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Daily Brief

Dec 11, 2008 Issue

Cemig Gets Investment Grade

Moody’s has upgraded the local currency rating for Cemig and its subsidiaries to Baa3 from Ba2 with a stable outlook. The ratings, says Moody’s, reflect the company’s hea...

S&P Down on Venezuela

S&P has chopped its outlook for Venezuela to negative from stable. The agency believes the country’s oil exports will see an average price of $40 per barrel in 2009. This...

Genomma Stashes M&A Funds

Equity

Mexican pharmaceutical company Genomma Lab says it has set aside up to MXP1.07bn in cash for potential acquisitions of medicine brands. The funds were raised during its M...

Cruzeiro do Sul Tees off Brazil Bank Downgrades

Brazil

While the worst of the liquidity crunch apparently behind Brazil’s mid-sized banks, the outlook for 2009 is grim and little if any growth is expected for the sector, acco...

Itau Steps up Payroll Loan Push

Brazil

Brazil’s Banco Itau, which in the past months has acquired a number of payroll deduction loan portfolios in Brazil, appears to be eager to push further into the banking s...

BRL Seen Rising in 2009

Brazil

Lower commodity prices, lower inflation and lower interest rates in 2009 will help EM economies recover somewhat by the end of next year. The BRL, which on December 9 tra...

Bimbo Clinches Weston Assets in $2.4bn Deal

As first reported by LatinFinance on December 4, Bimbo, LatAm’s largest confectionary and baked goods company, has agreed to pay $2.38bn to buy the US fresh bread assets ...

Bimbo May See Moody’s Downgrade

Moody’s says it has placed Grupo Bimbo’s Baa1 senior unsecured issuer and Aaa.mx national scale ratings on review for possible downgrade following the company’s announcem...

Panama Canal Locks in Multilateral Cash

Panama

In the face of a credit crunch that has derailed financing plans for numerous projects throughout the region, the Panama Canal Authority has obtained $2.3bn in financing ...

BBVA Lands MBS, Sub Notes

Structured Finance

BBVA Bancomer has sold MXP5.5bn in mortgage backed securities and MXP3bn in subordinated bonds. The 2030 9.91% MBS have a 22-year term, say people on the deal. The 2020 s...

Ultrapar Preps Chunky CP

Brazil

Continuing the trend of top Brazilian corporates raising short term debt in the local market, Ultrapar, the Brazilian utility company, will seek to place BRL1.2bn in 360-...

Bimbo Cooks up Jumbo Peso Financing

M&A

Mexican bread and confectionary maker Grupo Bimbo has secured some $2.3bn in loans from a group of 6 banks to pay for its acquisition of Weston’s US bread assets. The com...