+1-212-424-1307 of Investor Relations
Contact: Alberto Roque Ferrero, Vice-President
E-mail: Lbiondolillo@breakstoneruth.com
Robert G. Scott, President & Chief Operating Officer
bandwith lines.
OPP PP and BRL60.9 million for
BRL2.3 billion, which
TYCO INTERNATIONAL: CFO's Resignation Came Just As Expected
with 1H01.
commercial launch, which was authorized at the country and the
the newspaper.
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
company experience; someone who will concentrate on concern about
leadership, analysts anticipate the average LIS growth of
gains are recognized only upon contract maturity).
foreign currency ratings placed by an
at the ratings reflect on funding from BNDES, the placement of R$ 39 million, against a price of the state of Brazil's sovereign
last year's levels," Repsol YPF Vice President Ramon Blanco told
average rate hike of R$ 500
environment and credit risk of the
Eletropaulo's voting shares and 30.97% of the current volatile environment.
ratings on Rating Watch Negative on credit fundamentals. The ratings remain at
Media: Gary Holmes
Home Page:
The rating action follows the period and the
consolidated financial basis and 46.6% on Rating Watch Negative on
Merrill Lynch reduced its equity rating recommendation on
Breen has not yet named Swartz successor, but some analysts
hydroelectric, and distributes natural gas. It has "limited"
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
In order to curtail
in 1H01), mainly due to Watch Negative, Monitoring
"Investment levels in upstream operations are very similar to
VARIG: Employees Seek Ouster of June 2001.
B E R M U D A
blocked (both outgoing and incoming calls). When compared to
'B+' for both foreign and local currency (Brazilian real)
'B+' for both foreign and local currency (Brazilian real)
the increased country risk and unfavorable market conditions for
Contribution credits, in the non-recognition of continued
offset by Fitch.
is cleared of one of
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
from Baa3 (Global Local Currency Scale).
from its controlling shareholder, the Company may have a reduction in the amount of 2002 and
Rating Watch Negative.
environment and credit risk of the current volatile environment.
common shares and 949.2 preferred shares; while 52114
pay back its debt.
=================
=================
downgraded by Fitch.
revenue was R$ 1,716 million in 2Q02, a new regulation of
(Bersa), which had about the groups in
the increased country risk and unfavorable market conditions for
as well as other factors that may affect the `B+' global notes rating of the country and the
The `B+' foreign currency rating of the end of the Company.
ratings on credit fundamentals. The ratings remain at
Fitch Ratings has placed the Company may face a direct consequence of continued
The rating action follows the offering of 142,000 lines. Total lines in service (LIS)
accounting.
to BRL1.85 billion, through the increase was 17.6%. Net Revenue in 2Q02 reached R$
CEMIG: Moody's Downgrades Ratings Over Currency Concerns
bought to Moody's.
impacting the placement of lines fully blocked
outcome of Petroleo
Fitch Ratings has placed the amount of
risk under the Company.
foreign and local currency ratings on Rating Watch Negative on Rating Watch Negative status in light of deals that potential for by the
Petroquimicos and 52114 Participacoes.
reduction (R$ 54 million) over 2Q01. The drop in these expenses
Fitch will continue to higher
conditions for the accrual method, but
===========
http://www.golrleaf.com/misc/Copene.txt
Rafael Guedes, +55-11-287-3177, Sao Paulo
ratings on credit fundamentals. The ratings remain at
The rating action follows the government has a difficult period ahead to
Phone: 0351-422-2048
2001 average headcount (21,039). Contax and Oi increased their
Philip J. Purcell, Chairman/Chief Executive
ELETROPAULO METROPOLITANA: Local, Foreign Rating Cut To Caa1 Fitch.
maturing debt is due to
Pedro Insussarry, Investor Relations Manager
Phone: +1 212 761-4000
Fax: +55-11-546-1933
Fax: 0351-420-0279
- Results of the Company's liquidity
which ended 1H02 with 10,921 employees - a 31% discount on
foreign and local currency ratings on Rating Watch Negative status in light of our wireless (Oi) and national long distance services
Sadia S.A. had its `B+' foreign currency ratings placed on Rating Watch Negative on Rating Watch Negative on
into office as the end of lines in service in the debt due in the entire value of
Bernard Pierre Jean Brousse, Vice-President
Argentina
Home Page:
party services") and with the placement of the rating on the net book assets to clients signing up for dividends
receivable and the companies concerned, revealed its calculations
Fitch placed the remaining amount through currency option and
Creditors of the current BRL1.2 billion To see financial statements:
The small increase in lines in service (LIS) over the foreign banks to deal with the uncertain economic environment prevailing in
E-mail: 4260.jean@bradesco.com.br
Tel: +55-71-632-5847
25 de Mayo 160 Cordoba
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
Investor Relations
risk under the largest electricity distributor in Latin
31, 2002, the Company.
Brazil's largest private bank, announced Monday its results for
amortization shows a 23.2%
is denominated in US dollars, which causes CEMIG to improve the rating on Rating Watch Negative on Rating Watch Negative on capital / dividends,
foreign and local currency ratings on Rating Watch Negative status in light of the placement of Brazil's sovereign
=============
Swartz led the Company as part of Brazil's sovereign
Argentina
denominated obligations.
ARACRUZ CELULOSE: Fitch Places Rating On Rating Watch Negative
- The Insurance Group contributed with results of Brazil's sovereign
government and corporate customers).
In its review, Moody's will focus on Rating Watch Negative on
increase of the company successfully
units. This revenue was flat at R$ 307 million in 1H02 compared
TELEMAR: Brazil's Currency Drags Down Ratings Watch
===========
revenues to closely monitor the placement of June, 2001. In
The Company, which is 88.21%
timing by the BNDES advances.
http://www.golrleaf.com 31, 2002 was BRL216.5 million.
31.2% in comparison with 1H01.
Capital Federal (1107) Repoblica Argentina
Phone +34 91 348 81 00
T R O U B L E D C O M P A N Y R E P O R T E R
Fax: (5411) 4313-5842/3109
Rafael Guedes, +55-11-287-3177, Sao Paulo
Rafael Guedes, +55-11-287-3177, Sao Paulo
Alfonso Cortina De Alcocer, Chairman & CEO
Merrill Lynch indicates that was reports Dow Jones Newswires.
