Fitch predicts LatAm downgrade wave as Tupi runs out of time

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Fitch predicts LatAm downgrade wave as Tupi runs out of time

Oliver West
June 16, 2015 12:30 AM
Latin America, dark clouds, Brazil
São Paulo, Brazil. 9th April 2015 -- A large dark cloud of smoke billows into the sky as two of the six fuel tanks of Ultracargo facility storage, a unit of Brazilian chemical and fuel-distribution company Grupo Ultra, burns for eight days in a row. -- According to Abiove, restrictive access to Brazil's largest port, Santos, following an 8-day massive fire in 2 of the 6 fuel tanks of Ultracargo is affecting the country's export flow of soy. Brazil is the world's No. 2 soybean produce. | Guilherme Dionizio / Demotix/Demotix/Press Association Images

Fitch followed up last week’s default from Cimento Tupi with a report warning that refinancing risk is “elevated” for Latin American corporates rated single-B or below that have bonds of under $400m outstanding.

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Oliver West
US Bureau Chief - Latin America Editor
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