Corporate Rating Component Scores - S&P Global€¦ · Corporacion Lindley S.A. [3] Intermediate risk [3] Satisfactory [4] Significant bb+ Adequate BBB Embotelladora Andina S.A. [3]

FALSE

Corporate RatingComponentScoresLatin America

Q4 2020

LatAm Corporate Rating Component Scores Oct. 31, 2020

For more information on the corporate criteria framework, please refer to the Corporate Methodology.

Corporate Rating Component Scores

Source: S&P Global Ratings.

Latin America

Methodology," which is the criteria we use for rating corporate industrial companies and utilities. We list the scores for the 169 public ratings in LatAm that are within the scope of our

corporate methodology, accompanied by charts that show the distribution of aggregated scores. We believe that the list and charts enhance benchmarking across industries and rating levels

for all market participants.

We disclose these scores in line with the information we provide in our rating research publications, such as research updates and full analyses. By releasing all scores for public corporate

ratings in LatAm, S&P Global Ratings confirms its commitment to deliver greater transparency and insight into the ratings process and simplify access for all market participants. Ratings are

organized alphabetically by industry sector.

The scores reflect the building blocks of the corporate ratings framework (see chart 1). Modifiers and components related to our group rating methodology or government-related entity

methodology are indicated only where they have a positive or negative effect on the rating.

The report reflects corporate credit ratings and scores as of Oct. 31, 2020. This document will not be updated for future rating actions or score revisions. To keep it concise, the list only

discloses scores for the main rated entity of larger corporate groups. We omit certain entities such as subsidiaries or holding companies where the ratings are linked to those on their parent

companies. In this report, we highlight changes since Jan. 6, 2020.

An Excel copy of the company scores data is embedded in this report (see attachment sidebar).

0

10

20

30

40

50

60

70

80

AAA AA A BBB BB B CCC

Issuer credit rating (foreigncurrency)

(No. of ratings)

S&P Global Ratings 2

https://www.capitaliq.com/CIQDotNet/CreditResearch/SPResearch.aspx?articleId=&ArtObjectId=8314109&ArtRevId=7&sid=&sind=A&

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Source: S&P Global Ratings. The business risk profile and financial risk profile are combined to determine

the anchor.

Source: S&P Global Ratings. The business risk profile and financial risk profile are combined to determine the

anchor.

Source: S&P Global Ratings. The country risk and industry risk are combined to determine the CICRA

(Corporate Industry and Country Risk Assessment.

Distribution Of Component Scores The charts below provide a detailed breakdown of component scores for all publicly rated LatAm corporate entities that fall under the scope of our corporate criteria.

Source: S&P Global Ratings. Competitive position is a component score of the business risk profile.

Source: S&P Global Ratings. Volatility of profitability is a component score of competitive position. Source: S&P Global Ratings. Absolute profitability is a component score of competitive position.

Above average, 31%

Average, 58%

Below average, 11%

1 2

3

4

5

6 [1] Excellent, 1%

[2] Strong, 7%

[3] Satisfactory, 37%

[4] Fair, 33%

[5] Weak, 14%

[6] Vulnerable, 9%

12

3

4

5

6

[1] Minimal, 2%

[2] Modest, 11%

[3] Intermediate, 20%

[4] Significant, 27%

[5] Aggressive, 18%

[6] Highly leveraged, 22%

1 2

3

4

5

6[1] Excellent, 1%

[2] Strong, 5%


[4] Fair, 31%

[5] Weak, 14%

[6] Vulnerable, 11%

1 2

3

4

5

6

[1] Very low risk, 1%

[2] Low risk, 8%

[3] Intermediate risk, 51%

[4] Moderately high risk, 30%

[5] High risk, 7%

[6] Very high risk, 3%

1 2

3

4

5

6 [1] Very low, 1%

[2] Low, 9%


[4] Fair, 37%

[5] High, 20%

[6] Very high, 9%



Source: S&P Global Ratings. Modifiers notch the anchor to the final rating. Source: S&P Global Ratings. Modifiers notch the anchor to the final rating.