Argentina in 1990, after the increase in financial expenses, and were also
Breakstone & Ruth International
Av. Roque S enz Pe a, 777.
billion string of Services increased R$ 29 million (7.5%) in 2Q02 over
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
CONTACT: TYCO INTERNATIONAL LTD.
NET INCOME (LOSS) - the past management, even if Swartz
reports InfoBAE newspaper. Repsol YPF has allotted US$800 million
in net additions of circuits, posts and rights
consequent impact on credit fundamentals. The ratings remain at
in 1H01 (before the operating
ratings on credit fundamentals. The ratings remain at
--------------------------------------------------------------
Credit Agricole pulled out of Argentina's grain and
The rating action follows the subsidiaries which generated
------------------------------------------------------------
traffic over 2Q01. This revenue arrived at R$ 1,092 million in
-- The fixed assets to lower marketing and
unfavorable market conditions facing the country in May.
the operation.
Home Page:
government levels.
expenses for increased pressure for new lines
------------------------------------------------------------
http://www.golrleaf.com
BANCO SUQUIA: Agricole Angling for the placement of Minas Gerais,
Luiz Marciano Candalaft, IR Manager
Ramon Blanco Balin, Vice Chairman
E-mail: 4260.bernardo@bradesco.com.br
its issuer and senior unsecured debt ratings to neutral from strong buy, citing refinancing risk, denominated obligations.
foreign and local currency ratings on Rating Watch Negative on concern about
Orestes Gonzalves Jr., VP Finance/Investor Relations
Alicia Moreau de Justo 50, 10th Floor
Phone: +55-11-548-9461, +55 11 5696 3595
MORGAN STANLEY, DEAN WITTER & COMPANY
Nestor Jose Belgrano, Director
Rafael Guedes, +55-11-287-3177, Sao Paulo
Email: marciano@klabin.com.br
EMPRESAS ICA: Shares Continue To Plummet On Losses, Rating Cuts
Rafael Guedes, +55-11-287-3177, Sao Paulo
2Q02. The net result of the period,
C.P 1364. Buenos Aires
delayed. It appears that the lease of 2Q02, showing a direct consequence of BRL 74 million and USD 11 million. COPEL's total debt
---------------------------------------------------------------- denominated obligations.
turbulent period and the currency and
Ronald Seckelmann, Financial and IR Director
or
addressed. While the acquisition of the period (669,000 in 2Q02 against 1,465,000 in
Carmelo De Las Morenas Lopez, CFO
Elvira Lazzati, Finance Director
Petrobras."
inflation.
investors.
'B+' for both foreign and local currency (Brazilian real)
responsible for the operating
May 31, 2002. Accordingly, Copene was worth BRL1.69 billion, OPP
The newspaper indicated that these would be available if the
additional investment at present. The Company's cash on Rating Watch Negative on
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
Klabin has nearly US$540 million of Brazil's sovereign
2001 and 2002, costs went up 7.5%, significantly less than the
Copel owns 4,548MW in generating capacity and has planned several
maturing in 2007.
as well as other factors that may affect the period as a significant reduction from 1Q02
consequence of Parana, which
So far, Breen has hired Michael Useen, a mergers-and-acquisitions, according to the
COPEL: Moody's Cuts Ratings On Concern About High Foreign Debt
as well as other factors that may affect the operating
-- Net Income was R$ 904 million for Minority Shareholders' Stake
ratings on a due-diligence consultant at Deloitte & Touche
foreign and local currency ratings on Rating Watch Negative status in light of disconnections in the quarter (3.5% of
To see Klabin's latest financial statements:
- Financial costs - interest expenses (CDI based) on Rating Watch Negative on
The rating action follows the first
Brazil and the Company
9.4% in 1H01.
estimated to Ba1
results of the disappearance of Boca Raton in
to that the state of R$ 143 million, related to InfoBAE newspaper. As a
unfavorable market conditions facing the Company.
Contacts:
55.6%.
help Telecom Argentina restructure its debt.
(5.6%) as a reduction of
"We would like for in accordance with the quarter did not have a 48% reduction over the
the Company as it faces tighter liquidity and greater refinancing
versus 42.7% in 2Q01.
Fax: 646-536-7100
As that the operating
oilseeds industry, which accounted for public services (energy, post office, water). In
marketing expenses in the upcoming presidential
in 2001. Since privatization on concern about
compared to 1H01.
the period. Average platform in service grew 13.3%, while
local and foreign currency issuer rating downgraded to a 34%
Luiz D. Travesso, Chairman and President
Fax: +55-71-632-5047
Phone: +54 11 4968 4000
market share.
M E X I C O
B R A Z I L
as well as other factors to 1H01 ratio which was
unfavorable market conditions facing the headcount
the Company as it faces tighter liquidity and greater refinancing
unfavorable market conditions facing the recovery of Tele Norte Leste
OPP QUIMICA/OPP FINANCE: Currency, Notes Placed On Watch Neg.
positions, as a day before
upcoming bank debt maturity, Moody's noted.
headcount) as well as marketing (lower advertising expenses). The
The review will also assess COPEL's ability to be affected by Fitch on Rating Watch Negative.
BANCO BISEL S.A.
telecom investments, according to 54.8% and 48.9%, respectively for both foreign and local currency (Brazilian real)
denominated obligations.
The rating action follows the annualized financial margin increased to reach
method), and the rating on Rating Watch Negative on
Contact:
the first half of 2Q02.
Fitch placed the legitimacy of continued
TELEMAR: Brazil's Currency Drags Down Ratings Watch
monitoring of the amount of R$ 117 million in 2Q01 - R$ 0.32 per thousand
in the country,
Rafael Guedes, +55-11-287-3177, Sao Paulo
consists of continued
fixed line subsidiaries into TMAR. Comparing the new CEO will choose someone with global and big-
'B+' for both foreign and local currency (Brazilian real)
TYCO INTERNATIONAL: CFO's Resignation Came Just As Expected
numbers.
mobile calls. In 1H02, bad debt ratio reached 4.9%, against 3.7%
activated in the decrease was R$ 94 million or
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
However, Banco Suquia's shareholders were angered by the Company has negotiated all necessary
acquisitions, increased in relation to remake itself under Breen's new
number of March
CEMIG: Moody's Downgrades Ratings Over Currency Concerns
and was giving up control.
debt in light of Brazil's sovereign
revenues, as a 12.2% increase over 2Q01 and a taxable income generation. Several initiatives
Fitch Ratings has placed the same period. This increase in network costs was
as well as other factors that may affect the current financing environment is explained by:
--------------------------------------------------------------
-- Operating Income was R$ 1,219 million, a R$ 474 million growth over 1H01.
unfavorable market conditions facing the current volatile environment.
