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Brazilian Corporates: How Much Can They Take? Sep 02
Standard & Poors, Sep 2002
Abstract
(Editor's Note: In the original article published Sept. 9, 2002, the national scale ratings on Net Servi-os de Comunica--o S.A., and AES Sul Distribuidora Ga-cha de Energia S.A. were incorrectly stated. A corrected version follows.) Significantly higher financial volatility in the Brazilian domestic market since June 2002 and limited access by Brazilian issuers to the domestic and international capital markets have led to an overall deterioration in the credit quality of rated corporations, and consequently, many rating actions by Standard & Poor's in the past three months. Although over the past two weeks credit line availability appears to have stopped its dramatic decline, volatility is expected to remain critical at least through the October elections, and potentially well into 2003....
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.
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