Fitch Takes Rating Action on Brazilian Corporates & Structured Transactions.Business Editors CHICAGO--(BUSINESS WIRE)--Oct. 22, 2002 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has downgraded the foreign currency rating of several Brazilian corporations. In addition, Fitch fitch: see polecat. has also placed the local currency rating of several Brazilian companies This is a list of major companies based in Brazil. Please note that the list is highly incomplete and does not have thousands of companies of different sizes. Links should only point to the Wikipedia article, and not to a web page URL. on Rating Watch Negative, as well as some structured finance transactions. The downgrades of the foreign currency ratings of these Brazilian corporates to 'B' Outlook Negative from 'B+' Rating Watch Negative mirror yesterday's downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of Brazil's foreign and local currency ratings by Fitch. These rating actions reflect the direct link between the ability of Brazilian companies to pay their international creditors and the credit quality of the Brazilian government, due to the sovereign's ability to restrict In the C programming language, the data pointed to by a pointer declared with the restrict qualifier may not be pointed to by any other pointer. This allows for more effective optimization. foreign exchange during a financial crisis. The change in the Rating Watch status of several local currency ratings and structured transactions reflects an expectation that operating and financial conditions will deteriorate de·te·ri·o·rate v. 1. To grow worse in function or condition. 2. To weaken or disintegrate. within Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. due to a weaker outlook for domestic growth and a contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction in external credit lines. The increased potential for sovereign SOVEREIGN. A chief ruler with supreme power; one possessing sovereignty. (q.v.) It is also applied to a king or other magistrate with limited powers. 2. In the United States the sovereignty resides in the body of the people. Vide Rutherf. Inst. 282. interference interference, in physics, the effect produced by the combination or superposition of two systems of Waves, in which these waves reinforce, neutralize, or in other ways interfere with each other. in structured transactions has also been noted by the Rating Watch Negative designation DESIGNATION, wills. The expression used by a testator, instead of the name of the person or the thing he is desirous to name; for example, a legacy to. the eldest son of such a person, would be a designation of the legatee. Vide 1 Rop. Leg. ch. 2. 2. . Fitch will be reviewing all of its corporate local currency and structured finance ratings in the near future and will continue to closely monitor the events in Brazil as well as other factors that may affect credit risks. Corporate Ratings Downgraded and Outlook Changed to Negative From/To Alcoa Aluminio S.A. --Foreign Currency 'B+'/'B' Outlook Negative Aracruz Celulose S.A. --Foreign Currency 'B+'/'B' Outlook Negative Companhia de Bebidas das Americas S.A.(Ambev) --Foreign Currency 'B+'/'B' Outlook Negative Companhia Petrolifera Marlim --Foreign Currency 'B+'/'B' Outlook Negative Companhia Siderurgica Nacional S.A. (CSN) --Foreign Currency 'B+'/'B' Watch Evolving Companhia Siderurgica de Turbarao S.A. (CST) --Foreign Currency 'B+'/'B' Outlook Negative MRS Logistica S.A. (MRS) --Foreign Currency 'B+'/'B' Outlook Negative OPP Quimica S.A. --Foreign Currency 'B+'/'B' Outlook Negative Petroleo Brasileiro S.A. (Petrobras) -- Foreign Currency' 'B+'/'B' Outlook Negative Ripasa Celulose e Papel S.A. --Foreign Currency 'B+'/'B' Outlook Negative Sadia S.A. --Foreign Currency 'B+'/'B' Outlook Negative Samarco Mineracao S.A. (Samarco) --Foreign Currency 'B+'/'B' Outlook Negative Tele Norte Leste Participacoes S.A. --Foreign Currency 'B+'/'B' Outlook Negative Telemar Norte Leste S.A. --Foreign Currency 'B+'/'B' Outlook Negative Trikem S.A. --Foreign Currency 'B+'/'B' Outlook Negative Corporate Ratings Placed on Ratings Watch Negative: Alcoa Aluminio S.A. --Local Currency 'BBB-' Watch Negative Aracruz Celulose S.A. --Sr. Sec. LC 'BBB' Watch Negative --Sr. Unsec. LC 'BBB-' Watch Negative Brasil Telecom S.A. --Local Currency 'BBB-' Watch Negative Brasil Telecom Participacoes S.A --Local Currency 'BBB-' Watch Negative Companhia de Bebidas das Americas S.A.(Ambev) --Local Currency 'BBB-' Watch Negative Sadia S.A. --Local Currency 'BB+' Watch Negative Samarco Mineracao S.A. (Samarco) --Local Currency 'BBB-' Watch Negative Structured Ratings Placed on Watch Negative: Alcoa Aluminio S.A. --Secured Export Notes 'BBB-' Arcel Finance Limited (Aracruz) -- Underlying Shadow Rating 'BBB' Brazilian Diversified Payment Rights Finance Company -- Underlying Shadow Rating 'BBB+' Companhia de Bebidas das Americas S.A.(Ambev) --PRI Notes 'BBB-' Sadia IFC B Loan Certificates (1996) --IFC B Notes 'BB+' UBB Diversified Payment Rights Finance Company -- Underlying Shadow Rating 'BBB' |
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