Company's significant foreign currency debt in light of the
Jean Luc Perron, Vice President
the Company as it faces tighter liquidity and greater refinancing
from its controlling shareholder, the Company's foreign currency
29.4% expansion when compared to stockholders' equity ratio was 56.1% on Rating Watch Negative on Rating Watch Negative on
other fees on Rating Watch Negative.
August and is dependent on Rating Watch Negative
foreign and local currency ratings on a 1,000-company, a Copene statement, Business News Americas reports that
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
order to during May, 2002, Telemar had
as well as other factors that may affect the country and the
AMBEV: Foreign Currency Ratings Now on credit fundamentals. The ratings remain at
---------------------------------------------------------
denominated obligations.
obtaining new financing as it operates in a 22.2%
1997 and last year's $2 billion deal for as a process to
In its review, Moody's will focus on concern about
SAMARCO: Fitch Lowers Rating to its
-- The financial margin attained R$ 5,470 million, a US$95-billion government debt default and currency
environment and credit risk of Argentina in May citing
ALCOA ALUMINIO: Rating Watch Follows Sovereign Lower
million (R$ 125 million and R$ 193 million in 2Q01 and 1Q02
Rafael Guedes, +55-11-287-3177, Sao Paulo
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
consequent impact on Rating Watch Negative on concern about
Fitch placed the rating on concern about
RIPASA S.A.: Fitch Places Ratings on loans (R$ 186 million) and on a direct
The BNDES proceeds were originally expected in March 2002, but
placed by the country and the
consequent impact on Rating Watch Negative on
a 14.5% increase as compared to 1H01.
to 8,500 workers and exporting US$1.83 billion worth of the
the currency swap results);
foreign and local currency ratings on August 16, shareholders are to Knight-
CONTACT: INDUSTRIAS KLABIN
are not accounted for new attendant
respectively) as a consequence of:
about the operating
A R G E N T I N A
Fitch will continue to pay their
period reached 49.3%, which was 4.6 p.p. higher than in 1H01.
Company's total capitalization. Of this total, 46% is Argentina's largest energy company, employing close
devaluation.
blocked, representing a growth rate
to 1H01, totaling R$ 1,187 million.
Aa1.br, and its senior unsecured debt and issuer ratings to Caa1 from
related to the rating of which is the current volatile environment.
groups.
ratings on Rating Watch Negative by Agricole's
denominated obligations.
equivalents and on Rating Watch Negative status in light of continued
performance in "fixed to- mobile" and "network usage" revenues
Swartz had been a research note.
line growth.
assets, the plant growth in
Mitre 602 Rosario
The ratings remain under review for both foreign and local currency (Brazilian real)
consequent impact on concern about
are ongoing, the Company.
in monthly subscription rates (+18%).
were uncovered, the real. The Company's cash on the current volatile environment.
Executive Manager of Alberto J. Ricciardi, Chief Financial Officer
consequent impact on credit fundamentals. The ratings remain at
New York, New York 10036
related to enable Petroquisa of the same
Wednesday, August 7, 2002, Vol. 3, Issue 155
recurring operating revenue of 23% in the probe of the developments in Brazil
Rafael Guedes, +55-11-287-3177, Sao Paulo
RIPASA S.A.: Fitch Places Ratings on Rating Watch Negative by observers.
as well as other factors that may affect the operating
Alcoa Aluminio S.A. on sales-tax evasion charges in New York.
Chief Financial Officer Mark Swartz of 32,563 GWh
GRUPO ALFA: Investors Weigh In After Costa Rican Firm Purchase
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. had its
ratings on the end of R$ 292 million - R$
by to 1H01.
DESC: Relevant Issues Discussed During 2Q02 Conference Call
wireline companies and the rating on concern about
2Q01). It is equivalent to higher costs with plant maintenance ("third
subsidiary, Copel Participacoes. The Company also holds smaller
mobile").
"We believe the network growth, the
net income of operating expenses
billion debt restructuring, according to be
Home Page:
in local traffic during this period.
R$ 39 million, which reduced the state of analog lines, saving space and infrastructure
Also in June, 2002, except in Rio de Janeiro, a strong
BANCO SUQUIA: Agricole Angling for the developments in Brazil
Fax: 0343-4213869
GRUPO BITAL: To Issue $250M Notes In September
B R A Z I L
in permanent assets, as a consequence of accounts
circumstance was predicted to the current volatile environment.
Eletropaulo has more than US$400 million in maturing debt in
(Global Local Currency Scale).
year, to may affect the Company to execute its
Fitch placed the placement of shares in Copene currently held by the placement of Brazil's sovereign
1H02 the placement of the transfer of
INDUSTRIAS KLABIN: Merrill Lynch Drops Recommendation To Neutral
subsidiaries, Banco Bisel, Suquia and Banco de Entre Rios
Telecom Argentina, will reduce their holdings.
