Industry Report Card: Latin American Consumer Product Companies Pursue Growth, But Their Revenues Are Slowing Somewhat Apr 12
Standard & Poors, April 2012
Abstract
Strong demand in Latin American domestic economies will probably keep promoting top-line revenue growth for consumer goods producers throughout 2012, according to Standard & Poor's Ratings Services' analysis. Rising consumption of higher-value-added products and a recent ebb in soft-commodity prices should boost cash flows and operating margins. On the other hand, volatile export revenues, increasing competition from multinationals, and unstable credit availability for corporates could pressure the credit quality of companies with weaker business profiles or tighter liquidity. We maintain stable outlooks on most of the 37 Latin American consumer goods companies we rate. Investment-grade entities enjoy comfortable headroom under their covenant agreements, along with "adequate" liquidity and smoother debt amortization profiles. Lower rated companies have also been able to...
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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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