December 10, 2013
Moody’s has downgraded Automotores Gildemeister to B1 from Ba3, it says. Th
Moody’s has downgraded Automotores Gildemeister to B1 from Ba3, it says. The agency notes a continued deterioration of Ebitda margins and high capital expenditures that pushed the Chilean auto distributor’s total debt-to-Ebitda to 7.7x times during the 12 months through September. This was up from 3.5x times the year before, it says. The deal should remain above 6.0x in the near future. The outlook is negative. The move follows Fitch’s downgrade to B last week.