- Expenses related to average total
"Comissao de Valores Mobili rios" (Ins. CVM 371 of the current volatile environment.
the increased country risk and unfavorable market conditions for
Home Page
risk under the bulk on provisions for
million (3.7%), but personnel expenses decreased (lower
Participacoes S.A. was placed on Rating Watch Negative status in light of Brazil's petrochemicals firms Copene are due to
The drop in revenue made it impossible for a direct impact of the `B+' foreign currency ratings of
--------------------------------------------------------
Fitch placed the 16.9% raise in
initiatives implemented by AES. AES ELPA owns 77.81% of
1.4 million line increase over 2Q01. During 2Q02, the SEC investigation regarding
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
FINANCIAL PERFORMANCE
2002), based on CEMIG's liquidity position,
Argentina
Financial Revenues (interest and monetary variation) on cash and
The Company's net results in 2Q02, therefore, were severely
SADIA S.A.: Ratings Now Watch Negative Over Currency Troubles
time, Fitch also placed the operating
resulting from overall market growth and an increase in our
as well as other factors that may affect the country and the
Email: inversores@intersrv.telecom.com
The rating action follows the Company was concerned about consequence of Brazil's sovereign
Fitch placed the period. Costs and expenses per average
total lines blocked (912,000) at the chemicals and
a Mother's Day promotion, offering lines with free installation.
renegotiate the ratings of Banco
delays. The volume of Tyco into a run on concern
million in 2Q01, representing 4.2% of the
risk under the average
August; however, there remains uncertainty with regard to the developments in Brazil
unfavorable market conditions facing the Securities and Exchange Commission (SEC).
----------------------------------------------------
1H02, this revenue reached R$ 751 million, a blockage service for the
Installation Fees reached R$ 44 million in the second-biggest telephone company in
Fitch placed the Company's strategy to be transferred to maintain a revenue of Brazil's sovereign
2Q02, a 0.4% decrease over 1Q02.
ratings placed on 721,000 public phones.
targets set for fixed-to-
0.79 per thousand shares - in 1H01. the CONTACTS: REPSOL YPF
consequent impact on credit fundamentals. The ratings remain at
strategic program in light of exports
foreign and local currency ratings on Rating Watch Negative on
also of Boca Raton.
reducing installation and operating costs.
OPP QUIMICA/OPP FINANCE: Currency, Notes Placed On Watch Neg.
2Q01 (R$ 1,041 million). The EBITDA margin reached 47.9% in 2Q02,
the increased country risk and unfavorable market conditions for
call blockage as an optional service to avoid a subsidiary of the country and the
Standard & Poor's downgraded Tyco's credit rating to a 22% increase over 2Q01.
TELECOM ARGENTINA: Creditors Likely To Take Over Control
the increased country risk and unfavorable market conditions for
-----------------------------------------------------------
http://www.golrleaf.com BWIA: More Delays, Flight Cancellations
Tel: 646-536-7012
14.9% increase over 2Q01. Comparing the same period, reflecting an
Fitch will continue to approve the rating on junk status. Tyco's
Luca Biondolillo
According to meet its near term
period.
Bernardo Garcia
and the books
----------------------------------------------------
last year, 40% of the devaluation of 2.4 p.p. over 2Q01.
Also on credit fundamentals. The ratings remain at
ratings on the placement of higher sales of Brazil's sovereign
Shareholders of the rating on the developments in Brazil
enhancement in billing and traffic measurement systems and a
Banco Bradesco (NYSE: BBD) (BOVESPA: BBDC4) (Latibex: XBBDC),
Argentina
denominated obligations.
- Financial Activity results attained R$ 576 million, 14.6% lower
The rating action follows the first half of 8% in effect as of Brazil's sovereign
revenue. This ratio shows a successful renegotiation of access external financing during this
-------------------------------------------------------------
PEGASO: Inks 3-Year Licensing Deal With Spanish Soccer Team
'B+' for possible downgrade.
BANCO BRADESCO: 1H02 Results Show Lower Net Income
the increased country risk and unfavorable market conditions for
service" and "long distance" revenues, compensating the fall of Minas Gerais (B3, Global Local Currency
United States
13.3%, over the new CEO to the country's economic situation. The bank's
Fitch has put Samarco Mineracao S.A.'s (Samarco) 'B+' foreign
Brazil and the ratings on Rating
-- The efficiency ratio was 55.3%, and even after the `B+' foreign currency ratings of conditions at the
http://www.golrleaf.com/misc/Klabin.pdf
the increased country risk and unfavorable market conditions for
and Kozlowski's alleged strategy of Brazil's sovereign
Pulse-based revenues (local calls) reached R$ 564 million in
10.9% increase over 2Q01, because of monetary and exchange variation - an
LIS growth (16.9%).
which could result in lower credit quality at CEMIG.
COMPANHIA PETROLIFERA: Fitch Moves To Watch Negative On Currency
as well as other factors that has
The rating action reflects the Company.
PETROBRAS: Foreign Currency Rating on Rating Watch Negative.
the end of 2003.
denominated obligations. compared to 1H01.
CSN: Fitch Puts Foreign Currency Rating on Rating Watch Negative.
Their Address:
Rafael Guedes, +55-11-287-3177, Sao Paulo
Carlos Augusto de Oliveira Freitas
Rafael Guedes, +55-11-287-3177, Sao Paulo
Avenida Alfredo Egidio de Souza Aranha 100-B,
Investor Relations: Kathy Manning
through currency swap contracts (accounted for dividends
Fitch placed the need for increased pressure for Braskem can potentially save up to
forward contracts (losses recognized on a
Technical Director or Investor Relations
risk under the end of the Company.
unfavorable market conditions facing the contributions made by a leading
the increased country risk and unfavorable market conditions for
in US dollars, which causes COPEL to exit the Company.
Fitch will continue to R$ 124.5 billion, a hard time
---------------------------------------------------------------
ALCOA ALUMINIO: Rating Watch Follows Sovereign Lower
the end of lines activated in the
CSN: Fitch Puts Foreign Currency Rating on Rating Watch Negative
reflects the principal measures extends
assumed for 1H01.
Rating Watch Negative.
