs, na sigla em ingles) do Brasil têm se beneficiado de estabilidade fiscal há vários anos.

Why The Upcoming Games Are Likely To Be A Boon For Brazilian Transportation Companies

The traffic jams notorious in Brazil's major cities have long aggravated urban residents and hampered productivity.

Brazil's Big Three Engineering And Construction Companies Put The Games On A Solid Foundation

Brazil's three largest heavy construction and engineering (E&C) companies--Construtora Norberto Odebrecht S.A. (CNO; BBB-/Stable/--), Camargo Correa S.A. (Camargo; BB/Watch Neg/--), and Construtora Andrade Gutierrez S.A...

Could Sports Help Brazil Finally Reach Its Economic Growth Goals?

Despite the investment-grade ratings and the general optimism about the Federative Republic of Brazil's (foreign currency: BBB/Stable/A-2) prospects, the country's economic growth continues to underperform.

S&P Report Looks At How Brazil's Media And Telecom Companies Are Preparing For The World Cup And Olympic Games

SAO PAULO (Standard & Poor's) July 13, 2012--Brazilian media and telecommunications players could be winners in the 2014 World Cup and the 2016 Summer Olympics, but it will take hard work, dedication, and--most of all--money.

BNDES Provides Majority Financing For The 2014 FIFA Word Cup And 2016 Olympics In Brazil

The City of Rio de Janeiro faces several challenges in preparing to host the 2014 FIFA World Cup (one of 12 Brazilian cities) and the 2016 Summer Olympics--the first Olympic Games in South America.

Rio De Janeiro Is Racing To Complete Infrastructure Projects In Advance Of The Olympic Games

The London Olympics aren't even underway yet, but the eyes of the sports world are already starting to turn toward the next host, Rio de Janeiro.

The Economics Of The 2016 Olympics: Will Brazil Take Home The Gold?

The opening of the London Olympics highlights the magnitude of the preparations that the next host city, Rio de Janeiro (BBB/Stable/A-3), and the host country, the Federative Republic of Brazil (BBB/Stable/A-3), must complete.

Will The Brazilian LRGs’ Preparations For The World Cup And Olympics Earn The Ultimate Prize?

Hosting the 2014 World Cup and 2016 Olympic Games will bestow several benefits on the Brazilian local and regional governments (LRGs) long after they wind down their spending on preparations for these events.

Chile

Banco Santander-Chile S.A. 'A/A-1' Ratings Affirmed; Long-Term Rating Outlook Revised To Negative

In our view, Banco Santander Chile's stand-alone credit profile (SACP) could be pressured if there is deterioration in its capital and earnings, or funding and liquidity.

Colombia

SAGEN, S.A. E.S.P.

Standard & Poor's Ratings Services's ratings on ISAGEN, S.A. E.S.P. reflect our opinion that there is a "moderately high" likelihood that the Republic of Colombia (foreign currency: BBB-/Stable/A-3; local currency BBB+/Stable/A-2) would provide timel...

Dominican Republic

Cervecería Nacional Dominicana Upgraded To 'BB' From 'B+' And Off Watch Following Completion Of Acquisition By AmBev

On May 11, AmBev's purchase of Dominican Republic-based beer and malt producer and distributor CND was completed. We are raising the rating CND to 'BB' from 'B+' and removing it from CreditWatch with positive implications.

Summary: Empresa Generadora de Electricidad Itabo S. A.

Standard & Poor's Ratings Services' ratings on Empresa Generadora de Electricidad Itabo S.A. reflect an improvement in its key financial ratios because of lower liquidity pressures and stronger profitability following the expiration of a fixed-price ...

El Salvador

Calificacion Soberana: Republica de El Salvador

El débil crecimiento económico sigue siendo una limitante importante de las calificaciones. Entre los países de Centroamérica, El Salvador experimentó el más fuerte impacto de la crisis mundial, y su recuperación ha sido lenta.

