September 10, 2013
Moody’s has downgraded Automotores Gildemeister to Ba3 from Ba2, it says. T
Moody’s has downgraded Automotores Gildemeister to Ba3 from Ba2, it says. The Chilean vehicle distributor’s downgrade comes as a result of debt concerns. “The one-notch downgrade to Ba3 was triggered by Gildemeister's weaker margins and higher than expected working capital outflows, that are likely to lead to higher than expected leverage for a prolonged period of time,” Moody's senior analyst, Soummo Mukherjee, says in a ratings report. The rating stays on review for downgrade, Moody’s says.