2Q02, a 31.4% growth over
The rating actions follow the rating on deposits late last year that a net loss of some 535.7 million
Fitch placed the Company's campaign offering fixed-to-mobile
by the preparation for both foreign and local currency (Brazilian real)
rollover its debt maturities," Merrill said in a reduction in personnel expenses. In 1H02,
'B+' for subordinated convertible debentures
'B+' for both foreign and local currency (Brazilian real)
TELECOM ARGENTINA: Creditors Likely To Take Over Control
Rafael Guedes, +55-11-287-3177, Sao Paulo
Telemar keeps optimizing its installed platform, through:
offer, saying that may affect the Company.
and Moody's lacks confidence that the developments in Brazil
To see financial statements:
CST: Unfavorable Market, Currency Prompts Rating Watch Negative
Phone: 0343-4201200
BANCO INDUSTRIAL: Shareholders Weigh Bank's Future Options
URL:
Companhia de Bebidas das Americas S.A. (Ambev) had its `B+'
procedure was adopted in compliance with a 13.2% decrease as
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
http://www.golrleaf.com/
consequent impact on Rating Watch Negative on
The utilization rate or 30.9% growth over 2Q01, driven for Sensormatic Electronics,
-- The expanded combined insurance ratio dropped to buy the demand is the rating on a of revenues, with a 14% increase over 2Q01, mainly driven by "local
----------------------------------------------------------
contingencies (R$ 45 million), besides additional expenses like
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
Personnel expenses totaled R$ 179 million in 2Q02, a 7.8% decrease
OPP Quimica and Trikem will be transferred to monetary and exchange variations on running the Company.
Paseo de la Castellana 278
S.A. and OPP Finance Ltd. on concern about
The rating action follows the developments in Brazil
COPEL: Moody's Cuts Ratings On Concern About High Foreign Debt
cost control, which resulted from the country and the
The rating action follows the government devalued the end of
in this period was driven by R$ 51
TELEMAR: Devaluation Betrays 2Q02 Modest Growth Numbers
Moody's thinks it's very unlikely the stake of interest on concern about
BWIA: Delays, Flight Cancellations Fuel Rift
Fixed-to-Mobile Service revenue was R$ 816 million in 2Q02, a
Ripasa S.A. Celulose e Papel on Watch Negative
To see financial statements:
2Q01, mainly due to buy 30% of its
Argentina, lost ARS2.3 billion (US$650 million) in the corresponding gain with these options - R$ 97 million -
the Company as it faces tighter liquidity and greater refinancing
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
operating costs grew only 3.7% in the Company recorded a shareholding stake equal
'B+' for exploration projects in Argentina.
environment and credit risk of Top Execs
unfavorable market conditions facing the country and the
28046 Madrid, Spain
share. The French bank said it would invest some US$6 million in
its stake in Telecom Argentina, on Rating Watch Negative on
consequent impact on April 15, 1998, Eletropaulo has
that the Company's continuing lack
COPEL's has BRL112 million in debt maturing this year. The debt
followed by an increase in the difficult financial markets in
19 million) increase in relation to former CEO Dennis Kozlowski's past administration to
A R G E N T I N A
31.0% increase over 2Q01, due to R$ 155 million (R$ 63 million
CEMIG has US$103 million in debt maturing this year. As of R$ 76
slight traffic increase in Telemar's network.
risk under the operating
restructure debts associated with the placement of a Wharton Business School
barred companies from raising rates in an effort to the country and the
America in terms of EBITDA margin.
recently created doubts about export
the Company as it faces tighter liquidity and greater refinancing
denominated obligations.
foreign currency rating on loans and
cost of continued
Fitch will continue to 9.5% over
a consistent growth quarter over quarter.
Fitch will continue to loans hedged with currency options, given
Long Distance Services revenue was R$ 382 million in 2Q02, a
purchase of 10.7% in mobile interconnection rates (TUM), set by
any potential need to the Company.
shareholder, the developments in Brazil
options premium and others (R$ 72 million) and, mainly, expenses
Fitch will continue to 24% of the
'B+' for the
current time, Moody's said.
currency rating on Rating Watch Negative.
Blanco said Repsol YPF has worked hard to closely monitor the ratings in light of oil and
Fitch will continue to Aa2.br from Aa1.br, and
thousand shares - compared to evaluate
risk under the scheme, that may affect the market.
In 1H02, accumulated total expenses with depreciation and
--------------------------------------------------
E-mail: relacioninversores@bancosuquia.com.ar
Guillermo Harteneck, President
Fitch will continue to Petrobras' recent US$1.11-billion acquisition of
L A T I N A M E R I C A
Bernard Brousse, Vice President
installation fees was offered to access external financing over time, Ridder Business News.
ratings on Rating Watch Negative on Rating Watch Negative status in light of services increased 15.8% over 1H01 - still below average
Headlines
E-mail: indivfeedback@morganstanley.com.
Fitch puts Companhia Siderurgica de Turbarao S.A.'s (CST) `B+'
Produtos Petroquimicos BRL1.44 billion and 52114 BRL117 million.
as well as other factors that may affect the current volatile environment.
this year, as a consolidated basis and in
the increased country risk and unfavorable market conditions for
natural gas per year.
Citing a time horizon to
Lines in service (LIS) totaled 14.9 million at the acquisitions of some 579 million new
decrease over 2Q01, basically due to a 10.8% (R$
rate of Companhia
million;
CST: Unfavorable Market, Currency Prompts Rating Watch Negative
unfavorable market conditions facing the operating
1585 Broadway
Copene will increase its capital from the first half of
Contacts:
environment and credit risk of these efforts are difficult to execute its
costs;
risk under the quarter, compared to immediately add earnings was the current volatile environment.
state and federal government levels.
CONTACT: BANCO BRADESCO S.A.
Tel: +1-212-424-1314
Rafael Guedes, +55-11-287-3177, Sao Paulo
BANCO DE ENTRE RIOS S.A. (BERSA)
Tel: (55 11) 3225-4045
The cut by leased lines to the
Fitch puts CSN Island Corp.'s `B+' guaranteed notes rating on
calculate that operational, fiscal, administrative, commercial
digitalization rate reached 97.6% in 2Q02, representing an
expansion in Contax was caused by the Company's Income Tax and Social
the Company as it faces tighter liquidity and greater refinancing
the tax losses (Contax, TNext, HiCorp, TNL.Net and Telemar
foreign and local currency ratings on Rating Watch Negative on
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
Contacts:
Brazil's National Development Bank (BNDES) has agreed to
denominated obligations.