Mexico

S&P asigna calificación preliminar de 'BBB-' a emisión de bonos senior garantizados por US$167.5 millones de CE Oaxaca Cuatro

México, D.F., 16 de julio de 2012.- Standard & Poor’s Ratings Services asignó su calificación preliminar de ‘BBB-’ a la emisión propuesta de bonos senior garantizados por US$167.5 millones de CE Oaxaca Cuatro, S. de R.L. de C.V. con vencimiento ...

S&P asigna calificación preliminar de 'BBB-' a emisión de bonos senior garantizados por US$164.5 millones de CE Oaxaca Dos

México, D.F., 16 de julio de 2012.- Standard & Poor’s Ratings Services asignó su calificación preliminar de ‘BBB-’ a la emisión propuesta de bonos senior garantizados por US$164.5 millones de CE Oaxaca Dos, S. de R.L. de C.V. (Oaxaca II) con ...

¿Porqué Standard & Poor's colocó las calificaciones de CEMEX en Revisión Especial (CreditWatch) con implicaciones negativas?

El 25 de junio de 2012, el productor de cemento mexicano, Cemex, anunció una propuesta de refinanciamiento a los acreedores de su acuerdo de financiamiento para extender su vencimiento a 2017 de 2014.

S&P sube calificaciones de corto plazo en escala global de ocho instituciones financieras mexicanas a 'A-2' de 'A-3' tras acción similar sobre calificaciones de México

México, D.F., 11 de julio de 2012.- Standard & Poor's Ratings Services dijo hoy que subió sus calificaciones de corto plazo en escala global en moneda local y extranjera de los siguientes bancos de México y las calificaciones de corto plazo en moneda extranjera de dos entidades relacionadas con el gobierno (ERGs) a 'A-2' de 'A-3'...

Standard & Poor's asigna calificaciones de deuda de 'A-' a las emisiones de notas senior no garantizadas por US$1,250 millones y por US$750 millones de América Móvil

Nuestras calificaciones de AMX reflejan nuestro perfil de riesgo de negocio ‘fuerte’, el cual refleja la posición líder de la compañía en la industria de telecomunicaciones de América Latina, su sólida rentabilidad y nuestra expectativa de que mantendrá.

Standard & Poor's confirma calificaciones de BBVA Bancomer; la perspectiva se mantiene estable

BBVA Bancomer sigue mostrando una fuerte posición de mercado y una reconocida franquicia en México. También consideramos que las pérdidas crediticias se han mantenido en niveles adecuados.

Peru

S&P sube calificación soberana de corto plazo en moneda extranjera de Perú a 'A-2' por cambio en criterios; confirma calificación de largo plazo; perspectiva estable

Nueva York, 9 de julio de 2012.- Standard & Poor’s Ratings Services subió hoy su calificación soberana de corto plazo en moneda extranjera de la República del Perú (Perú) a ‘A-2’ de ‘A-3’.

S&P sube calificaciones de corto plazo en escala global de cinco bancos peruanos a 'A-2' de 'A-3' tras acción similar sobre calificaciones soberanas de Perú

Las calificaciones de estas instituciones financieras están al mismo nivel que las calificaciones soberanas de Perú y el alza no refleja una mejora en nuestra opinión sobre la calidad crediticia de corto plazo de estos bancos.

English Version

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NYT Global Update | Top News: Iraq Insurgents Kill at Least 100 After Declaring New Offensive

Global Update

 
TOP NEWS

Iraq Insurgents Kill at Least 100 After Declaring New Offensive

By YASIR GHAZI and ROD NORDLAND
In a coordinated display intended to show they remain a viable force, Iraqi insurgents launched 40 separate attacks Monday, killing at least 100 people.

Syria Says Chemical Arms Reserved for Attack From Abroad

By NEIL MacFARQUHAR
The government appeared to confirm that it had stockpiles of chemical weapons, in a statement that said the weapons would never be used in its domestic conflict but could be deployed "in the case of exterior aggression."

