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Daily Brief

Dec 23, 2008 Issue

S&P Plans Bimbo Downgrade

M&A

S&P says it is keeping Grupo Bimbo’s ratings on credit watch negative, following the company’s proposed $2.3bn acquisition of the US fresh bakery business of Weston Foods...

Fitch Affirms Buenos Aires Ratings

Fitch has affirmed the City of Buenos Aires with a stable outlook. The agency leaves the ratings of the city’s euro medium-term note program and long-term foreign and loc...

Brazil Inflation Slowing

Equity

As inflation slows in Brazil, economists expect the central bank to start easing rates in January 2009. “December’s IPCA-15 came in at 0.29%, well below our forecast of 0...

GDF Suez Chile Division Gets $393m Loan

Chile

GDF Suez Andino, the Chilean subsidiary of GDF Suez, has obtained a $393m A/B project loan from the IFC and commercial banks Calyon and Fortis to finance the construction...

Banorte to Sell MXP2.5bn

Mexico

Banorte has notified the Bolsa de Valores that it intends to sell up to MXP2.5bn in subordinated debt next year. The bank says the issuance is part of a 5-year program wo...

ACP Awards Third Excavation Contract

Panama

The Panama Canal Authority has awarded a third excavation contract to Costa Rica-based Constructora Meco, which submitted the winning bid of $36.7m. The excavations will ...

WBank Loans $120m to State of Acre, Brazil

Brazil

The World Bank has approved a $120m loan to the Brazilian state of Acre to help provide basic services and promote development based on the state’s natural resource base....

IDB Lends $75m to Noble Argentina

Bonds Structured Finance

The IDB has approved a loan of up to $75m to Noble Argentina so it can build a soybean crushing plant in Santa Fe province. “The IDB financing will help Argentina cement ...

Fitch Chops Cap Cana Rating

Corporate & Sovereign Strategy

Fitch has downgraded the rating on Cap Cana's $250m senior secured notes due 2013 to CC/RR4 from CCC/RR4 and keeps them on watch negative following an announcement of an ...

Moody’s Puts Rede on Negative Review

Brazil

Moody’s has put Brazil’s Rede Energia on review for possible downgrade. The agency says it is concerned about the company’s ability to refinance short-term debt and a cap...

Moody's Sees CAF Resilience to Ecuador

Corporate & Sovereign Strategy

Moody's sees resilience at CAF, despite exposure to Ecuador, which has defaulted. "The recent and historical experience, both in Ecuador and other CAF member countries, s...

US Retail Giant Paves Way for Peru

Chile

Wal-Mart’s purchase of Chilean retailer DyS for up to $2.8bn could make it easier for the US firm to enter the Peruvian market, say analysts. “DyS had already opened an o...

Mexico Real Estate Player Trawls for Funds

Mexico

Miami-based Alsis Funds is looking to raise $100m on top of the $152m in assets it already manages, and foresees significant opportunity in affordable Mexican real estate...

Market Cheers Wal-Mart Chile Buy

Chile

Analysts are upbeat about Wal-Mart’s intentions to acquire Chilean retailer DyS for up to $2.8bn, or 40.8 cents per share in cash. They say the price is attractive for th...