Second Tier Misses the Party

Second Tier Misses the Party

Cash-rich Latin blue chips are in robust financial shape and ready to realize ambitious growth plans. Bankers expect a spate of acquisition related financing in 2007 as companies take advantage of low interest rates and near record levels of liquidity. Carlos García Moreno, chief financial officer of pan-regional wireless operator América Móvil, says his firm is so cash rich that it would only tap the debt markets to fund an acquisition. With a net debt to Ebitda ratio of just 0.5%, García Moreno says Mexico's local bond market is looking increasingly attractive for relative value. "Both domestic and international investors like pesos and now that the government has been

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