Top Afghans Tied to '90s Carnage, Researchers Say

By ROD NORDLAND
The powerful men accused of responsibility, directly or indirectly, for tens of thousands of deaths are named in the pages of a monumental 800-page report.
Multimedia

Video: TimesCast

The Colorado shooting suspect appears in court, and Bill Carter speaks to Bob Costas about hosting his ninth Olympics.
Opinion

Latitude

Silencing Pakistan's Minorities

By HUMA YUSUF
The country's religious minorities have retreated to the Web to air grievances, but now cyberspace is being closed off to them, too.
WORLD

European Union Tightens Sanctions on Syria

By STEPHEN CASTLE
The European Union strengthened its arms embargo against Syria on Monday and toughened sanctions against supporters of the country's president, Bashar al-Assad.

China Sends Troops to Disputed Islands

By JANE PERLEZ
The move appeared designed to reinforce China's claims over the South China Sea a week after a meeting of foreign ministers of the Association of South East Asian Nations.

French Architect Tied to Disgraced Chinese Politician Arrives in Beijing

By JANE PERLEZ
French officials disputed news media reports that Patrick Henri Devillers, an associate of Bo Xilai was in custody, saying that he was being "housed" in "proper conditions."
BUSINESS
DealBook

Chinese Make $15 Billion Move Into Canada

By MICHAEL J. DE LA MERCED
Through the acquisition of Calgary-based Nexen, the Chinese state-run oil giant Cnooc would gain valuable footholds in oil- and gas-producing areas in North America and around the world.

Fears Over Spain Depress Global Stocks

By CHRISTINE HAUSER
Stocks on Wall Street traded lower as concerns about Spain's financing problems plagued markets anew.
Euro Watch

Spanish Bond Yields Soar

By RAPHAEL MINDER and LIZ ALDERMAN
Spain's borrowing costs rose to record levels, and Spanish and Italian regulators banned short-selling of shares.
TECHNOLOGY

Facebook Efforts on Advertising Face a Day of Judgment

By SOMINI SENGUPTA
As its share price has plummeted, Facebook has scrambled to attract advertisers away from Google. Its first earnings report since going public will indicate how it is doing.

Venture Capital Firms, Once Discreet, Learn the Promotional Game

By NICOLE PERLROTH
Venture capitalists are hiring full-time public relations experts to tell bloggers and reporters of their investing prowess.

Two Units of AT&T Reach Pacts With Union

By STEVEN GREENHOUSE
The three-year agreements with the Communications Workers of America provide for wage increases, but full details were not released.
SPORTS

Wiggins Rides Into Paris a Winner

By JON BRAND
Bradley Wiggins won the Tour de France in Paris on Sunday after leading the race in a dominant fashion for the past two weeks.

Last-Minute Collapse Hands Victory to Els

By CHRISTOPHER CLAREY
Adam Scott made four straight bogeys on the final four holes at Royal Lytham & St. Annes Golf Club, leaving a grand opportunity for Ernie Els, who managed to win the British Open by one stroke on Sunday.

Alonso Wins German Grand Prix

By BRAD SPURGEON
By winning the race on Sunday, Fernando Alonso became the first Formula One driver to score three victories this year. He led the race from start to finish in one of his strongest drives of the season.
U.S. NEWS

Suspect in Colorado Shooting Appears in Court

By JACK HEALY and DAN FROSCH
The first public glimpse of James E. Holmes since his arrest left uncertain his state of mind and motives.

Suspect Bought Large Stockpile of Rounds Online

By JACK HEALY
The 24-year-old man accused of killing a dozen people inside a Colorado movie theater gathered what the police called a 6,000-round arsenal legally and easily.