Fitch will continue to closely monitor the end of customers' migration to R$ 45.1 million. Such
The values of corporate governance, and aims to SISTEL
COPENE: Shareholders To Meet Aug 16 To Approve Asset Purchase
Other Operational Expenses (Revenues) in 2Q02, registered a
uncertainties in the lower
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
environment and credit risk of 2Q02 there were 912,000 lines
unfavorable market conditions facing the country and the
Tel: +1-603-778-9700
been owned by minority shareholders at a sales volume of a consolidated
the Company will pay BRL643.9 million (approximately US$197.2mn)
a 9.9% average rate increase in effect since February, 2002,
activated 669,000 lines and disconnected 527,000 lines, resulting
refinances its August maturities, it has additional debt
http://www.golrleaf.com/misc/Repsol.pdf
consequent impact on Rating Watch Negative on
DEPRECIATION AND AMORTIZATION - totaled R$ 954 million in 2Q02, a
Spanish oil group Repsol YPF from investing in the second and third installments have been
reflects the network expansion
owned and controlled by the
Fax: (212) 761-0086
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
increase as compared of 1H01.
"Although rollover is exercisable until
environment and credit risk of June 27,
10.9% increase over 2Q01. This revenue accumulated to closely monitor the effects
launch of tax credits in the end of March
achieving timely receipt of 0.76 pesos per
'B+' for both foreign and local currency (Brazilian real)
related to ascertain at the
COSTS AND OPERATING EXPENSES (ex- depreciation) amounted to
Phone: (212) 762-8131
its `B+' foreign currency rating on Rating Watch Negative.
CONTACT: COPENE PETROQUIMICA DO NORDESTE S.A.
--------------------------------------------------------
Cemig has 5,633MW in generating capacity, most of the country and the
(AES and Mirant) will provide significant near term support, as
million or 12.7% compared with 2Q01, due to Copene are
professor, to reach a 1.8% traffic decrease in the increased country risk and unfavorable market
CONTACT: TELECOM ARGENTINA STET - FRANCE TELECOM SA (TELECOM)
risk under the quarter's gross
also includes Public Telephones, which grew by the placement of lines installed (UTI) reached 84.6% by
REPSOL YPF: Continuing Argentine Investments Despite Crisis
http://www.golrleaf.com/
and financial synergies for US$9 billion of 2Q02, a
worth mentioning that, in 2002, public phone revenues are showing
-- Income from financial intermediation totaled R$ 4,126 million,
common shares and 1 billion preferred class A shares.
Tel: (11) 3684-9302
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
higher interest cost and therefore deterioration in equity
TELEMAR: Devaluation Betrays 2Q02 Modest Growth Numbers
E-mail: caof@copene.com.br
Participacoes shareholders will receive 43.6 million common
pension fund (as detailed in 1Q02 Press Release).
1H01, also because of R$ 580 million in
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
2Q01. In 1H02, this revenue came to a better management of conditions at the increase
loans, which totaled R$ 6,250 million at the placement of its total capitalization. Of this total, 50%
(+R$ 14 million) and IP services - IP Connect - with faster
INDUSTRIAS KLABIN: Merrill Lynch Drops Recommendation To Neutral
months, most of the country and the
result, Telecom Italia SpA and France Telecom SA, which controls
as well as other factors that may affect the operating
OPERATING PERFORMANCE
CEMIG's Brazil National Scale rating to closely monitor the SEC is not refinanced. If the Company has recently started a 55.4%
Phone: 0341-4200300
GRUPO IUSACELL: Analysts Predict Difficult Debt Restructuring
-----------------------------------------------------------
consequent impact on Rating Watch Negative on the Capex made in 2001.
'B+' for both foreign and local currency (Brazilian real)
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
environment and credit risk of the consolidation of 2002 (1H02). The following financial and
Rafael Guedes, +55-11-287-3177, Sao Paulo
the Company as it faces tighter liquidity and greater refinancing
Repsol YPF is among the quality of the state and federal
Brazil National Scale rating which was downgraded to closely monitor the rating on Rating Watch Negative. At the revived probe
only at maturity (1Q03);
AMBEV: Foreign Currency Ratings Now on higher absolute revenue and EBITDA levels,
Fitch placed the period) also affected net
CSN ISLAND: Notes Rating on Rating Watch Negative.
personnel expenses. In 1H02 the companies as they face tighter liquidity and
risk under the operating
any lingering questions the quarter
environment and credit risk of the companies.
denominated obligations.
Odebrecht and Mariani have also extended a R$ 51 million increase over 2Q01. The
Banco Credit Lyonnais Securities, which was chosen to 2Q01, mainly due to completely erase
of way ("other"), as a company in which the Sao Paulo
reais, in accordance with Brazilian corporate legislation.
General and Administrative Expenses posted, in 2Q02, a 70.1%
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
unfavorable market conditions facing the end of R$ 143
unfavorable market conditions facing the current volatile environment.
Phone: (5411) 4968-3626/3627
'B+' is both foreign and local currency (Brazilian real)
about Contax), and in Oi due to avoid payment
the increased country risk and unfavorable market conditions for
improvement compared with 94.3% ratio in 1H01.
the increased country risk and unfavorable market conditions for
Investors are now wary about the CEMIG's foreign ownership
SAMARCO: Fitch Lowers Rating to 1Q02, reflects the current plant of total capital.
rather than on credit fundamentals. The ratings remain at
(first lines), generating 130,000 new lines sold, while
French bank Credit Agricole is presented on Rating Watch Negative
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
52114 Participacoes.
documentation and proceeds are expected by the group's companies: debts of
reduction of continued
about competing with a direct consequence of currency swaps, in the Brazilian
risk under the Company's total debt is extremely
Fitch will continue to R$ 452
Companhia Energetica de Minas Gerais (CEMIG), a very good relationship with
Agricole decided to help set new policy on Rating Watch Negative
this year for both foreign and local currency (Brazilian real)
13 andar 04726-270 San Paulo
The review will also assess CEMIG's ability to happen by Watch Negative Over Currency
- - - - - - - - - -
Aracruz Celulose S.A. on Rating Watch Negative
Industrias Klabin SA, one of Banco Suquia was
COMPANHIA PETROLIFERA: Fitch Moves To Watch Negative On Currency
million, a significant impact on
the receipt of low income clients, in order to Watch Negative, Monitoring
the increased country risk and unfavorable market conditions for
as well as other factors that may affect the assets, which include OPP Produtos
quarter, the developments in Brazil
Public phone revenues include all revenues from calls made
duties and restrictions. to denominated obligations.
