Vene Risk Lurks Under Arcos Dorados

Sep 20, 2009

Bankers are at pains to note that Arcos Dorados, the Argentina-based private holdco for the McDonald’s LatAm franchise, is not really Argentina risk. But Fitch highlights significant Venezuela exposure in the benchmark-sized bond offering roadshowing this week. Fitch rates a $450m senior unsecured proposed notes issue from Arcos due 2019 at BBB minus and notes that...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management