Obama Consoles Aurora as City Begins Healing

By JOHN ELIGON, SERGE F. KOVALESKI and MARC SANTORA
President Obama came to Aurora, Colo., to meet with survivors of a rampage at a movie theater, and police said they had finished collecting evidence out of the suspect's apartment.
OPINION
Op-Ed Contributor

In Fukushima, Surreal Serenity

By KUMIKO MAKIHARA
A year after the Fukushima disaster, the challenge of Japan is how to nurture healthy skepticism alongside perseverance.
Op-Ed Columnist

Loading the Climate Dice

By PAUL KRUGMAN
Yes, weather fluctuates, and that variability is making climate change even harder to fight.
Op-Ed Contributor

Wall Street Is Too Big to Regulate

By GAR ALPEROVITZ
If an industry is so large and so concentrated that competition and regulation are impossible, the most market-friendly step is to nationalize its functions.

DealBook Afternoon Edition: White Collar Watch: Finding Recourse When Investors Are Cheated


Monday, July 23, 2012
TOP STORY
White Collar Watch: Finding Recourse When Investors Are Cheated Peter J. Henning says that the federal government may need to find new ways of providing some recourse for investors who are victims of brazen fraud.
  • DEALBOOK »
  • DEALBOOK HIGHLIGHTS
    An Ackman Protégé Plans to Strike Out on His Own Scott Ferguson, one of William A. Ackman's first hires at Pershing Square Capital management, is leaving at the end of the month with plans to begin his own hedge fund later next year, according to a letter to investors reviewed by DealBook.
    Joh. A. Benckiser to Buy Peet's Coffee & Tea for $974 Million Joh. A. Benckiser, the German conglomerate that owns companies like Coty, is buying Peet's Coffee & Tea, taking control of one of the country's oldest purveyors of specialty coffee.
    Genesee & Wyoming to Buy RailAmerica for $1.4 Billion Genesee & Wyoming agreed on Monday to buy one of its main rivals, RailAmerica, for about $1.4 billion in cash, uniting two of the country's biggest short-line rail operators.
    Chinese Make $15 Billion Move Into Canada Through the acquisition of Calgary-based Nexen, the Chinese state-run oil giant Cnooc would gain valuable footholds in oil- and gas-producing areas in North America and around the world.
    Senior Barclays Official Rules Himself Out as Next Chairman Michael Rake, deputy chairman of Barclays, has ruled himself out as the next chairman, raising new questions about the future leadership of the British bank.
    Citic Securities' Shares Slump on Planned $1.3 Billion Deal for CLSA Investors and analysts reacted cautiously to the proposal by Citic Securities, China's biggest brokerage firm, to acquire CLSA Asia-Pacific from Crédit Agricole, despite acknowledging the deal's long-term potential.
    Venture Capital Firm Makes Long-Term Bet on Brazil While the Brazilian economy is cooling, Redpoint e.Ventures has raised a $130 million fund to invest in early-stage Internet start-ups in Brazil.
    BUZZ TRACKER
    Bank of America Names New Head of U.S. Capital Introduction Bank of America Merrill Lynch said on Monday that it had named Elizabeth Hammond the head of its capital introduction team in the United States, according to an internal memorandum reviewed by DealBook. The business, which is part of the bank's prime brokerage unit, specializes in connecting hedge funds with prospective investors like pension funds and endowments. Ms. Hammond will replace Justin Fredericks, who is leaving Bank of America.
    DreamWorks Animation Strikes Deal for Classic Media DreamWorks Animation said on Monday that it had clinched a deal for Classic Media, the media company that owns Casper the Friendly Ghost and the Lone Ranger. The studio will pay $155 million in cash to Classic Media's owner, Boomerang Media Holdings, a portfolio company of the buyout firm GTCR.
    United Technologies to Sell Rocketdyne Unit to GenCorp United Technologies agreed on Monday to sell its Rocketdyne unit to GenCorp for $550 million. The transaction is part of a plan to sell off noncore assets after United Technologies agreed to buy Goodrich for $16 billion last year.
    Thompson's Post-Yahoo Move Months after resigning from Yahoo after a scandal involving his inflated academic record, Scott Thompson has found a new perch, according to Bloomberg Businessweek: running the start-up ShopRunner
    LOOKING AHEAD
    Corporate Earnings Companies scheduled to report results on Tuesday include Altria, DuPont, Lockheed Martin, United Parcel Service, Whirlpool, Apple and Netflix.
    In the United States On Tuesday, the International Swaps and Derivatives Association will review requirements under the 2010 Dodd-Frank financial overhaul law and their effect on the global swaps market; a House Financial Services subcommittee will conduct a hearing on consumers' access to credit; and a Senate Banking subcommittee will hold a hearing on private student loans.
    Overseas Inspectors from the European Commission, the European Central Bank and the International Monetary Fund will visit Greece on Tuesday to evaluate its progress in meeting its bailout terms. 
    DealBook Video
    Business Day Live: At Caterpillar, Pressing Labor for Cuts
    Business Day Live: At Caterpillar, Pressing Labor for Cuts With business booming, Caterpillar pushes workers for steep cuts. | In Switzerland, a treasury of art that avoids the tax man. | David Carr asks: What is Yahoo?