Source: S&P Global Ratings. Modifiers notch the anchor to the final rating. Source: S&P Global Ratings. Modifiers notch the anchor to the final rating.

Distribution Of Component Scores (II)

Source: S&P Global Ratings. Modifiers notch the anchor to the final rating. Source: S&P Global Ratings. Modifiers notch the anchor to the final rating. FS -- Financial Sponsor.

The charts below provide a detailed breakdown of component scores for all publicly rated LatAm corporate entities that fall under the scope of our corporate criteria.

Significant, 0%

Moderate, 0%

Neutral/undiversified, 100%

Very positive, 0%

Positive, 1%

Neutral, 98%

Negative, 1%

Very negative, 0%

Exceptional, 3%

Strong, 29%

Adequate, 60%

Less than adequate, 8%

Weak, 1% Positive, 0%

Neutral, 99%

Negative, 0%

FS-4, 0%

FS-5, 1%

FS-6, 1%

FS-6 (minus), 0%

Strong, 3%

Satisfactory, 35%

Fair, 59%

Weak, 3%

Positive, 10%

Neutral, 78%

Negative, 13%



Aerospace & Defense

Agribusiness & Commodity Foods

Auto Suppliers

Branded Nondurables

Building Materials

Business & Consumer Services

Commodity Chemicals

Consumer Durables

Engineering & Construction

Forest & Paper Products

Healthcare Services

Homebuilders & Developers

Media & Entertainment

Metals & Mining Downstream

Metals & Mining Upstream

Midstream Energy

Oil & Gas Integrated, Exploration & Production

Oil & Gas Refining & Marketing

Pharmaceuticals

Railroads & Package Express

Real Estate Investment Companies

Regulated Utilities

Retail & Restaurants

Specialty Chemicals

Technology - Software & Services

Telecom & Cable

Transportation Cyclical

Transportation Infrastructure

Unregulated Power & Gas

Weaker

Stronger

No change

Weaker

Weaker

No change

4.4

5.3

2.0

4.3

2.7

3.3

Financial risk profile³ Business risk profile² Industry

Change

¹Transportation leasing companies are currently out of the scope of this report.

²Business Risk Descriptors: 1 - Excellent, 2 - Strong, 3 - Satisfactory, 4 - Fair, 5 - Weak, 6 - Vulnerable

³Financial Risk Descriptors: 1 - Minimal, 2 - Modest, 3 - Intermediate, 4 - Significant, 5 - Aggressive, 6 - Highly Leveraged

Source: S&P Global Ratings. Click on an industry to navigate to the underlying company scores in the report.

No change

No change

No change

Weaker

Stronger

No change

No change

Stronger

Stronger

No change

No change

Stronger

No change

No change

No change

Stronger

4.4

4.0

3.2

2.0

6.0

4.4

6.0

5.0

3.9

5.0

Weaker

Weaker

4.0

3.3

3.7

Stronger

4.9

6.0

1.5

4.7

1.0

4.0

4.0

4.5

3.6

3.4

3.0

4.3

Weaker

No change

No change

5.1

3.1

4.0

4.5

3.9

3.3

4.3

4.0

4.0

3.0 3.0

5.0

4.0

4.3

4.3

3.6

3.7

5.0

2.7

3.6

3.8

4.0

4.5

3.0

6.0

4.0

3.7

4.0

Average Component Scores By Industry The table shows how the average scores for the Business Risk Profile (BRP) and Financial Risk Profile (FRP) assessments have changed since January 2020 across 29¹ nonfinancial corporate

industries, as defined in "Methodology: Industry Risk".

