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Latin American Utilities Brave the Storm Aug 00
Standard & Poors, Aug 2000
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
While several Latin American countries are still roiling in the aftermath of the 1999 financial fallout, utilities in certain countries have weathered the downturn better than expected, and others have turned the corner more rapidly than had been anticipated. A comparison of financial performance at year-end 1999 compared to year-end 1998 exhibited mixed results (per Table 1). This article will comment on 1999 results, and recovery/future prospects for rated utilities in Mexico, Chile, Colombia, Argentina, and Brazil. Currency movements for year-end 1999 over 1998 were approximately: Mexico peso appreciated 12%; Chilean peso devaluated 12%; Colombian peso devalued 19%; and Brazilian real devalued about 30%. Due to a highly dollarized economy and fixed peg between the Argentine peso and the U.S....
Companies mentioned in this report are: Brazil (Federative Republic of),Endesa S.A.,United Mexican States,Chile (Republic of),Empresa Nacional de Electricidad S.A., (Endesa) Chile,Colombia (Republic of),Argentina (Republic of) (Unsolicited Ratings),Endesa Chile Overseas Co.,AES Gener S.A.,Enersis S.A.,Metrogas S.A.,Empresa Electrica Pehuenche S.A.,Empresa Distribuidora Sur S.A. (EDESUR),Chilectra S.A.,Transportadora de Gas del Norte S.A. (TGN),E-CL S.A.,Empresa Electrica Guacolda S.A.,Transportadora de Gas del Sur S.A. (TGS),Empresas Municipales de Cali S.A.,Camuzzi Gas Pampeana S.A.,Eletrobras - Centrais Eletricas Brasileiras S.A.,Espirito Santo Centrais Eletricas S.A.,Inversora Electrica de Buenos Aires S.A.,Empresa Distribuidora Y Comercializadora Norte S.A.,Companhia de Saneamento Basico do Estado de Sao Paulo,Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A.,Interconexion Electrica S.A. E.S.P. (ISA),Ampla Energia e Servicos S.A,Aguas Argentinas S.A.,Light Servicos de Eletricidade S.A.,Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.,Companhia Energetica do Rio Grande do Norte,CPFL Energia S.A.
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