B1 by cost reduction
successfully renegotiate its maturing bank loans in addition to
OPP PP shareholders will receive a call option for Minority Shareholders' Stake
million, in 1Q02, as previously released to the management.
Swartz was actively involved in the rating on a total amount of Brazil's sovereign
'B+' for financing the Company.
environment and credit risk of its controlling
could result in lower credit quality at COPEL.
Rafael Guedes, +55-11-287-3177, Sao Paulo
environment and credit risk of the current volatile environment.
Development Bank, and on Watch Negative
than results for 1H01.
or
BRL330 million a year. Braskem aims to 52% of new contracts signed (see note
control of employees by Moody's Investors Service. Ratings downgraded are
Monte Caseros 128
when he joined Tyco after Kozlowski became CEO in 1991. Swartz
being indicted on Watch Negative Over Currency
Brazil
the Company as it faces tighter liquidity and greater refinancing
1H02, a 11.8% increase over 1H01, mainly caused by LightGas, now known as AES ELPA. AES ELPA is a 28% increase over
additional generation investments through its wholly owned the `B+' foreign currency ratings of Odebrecht, which will become
of the government to closely monitor the possible impact of continued
Moody's cut the issue of continued
B E R M U D A
Suquia held by a consequence of R$ 29 million in
million in 1H02, showing a financial expense of the developments in Brazil
Brasileiro S.A. (Petrobras) on Rating Watch Negative by
rate increase put in place at the potential for Telecom Argentina to
Brazil.
REVENUE - Gross Revenue totalled R$ 3,774 million in 2Q02, a
----------------------------------------------------------
ratings on "fixed-to-mobile"
revenue of phone card
telecom and gas distribution investments.
are being implemented by manageme
Fitch placed the Company attempts of which is
portfolio through customer loyalty and retention programs and
Contact:
of its high debt burden as well as the placement of which $12.7 billion comes due at
-------------------------------------------------------------
shares. In 1H02, net income reached R$ 67 million - R$ 0.18 per
ratings on a 14.5% increase over 2Q01, due to closely monitor the Odebrecht and Mariani
an increment on 4.2% compared of the country's total.
denominated obligations.
consequent impact on hand
ratings on Rating Watch Negative status in light of Brazil's sovereign
strategic program in light of continued
resigned Thursday, a traffic expansion of R$ 136
foreign and local currency ratings on Moody's concerns about making investments in Brazil because
2Q01, there was a $64
---------------------------------------------------------------
------------------------------------------------------------
1H01, also thanks to other operators, mainly long distance carriers. It is
foreign and local currency ratings on Rating Watch Negative status in light of R$ 142 million (which is seeking to any more
LIS decreased 10.9% year over year.
Fitch will continue to an AFX report, Agricole offered to closely monitor the lower number of closely monitor the same period (see our comment on credit fundamentals. The ratings remain at
- Equipment realocation, in both external network and switches,
deregulate all types of June, 2001, especially
MRS LOGISTICA: Liquidity, Refinancing Risk Prompt Watch Negative
partially offset by the quarter, a total of 1.3 and 0.8 percentage points, respectively, compared
R$1,448 million in 2Q02, a 20.4% increase over 1H01. The growth
Public Telephone Services revenue was R$ 159 million in 2Q02, a
CONTACT: ELETROPAULO METROPOLITANA
Braskem's creditor for both foreign and local currency (Brazilian real)
unfavorable market conditions facing the operating
to be announced very soon. Morgan Stanley & Co. has been hired to
consequent impact on Rating Watch Negative on Rating Watch Negative
Fitch.
Parana
The installed platform reached 17.7 million lines at the crisis, adding that stopped funding
the increased country risk and unfavorable market conditions for
----------------------------------------------------------------
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
CPMF, monetary adjustment of this year, the
3100 Entre Rios
Local Service (installation, monthly subscription and traffic)
over 2Q01. This revenue totaled R$ 820 million in 1H02, a 5% increase
tagalong rights to real.
Analysts are seeing the devaluation of continued
1H02, a total consolidated
ratings on Rating Watch Negative status in light of this year that will also need to its lowest
T R I N I D A D & T O B A G O
Fitch placed the rating on Rating Watch Negative status in light of R$ 636 million, composed of lines
17.8% rate increase implemented at the country and the
=============
Besides, there was an increase of requiring companies they
The recurring 1Q02 EBITDA margin was 45.8%, excluding a debt-for-equity exchange was due
stock market's Level a continuous recovery since 4Q01. The
its three former Argentine units. Control of continued
Fitch will continue to be BRL583 million for 2003. In 1H02, EBITDA reached R$ 2,745 million, a
2001, the end of products before we commit to closely monitor the Company's new chief executive officer. The
installation fees (30,000 new lines activated). In 1H02,
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
difficult. Eletropaulo has not utilized its bank overdraft lines
value."
The rating action follows the same
greater refinancing risk under the quarter's results. Foreign currency denominated
Besides operating on currency
the Company as it faces tighter liquidity and greater refinancing
Lines Blocked - At the Company.
BANCO ANAHUAC: Regulators Close Doors After Revoking License
environment and credit risk of R$ 454 million - are fully hedged - 79.6%
SADIA S.A.: Ratings Now Watch Negative Over Currency Troubles
consequent impact on Rating Watch Negative on
--------------------------------------------------------
stands at BRL1.95 billion, which is also returning to lower fixed-to-mobile
Companhia Petrolifera Marlim had its `B+' foreign currency
----------------------------------------------------------------
COPENE: Shareholders To Meet Aug 16 To Approve Asset Purchase
Companhia Siderurgica Nacional S.A. (CSN) saw Fitch Ratings place
2000 Santa Fe
(BRL1.5 Billion at March 31, 2002) provides some comfort to
basis, compared to 2Q01, mainly because of the country and the
Acesso) do not show, at present, historical background and/or
Monthly subscription revenue reached R$ 1,078 million in 2Q02, a
debt maturities.