Jan-20

3.0

4.1

Change

Weaker

No change

Oct-20

3.0

4.0

No. of

corporates

/industry Oct-20 Jan-20

4.0

4.3

Weaker

4.0

4.0

5.0

3.0

3.4

14

2

5

14

19

6

1

1

3.0

4.1

4.8

3.0

3.5

4.3 No change

Weaker

No change

No change

Stronger

No change

3.8

4.0

4.0

6.0

3.5

3.6

5.0

No change

Stronger

4.0

4.0

4.0

4.3

1.0 No change

4.04.0

4.0

Table 1 | Average business risk profile and financial risk profile scores by industry

No change

Weaker

Weaker

No change

16

6

1

8

1

12

3

1

2

Weaker

Weaker

4.7

5.7

3.0 3.0

4.8

4.8

3.8

4.5

Weaker3.8

Weaker

Weaker

3.1

3.4

Weaker

Weaker1.0

10

4.0

3.6

3.4

6.0

5.1

1

Weaker

Weaker3.1

2.0

Stronger

3

2

6

4

5

11

7

1

1

5

4.3

3.84.0No change

No change

4.0



Component Scores Breakdown by Industry

Financial risk profile

Company CICRA¹ Competitive position Business risk Cash flow/leverage Anchor Modifiers (active) Liquidity FC LT³ Rating

AEROSPACE & DEFENSE

» Embraer S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant (was [2]) bb+ (was bbb+) Strong BB+ (was BBB)

Average scores for Aerospace & Defense 3.0 3.0 3.0 4.0

AGRIBUSINESS & COMMODITY FOODS

» Adecoagro S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Adequate BB

» Camil Alimentos S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Adequate BB-

» Corporacion Azucarera del Peru S. A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Liquidity: Weak (-1 notch) Weak B-

» Frigorifico Concepcion S.A. [4] Moderately high risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged b- Less than adequate B-

» GRUMA S.A.B. de C.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» Jalles Machado S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Liquidity: Less than adequate (-1 notch) Less than adequate BB-

» JBS S.A. [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Management & governance: Weak (-2 notches) Strong BB+ (was BB)

» Marfrig Global Foods S.A. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Strong BB-

» Minerva S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant (was [5]) bb (was bb-) Strong BB (was BB-)

» Pesquera Exalmar S.A.A. [3] Intermediate risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged (was [5]) N/A (was b) CCC+ (was B)

» Raizen Combustiveis S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB-

» Sao Martinho S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-

Average scores for Agribusiness & Commodity Foods 3.1 4.0 4.0 4.3

AUTO SUPPLIERS

» Metalsa S.A. de C.V. [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Negative (-1 notch) Strong BB+

» Nemak S.A.B. de C.V. [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BB+

» Tupy S.A. [4] Moderately high risk [5] Weak [5] Weak [3] Intermediate bb Strong BB

Average scores for Auto Suppliers 4.0 4.3 4.3 2.7

BRANDED NONDURABLES

» Alfa S.A.B. de C.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bbb- Strong BBB- (was BBB)

» Alicorp S.A.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-

» Ambev S.A. [3] Intermediate risk [2] Strong [2] Strong [1] Minimal aa- Comparable ratings analysis: Negative (-1 notch) Strong BBB

» Avon Products Inc. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate BB- (was B)

» Becle S. A. B. de C. V [2] Low risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Positive (+1 notch) Strong BBB

» BRF S.A. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

» Coca-Cola Femsa S.A.B. de C.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Positive (+1 notch) Adequate BBB+ (was A-)

» Corporacion Lindley S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BBB

» Embotelladora Andina S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB

» Grupo Bimbo S.A.B. de C.V. [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Comparable ratings analysis: Positive (+1 notch, was Neutral) Strong BBB

» Grupo Embotellador Atic, S.A. [3] Intermediate risk [5] Weak [5] Weak [4] Significant (was [5]) bb- (was b+)

Management & governance: Weak (-1 notch)

Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B

» Grupo Kaltex, S.A. de C.V. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b) CCC (was B-)