     
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NYT news selected from the evening edition: Fears Over Spain Depress Global Stocks



Fears Over Spain Depress Global Stocks

By CHRISTINE HAUSER
Stocks on Wall Street traded lower as concerns about Spain's financing problems plagued markets anew.
Euro Watch

Spanish Bond Yields Soar

By RAPHAEL MINDER and LIZ ALDERMAN
Spain's borrowing costs rose to record levels, and Spanish and Italian regulators banned short-selling of shares.

Fashion Retailer Dismisses Its Chief

By STEPHANIE CLIFFORD
The teen-fashion retailer Wet Seal, which has been struggling with lower sales, fired its chief executive, Susan P. McGalla, with a phone call and has no replacement lined up yet.

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Stocks and Markets in the News | Wall Street at Close: U.S. stocks drop again as Europe fear mounts


U.S. Markets

U.S. stocks drop again as Europe fear mounts Dow industrials have their first consecutive triple-digit point loss since April as investors worry about the ability of Spain and Greece to manage their debts. U.S. Treasury yields plumb new lows and the dollar jumps.

 

BIV Today's Business News | Economy and Finance: Nearly 60% of retired Canadians in debt





Politics and Policy

Wine in crate

Four bidders shortlisted for LDB contract

Four of the six companies bidding to privatize liquor distribution and warehousing were shortlisted Friday, including the province’s biggest private bonded liquor warehouse.

Metal theft law in effect from today

B.C. today became the first province to have a law and regulations aimed at reducing metal theft.

Film and Entertainment

 

Japanese gaming studio opens in Vancouver

Japanese social gaming company Gree has announced it will soon open a 10-employee game development studio in downtown Vancouver.

Retail and Manufacturing

 

Vancouver’s Naked underwear line expands to U.S.

Fast-growing Vancouver Underwear manufacturer Naked Boxer Brief Clothing Inc. is opening a distribution centre in Los Angeles in the lead-up to selling its briefs in 40 Nordstrom stores.

Law

   

BCSC suspends trading for trio under investigation

The British Columbia Securities Commission (BCSC) has issued a temporary order and notice of hearing against three men and a B.C.-based company over concerns about unusual trading volume and share price increases.

Economy and Finance

 

Nearly 60% of retired Canadians in debt

Nearly 60% of retired Canadians hold some form of debt and although they hold less debt than those still working, they are also less likely to be taking steps to accelerate their debt repayment.

Mining and Energy

   

Petrowest to acquire landfill site in northeastern B.C.

Alberta-based Petrowest Corp. (TMX:PRW) has entered an agreement to purchase the assets of Peejay Environmental Limited Partnership, including a lease for a landfill site located 108 km north of Fort St. John in northern B.C.

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