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Daily Brief

Dec 10, 2008 Issue

Linklaters Welcomes LatAm Partners

Legal firm Linklaters has announced the addition of another LatAm-focused partner to its New York office. New hire Ray Fisher will concentrate on LatAm capital markets. F...

Sun Adds to LatAm Team

Sun Microsystems has added 3 executives to its LatAm team. Mauricio Martos is now the manager of service partnerships, Mauricio Leal will manage the Sun Developer Network...

Moody’s Chops Enap’s Rating

Chile

Moody’s has announced that it has cut the foreign currency rating of Chile’s Empresa Nacional del Petroleo to A3 from A2, citing the company’s weakened profitability leve...

Posadas Slides Further Down Rating Scale

Moody's has downgraded Grupo Posadas' senior unsecured debt and corporate family ratings to B1 (negative) from Ba3 to reflect tight liquidity caused by recent margin call...

Brazilian Ports Face Challenges

Brazil

An 8% drop in full container volumes in Brazil is expected in 2009, says UBS Pactual. Weakening demand coupled with overcapacity has caused shipping rates to drop, says t...

Peru to Increase Public Spending

Funds

Peru's president Alan Garcia has announced a plan to increase government spending by PES10bn. In addition, $3bn has been financed from international finance institutions ...

Office Depot Mexico to Invest $50m in Colombia

Mexico

Office Depot Mexico (ODM), a joint venture between Grupo Gigante and Office Depot, will invest about $50m over a 5-year period to enter and expand in Colombia, Sergio Mon...

Textile Maker Unweaves Costly Derivative

Equity

Vicunha Textil, a Bovespa-listed textiles maker, says it will have to provision for a negative derivatives position in the amount of BRL32.6m. The FX derivative contract ...

LatAm to See Worst Recession in 25 Years

Morgan Stanley has chopped its forecast for growth across LatAm, which could see its most severe downturn since 1983 next year. The shop says the region’s GDP will contra...

Cap Cana Deconstructs Bridge

Cap Cana, which late Monday said it came to agreement with lenders of a $100m bridge loan that came due November 19, has given the 6 holders of the facility a 40 cent hai...

Bondholders in Cap Cana Crosshairs

Capa Cana, the luxury Dominican resort development company, is seeking an exchange offer for some $250m in outstanding 9.625% 2013 notes, say people close to the company....