» Grupo KUO S.A.B. de C.V. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Adequate BB- (was BB)

» Kimberly-Clark de Mexico S.A.B. de C.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Positive (+1 notch) Adequate BBB+ (was A-)

» Natura Cosmeticos S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Adequate BB

» Sigma Alimentos S.A. de C.V. [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB- (was BBB)

Average scores for Branded Nondurables 2.8 3.6 3.6 3.6

BUILDING MATERIALS

» Cementos Pacasmayo S.A.A. [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BB+

» CEMEX S.A.B. de C.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Adequate BB

» Elementia S.A.B. de C.V. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Adequate BB- (was BB)

» Grupo Cementos de Chihuahua S.A.B. de C.V. [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Strong BB+

» Union Andina de Cementos S.A.A. y Subsidiarias [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb

Liquidity: Less than adequate (-1 notch)

Comparable ratings analysis: Positive (+1 notch) Less than adequate BB

» Votorantim S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB-

Average scores for Building Materials 3.0 3.7 3.7 3.8

BUSINESS & CONSUMER SERVICES

» LifeMiles LTD [3] Intermediate risk [5] Weak [5] Weak [4] Significant bb- Adequate B- (was B+)

Average scores for Business & Consumer Services 3.0 5.0 5.0 4.0

COMMODITY CHEMICALS

» Alpek S.A.B. de C.V. [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Strong BB+ (was BBB-)

» Braskem Idesa, S.A.P.I. [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Positive (+1 notch) Adequate B+ (was BB-)

» Braskem S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong BB+ (was BBB-)

» Consolidated Energy Limited [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Strong BB- (was BB)

Business Risk Profile

Breakdown of corporate ratings component scores for LatAm Corporate Ratings, as of Oct. 31, 2020. Click on a company's name to navigate to its page on Capital IQ RatingsDirect.

An Excel copy of the data is embedded in this report (see attachment sidebar). Reports for other regions can be acces sed at: here.

¹Corporate Industry and Country Risk Assessment. ²Active impact on rating from group/government influence. ³Foreign Currency Long Term Corporate Credit Rating.

S&P Global Ratings

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» CYDSA, S.A.B. de C.V. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Adequate BB

» Grupo Idesa, S.A. de C.V. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC+ (was CCC-)

» Orbia Advance Corp. S.A.B. de C.V [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong BBB-

» Unigel Participacoes S.A. [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

Average scores for Commodity Chemicals 3.9 4.0 4.0 4.5

CONSUMER DURABLES

» Controladora Mabe, S.A. de C.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [4]) bbb- (was bb+) Strong BBB-

Average scores for Consumer Durables 3.0 3.0 3.0 3.0

ENGINEERING & CONSTRUCTION

» CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. [6] Very high risk (was [4]) [5] Weak [6] Vulnerable (was [5]) [6] Highly leveraged N/A CCC

Average scores for Engineering & Construction 6.0 5.0 6.0 6.0

FOREST & PAPER PRODUCTS

» Celulosa Arauco y Constitucion S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Empresas CMPC S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Strong BBB-

» Empresas Copec S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Adequate BBB- (was BBB)

» Klabin S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Comparable ratings analysis: Negative (-1 notch) Strong BB+

» Suzano S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Strong BBB-

Average scores for Forest & Paper Products 4.0 3.0 3.0 4.0

HEALTHCARE SERVICES

» Rede D'Or Sao Luiz S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Strong BB-

Average scores for Healthcare Services 3.0 4.0 4.0 4.0

HOMEBUILDERS & DEVELOPERS

» Cyrela Brazil Realty S.A. Empreendimentos e Participacoes [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Positive (+1 notch) Adequate BB-

» Vinte Viviendas Integrales S.A.B. de C.V. [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Comparable ratings analysis: Negative (-1 notch) Adequate BB

