Gildemeister Rating Drops Two Notches

Gildemeister Rating Drops Two Notches

Chile Corporate & Sovereign Strategy

Fitch has lowered Automotores Gildemeister’s rating to B from BB minus, it says, on continued deterioration in the Chilean vehicle retailer’s credit profile due to poor operational results. Gildemeister’s Ebitda margin has seen “significant deterioration” owed to a lower average price point, currency devaluations and losses at its Brazilian business. The Ebitda margin hit 4.7% in 3Q 2013, down from 9.8% in 3Q 2012. Free cash flow was negative $226m in the 12 months to September. Total adjusted d

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