Average scores for Homebuilders & Developers 4.0 4.0 4.0 4.0

MEDIA & ENTERTAINMENT

» Globo Comunicacao e Participacoes S.A. [3] Intermediate risk [4] Fair [4] Fair [1] Minimal bbb- (was bbb) Comparable ratings analysis: Negative (-1 notch, was Neutral) Exceptional BB+

Average scores for Media & Entertainment 3.0 4.0 4.0 1.0

METALS & MINING DOWNSTREAM

» Companhia Siderurgica Nacional [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Less than adequate B- (was B)

» Gerdau S.A. [4] Moderately high risk [2] Strong [3] Satisfactory [3] Intermediate bbb- Strong BBB-

» Molibdenos y Metales S.A. [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Strong BBB-

» Usinas Siderurgicas de Minas Gerais S.A. [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» Xignux S.A. de C.V. [3] Intermediate risk [4] Fair [4] Fair [4] Significant (was [3]) bb (was bb+) Strong BB (was BB+)

Average scores for Metals & Mining Downstream 3.8 3.8 4.0 4.0

METALS & MINING UPSTREAM

» Antofagasta Plc [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Adequate BBB

» CAP S.A. [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BB+

» Corporacion Nacional del Cobre de Chile [4] Moderately high risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate A (was A+)

» Grupo Mexico S.A.B. de C.V. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Adequate BBB+

» Industrias Penoles S.A.B. de C.V. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB

» Minera Escondida Ltda. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Adequate BBB+

» Minsur S.A. [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Adequate BB+ (was BBB-)

» Nexa Resources Peru S.A.A. [4] Moderately high risk [5] Weak [5] Weak [4] Significant (was [3]) bb- (was bb) Strong BB+

» Nexa Resources S.A. [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive (was [3]) bb- (was bb+) Strong BB+

» PT Vale Indonesia Tbk [4] Moderately high risk [5] Weak [5] Weak [2] Modest bb+ Comparable ratings analysis: Negative (-1 notch) Adequate BB

» Vale S.A. [4] Moderately high risk [2] Strong [3] Satisfactory [3] Intermediate bbb

Management & governance: Weak (-2 notches)

Comparable ratings analysis: Positive (+1 notch) Strong BBB-

Average scores for Metals & Mining Upstream 4.0 3.5 3.6 3.3

MIDSTREAM ENERGY

» GNL Quintero S.A [2] Low risk [2] Strong [2] Strong [4] Significant bbb Exceptional BBB

» Infraestructura Energetica Nova S. A. B. de C. V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB

» Oleoducto Central, S.A. (OCENSA) [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Adequate BBB-

» Peru LNG S.R.L. [3] Intermediate risk [4] Fair (was [3]) [4] Fair (was [3]) [6] Highly leveraged (was [5]) b (was bb) Comparable ratings analysis: Negative (-1 notch, was Positive) Adequate B- (was BB+)

» The National Gas Co. of Trinidad & Tobago Ltd. [3] Intermediate risk [4] Fair [4] Fair [2] Modest bbb- Strong BBB- (was BBB)

» Transportadora de Gas del Peru S.A. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Transportadora de Gas del Sur S.A. (TGS) [5] High risk (was [4]) [6] Vulnerable (was [5]) [6] Vulnerable (was [5]) [5] Aggressive (was [3]) N/A (was bb) CCC+ (was B-)


S&P Global Ratings

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Average scores for Midstream Energy 3.1 3.4 3.4 3.7

OIL & GAS INTEGRATED, EXPLORATION & PRODUCTION

» Compania General de Combustibles S.A. [6] Very high risk (was [4]) [6] Vulnerable [6] Vulnerable [5] Aggressive (was [6]) N/A (was b-) CCC (was B-)

» Ecopetrol S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-

» Frontera Energy Corporation [3] Intermediate risk [5] Weak [5] Weak [4] Significant (was [3]) bb- (was bb) Comparable ratings analysis: Negative (-1 notch) Adequate B+ (was BB-)

» GeoPark Ltd. [3] Intermediate risk [6] Vulnerable [6] Vulnerable [4] Significant b+ Adequate B+

» Gran Tierra Energy Inc. [3] Intermediate risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged (was [4]) b- (was b+) Less than adequate B- (was B+)

» Petroleo Brasileiro S.A. - Petrobras [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Strong BB-

» Petroleos Mexicanos [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Management & governance: Weak (-1 notch) Less than adequate BBB (was BBB+)

» Petroquimica Comodoro Rivadavia S.A. [6] Very high risk [5] Weak [6] Vulnerable [5] Aggressive (was [6]) N/A (was b-) CCC- (was B-)

» Trinidad Petroleum Holdings Limited [3] Intermediate risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged b- Less than adequate BB

» YPF S.A. [6] Very high risk [4] Fair [6] Vulnerable [5] Aggressive (was [4]) N/A (was b+) CCC- (was B-)

Average scores for Oil & Gas Integrated, Exploration & Production 3.9 4.8 5.1 4.9

OIL & GAS REFINING & MARKETING

» Administracion Nacional de Combustibles Alcohol y Portland [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged (was [5]) b (was b+) Less than adequate BB+

» Empresa Nacional del Petroleo [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Less than adequate BBB-

» Petroleos del Peru Petroperu S.A. [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Positive (+1 notch) Less than adequate BBB-

Average scores for Oil & Gas Refining & Marketing 4.0 4.3 4.3 6.0

OPERATING LEASING

» Localiza Rent a Car S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong BB+

Average scores for Operating Leasing 3.0 3.0 3.0 3.0

PHARMACEUTICALS

» Ache Laboratorios Farmaceuticos S.A. [3] Intermediate risk [4] Fair [4] Fair [1] Minimal bbb- Adequate BB+

» Hypera S.A. [3] Intermediate risk [4] Fair [4] Fair [2] Modest (was [1]) bbb- Comparable ratings analysis: Negative (-1 notch) Adequate BB+

Average scores for Pharmaceuticals 3.0 4.0 4.0 1.5

RAILROADS & PACKAGE EXPRESS

» Cosan Ltd. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Adequate BB-

» JSL S.A. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B+ (was BB-)

» MRS Logistica S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB-

» Navios South American Logistics Inc. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b Less than adequate B- (was B)

» Panama Canal Railway Co. [3] Intermediate risk [5] Weak [5] Weak [4] Significant bb- Adequate BB-

» Rumo S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant (was [5]) bb (was bb-) Adequate BB-

Average scores for Railroads & Package Express 3.2 4.0 4.0 4.7

REAL ESTATE INVESTMENT COMPANIES

» BR Properties S.A. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

» Grupo GICSA S.A.B. de C.V [3] Intermediate risk [5] Weak [5] Weak [4] Significant (was [3]) bb- (was bb) Adequate BB- (was BB)

» InRetail Shopping Malls [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BB

» IRSA Inversiones y Representaciones S.A. [5] High risk [4] Fair [5] Weak [5] Aggressive (was [4]) N/A (was bb-) CC (was B-)

Average scores for Real Estate Investment Companies 3.5 4.3 4.5 4.3

REGULATED UTILITIES

» AES Argentina Generacion S.A [5] High risk [6] Vulnerable (was [5]) [6] Vulnerable (was [5]) [6] Highly leveraged N/A (was b) CCC- (was B-)

» CAPEX S.A. [5] High risk [6] Vulnerable (was [5]) [6] Vulnerable (was [5]) [6] Highly leveraged (was [5]) N/A (was b+) CCC+ (was B-)

» Comision Federal De Electricidad [2] Low risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+

Capital structure: Negative (-1 notch)

Comparable ratings analysis: Positive (+1 notch) Adequate BBB (was BBB+)

» Companhia de Saneamento Basico do Estado de Sao Paulo [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB-

» Companhia Energetica de Minas Gerais - CEMIG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Negative (-1 notch) Adequate B

»

Compania de Transporte de Energia Electrica en Alta Tension TRANSENER

S.A. [5] High risk [6] Vulnerable (was [5]) [6] Vulnerable (was [5]) [6] Highly leveraged (was [4]) N/A (was bb-) CCC+ (was B-)

» Cosan S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB-

» Eletrobras-Centrais Eletricas Brasileiras S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Capital structure: Positive (+1 notch) Adequate BB-

» Empresa Distribuidora Y Comercializadora Norte S.A. [5] High risk [6] Vulnerable (was [5]) [6] Vulnerable (was [5]) [6] Highly leveraged N/A (was b-) CCC- (was B-)

» Enel Americas S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Adequate BBB

» Energisa S.A. [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB-

» Gas Natural de Lima y Callao S.A. (Calidda) [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-

» Integrated Utility Holding N.V. (Aqualectra) [2] Low risk [5] Weak [5] Weak [5] Aggressive (was [4]) b+ (was bb-) Adequate BBB- (was BBB+)

» Interconexion Electrica S.A. E.S.P. (ISA) [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB-

» Neoenergia S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Adequate BB-

» Pampa Energia S.A. [5] High risk [6] Vulnerable (was [5]) [6] Vulnerable (was [5]) [5] Aggressive (was [4]) N/A (was bb-) CCC+ (was B-)

» Transelec S.A. [1] Very low risk [2] Strong [1] Excellent [5] Aggressive bbb Adequate BBB

» Transmissora Alianca de Energia Eletrica S.A. [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BB-


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» YPF Energia Electrica S.A. [5] High risk (was [4]) [6] Vulnerable (was [5]) [6] Vulnerable (was [5]) [6] Highly leveraged (was [5]) N/A (was b+) CCC- (was B-)

Average scores for Regulated Utilities 3.2 4.0 3.9 4.8

RETAIL & RESTAURANTS

» El Puerto de Liverpool S.A. B. de C.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb- (was bbb+) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate BBB (was BBB+)

» Falabella S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Comparable ratings analysis: Positive (+1 notch) Adequate BBB (was BBB+)

» Fomento Economico Mexicano S. A. B. de C. V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [1] Minimal a- Exceptional A-

» Grupo Unicomer Corp. [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Adequate BB-

» InRetail Pharma S.A. [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Strong BB

» Ultrapar Participacoes S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Adequate BB+

Average scores for Retail & Restaurants 3.2 3.3 3.3 3.2

SPECIALTY CHEMICALS

» Sociedad Quimica y Minera de Chile S.A. [2] Low risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Strong BBB+

Average scores for Specialty Chemicals 2.0 3.0 3.0 2.0

TECHNOLOGY - SOFTWARE & SERVICES

» Sixsigma Networks Mexico, S.A. De C.V.(KIO Networks) [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) b (was bb-) Comparable ratings analysis: Positive (+1 notch, was Neutral) Less than adequate B+ (was BB-)

Average scores for Technology - Software & Services 3.0 4.0 4.0 6.0

TELECOM & CABLE

» America Movil S.A.B. de C.V. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Strong BBB+ (was A-)

» Axtel S.A.B. de C.V. [3] Intermediate risk [4] Fair [4] Fair [4] Significant (was [5]) bb (was bb-) Adequate BB

» Cable & Wireless Communications Limited [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Strong BB-

» Colombia Telecomunicaciones S.A. E.S.P [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Adequate BB+

» Empresa Nacional de Telecomunicaciones S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Grupo Televisa S.A.B. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Exceptional BBB+

» Maxcom Telecomunicaciones S.A.B. de C.V. [3] Intermediate risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged N/A CCC- (was CCC+)

» Oi S.A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b) CCC+ (was B)

» Operadora de Sites Mexicanos S.A. de C.V. [3] Intermediate risk [2] Strong [2] Strong [5] Aggressive bb+ Adequate BB+

» Telecom Argentina S.A. [6] Very high risk [3] Satisfactory [6] Vulnerable [3] Intermediate N/A (was bb-) CCC+ (was B-)

» Telefonica Moviles Chile S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Adequate BBB

» Trilogy International Partners LLC [3] Intermediate risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged (was [5]) b- (was b) Adequate B- (was B)

» TSTT [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged (was [5]) b (was b+) Adequate B+ (was BB-)

» VTR Finance BV [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Negative (-1 notch) Strong B+

Average scores for Telecom & Cable 3.2 3.8 4.0 4.4

TRANSPORTATION CYCLICAL

» Azul S.A. [5] High risk [4] Fair [5] Weak [6] Highly leveraged (was [5]) N/A (was b+) CCC- (was B+)

» Gol Linhas Aereas Inteligentes S.A. [5] High risk [5] Weak [5] Weak [6] Highly leveraged (was [5]) N/A (was b+) CCC+ (was B)

Average scores for Transportation Cyclical 5.0 4.5 5.0 6.0

TRANSPORTATION INFRASTRUCTURE

» Aeropuertos Argentina 2000 S.A. [5] High risk [4] Fair [5] Weak [6] Highly leveraged (was [4]) N/A (was bb-) CCC+ (was B-)

» Aeropuertos Dominicanos Siglo XXI S.A [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) b (was bb-) Adequate B+ (was BB-)

» Autoridad del Canal de Panama [3] Intermediate risk [1] Excellent [1] Excellent [2] Modest aa Strong A

» Empresa de Transporte de Pasajeros Metro S.A. [2] Low risk [2] Strong [2] Strong [6] Highly leveraged bb Capital structure: Negative (-1 notch) Adequate A+

» Investimentos e Participacoes em Infraestrutura S.A. - Invepar [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive N/A CCC- (was CCC+)

Average scores for Transportation Infrastructure 3.4 2.8 3.0 5.0

UNREGULATED POWER & GAS

» AES Gener S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-

» CESP-Companhia Energetica de Sao Paulo [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Adequate BB-

» Colbun S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Emgesa S.A. E.S.P. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB

» Empresa Generadora de Electricidad Itabo S. A. [5] High risk [5] Weak [5] Weak [2] Modest bb+ Comparable ratings analysis: Negative (-1 notch) Adequate BB-

» Enel Chile S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb (was bbb+) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate BBB+

» Engie Energia Chile S. A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB

» Fenix Power Peru S.A. [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Adequate BBB-

» Guacolda Energia S.A [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

» ISAGEN, S.A. E.S.P. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Nautilus Inkia Holdings LLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Adequate BB

» Orazul Energy Peru S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Adequate BB

» Termocandelaria Power Ltd [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Adequate BB

» Trinidad Generation Unlimited [4] Moderately high risk [2] Strong [3] Satisfactory [6] Highly leveraged b+ Liquidity: Strong (+1 notch) Strong BB+ (was BBB-)


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Average scores for Unregulated Power & Gas 3.9 3.4 3.4 3.9


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-

-

Jose Perez-Gorozpe

Bryan Ayala

This report does not constitute a rating action.

Regional Credit Conditions Chair, EM

+1-212-438-9012, [email protected]

Associate, Corporate Ratings


Secondary Contacts:

Head of Corporate Credit Research


Research Associate, NA

Gregg Lemos-Stein, CFA

Gareth Williams

Yucheng Zheng

Managing Director, Head of Analytics & Research, Corporate Ratings


Related Criteria:

Related Research:

Primary Contacts:


Related Criteria and Research



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Corporate Rating Component Scores - S&P Global€¦ · Corporacion Lindley S.A. [3] Intermediate risk [3] Satisfactory [4] Significant bb+ Adequate BBB Embotelladora Andina S.A. [3]

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