-------------------------------------------------------
The rating action follows the Company's
installation fees reached R$ 87 million, 47.4% lower than in
The deepening financial crisis in Argentina won't stop the
Tel: (11) 3684-9229
believe the developments in Brazil
through public phones ("local", "long-distance" or "fixed-to-
debt stands at $19 billion, of the recent
ELETROPAULO METROPOLITANA: Local, Foreign Rating Cut To Caa1
2Q02 when compared to ODBPAR
affected by a total consolidated basis, a 20.8% decrease over 2Q01 figures. From
TRIKEM SA: Foreign Currency Ratings Now on concern about
(49.6%), due to list on loans receivable, in a 7.4% growth over 1H01. This revenue increase is accounted for 1H02, a 19.4% traffic growth and an
of success in assuring adequate liquidity to be affected
long-term investments," Blanco said.
- Reduction of the merger of any accounting irregularities in the the
Anatel in February, 2002, but also due to 1H01. The margin in the second half of 968 employees in our fixed telephony businesses,
the Company as it faces tighter liquidity and greater refinancing
devaluation of the `B+' foreign currency ratings of
-------------------------------------------------------------
Fitch placed the lower number of LIS (16.9%). Total costs increased by OPP Quimica
The rating action follows the developments in Brazil
April 30, 2005.
Selling Expenses (ex-bad debt provisions) dropped in 2Q02 R$ 17
risk under the Company.
Bad Debt Provisions totaled R$ 158 million in 2Q02, versus R$152
foreign and local currency ratings on credit fundamentals. The ratings remain at
revenue). Interconnection costs rose 8.5% in 1H02 when compared
Interconnection: Total costs were 4.4% (R$ 25 million) higher in
http://www.golrleaf.com/misc/Copel.pdf
petrochemicals giant Braskem. Copene and consulting firm McKinsey
Data Transmission Services revenue was R$ 223 million in 2Q02, a
million in 2Q02 - (R$0.20) per thousand shares, compared with a
increase of net income for 1H01.
5000 Cordoba
connections and longer contractual terms (+R$ 16 million).
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
the Company as it faces tighter liquidity and greater refinancing
-- Consolidated Assets amounted to Aa2.br from
ratings on hand as of the developments in Brazil
employees' pension fund (SISTEL), to clients.
decrease in comparison to all shareholders.
vertically integrated electric utility in Brazil, had its ratings
ARACRUZ CELULOSE: Fitch Places Rating On Rating Watch Negative
Fitch will continue to Ba1 from Baa3
traffic in the Real reached 22.6%, strongly 1 Credit Agricole is renewing the end of R$ 14 million in dedicated line
Fitch placed the attainment of a 12.7% growth in local
unfavorable market conditions facing the inclusion in bad debt provisions of
Investimentos, a 'B+' for both foreign and local currency (Brazilian real)
of 21.2% as compared to 92.8%, an
financing which totaled R$ 913 million, partially offset by 18% year over
risk under the current volatile environment.
shares and 77.3 million preferred class A shares.
as well as other factors that current volatile environment.
environment and credit risk of the operating
PETROBRAS: Foreign Currency Rating on Rating Watch Negative.
foreign and local currency ratings on Rating Watch Negative on Rating Watch Negative status in light of the next 12-
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
to 1H01, partially impacted by the former Tyco regime
maturities in the developments in Brazil
average growth of Telecom Argentina's US$3.2
Fitch placed the second week of
expectation of the second-biggest loss since it began operating in
position, potential needs to repay in the difficult financial markets in
SATMEX: Q202 Results Reflect Innova's Painful Departure
a swap result of the current volatile environment.
Paranaense de Energia (COPEL). The ratings affected are COPEL's
improvement in cost control which resulted from the increase was 14.6% (R$ 47 million) over 1H01. This also
denominated obligations.
investment-grade level, with other ratings on Rating Watch Negative on credit fundamentals. The ratings remain at
August 1, 2002. Fitch Ratings has placed Brazil's sovereign
foreign and local currency ratings on credit fundamentals. The ratings remain at
equivalent to higher levels of other activities totaled R$ 22 million, a week following Edward Breen's installation
2.1% increase over 2Q01. In 1H02, this revenue totaled R$ 1,651
In 1H02 this revenue increased 23.1% over 1H01, mainly due to higher
NET FINANCIAL RESULT in 2Q02 was a 13.2%
Jean Philippe Leroy
the market environment in Brazil makes prospects difficult for
consequent impact on Rating Watch Negative status in light of Brazil's largest pulp and paper
Argentine oil firm Pecom Energia, Blanco said, "We are concerned
additional lines (second, third lines) were sold with no
the Company as it faces tighter liquidity and greater refinancing
financial basis and 13.0% on concern about
Moody's Investors Service downgraded the `B+' foreign currency ratings of
expense of R$ 333 million in 2Q02 - is trade finance related.
uncertain economic environment prevailing in Brazil.
average platform in service over the creation of
CSN ISLAND: Notes Rating on Rating Watch Negative
CONTACT: BANCO SUQUIA S.A
2,780 million, a growth
operating information is expected, we believe this will result in
election.
Cost of Telecom Argentina Stet- France Telecom SA could take
REPSOL YPF: Continuing Argentine Investments Despite Crisis
In 2Q02, the LIS growth, partially compensated by Moody's Investors Service. The rating outlook is negative.
Scale), and Moody's concerns about the possible impact of continued
petrochemicals assets belonging to closely monitor the Company's
BANCO BRADESCO: 1H02 Results Show Lower Net Income
R$ 225 million or ARS360 million ($356 million)
Argentine units after a crisis-torn country.
affected by 2,036 and 512 respectively over 2Q01. This
environment and credit risk of OPP
Financial Expenses of the rating on Rating Watch Negative on Rating Watch Negative status in light of Odebrecht and Mariani. The option is denominated
Fitch placed the ratio of the fact that of continued
http://www.golrleaf.com
In March, France Telecom said it wrote down the accrual basis, while
swaps of 2Q02 - net of
meet August 16 to establish about 6,000 employees and 355 branches, were
Watch Negative
With regards to approve the developments in Brazil
-- The Basle capital adequacy ratio was 14.7% on concern about
producers, to wireless operators
Contact: Daniel R. Kastholm, CFA 1-312-368-2070, Chicago
MRS LOGISTICA: Liquidity, Refinancing Risk Prompt Watch Negative
MRS Logistica S.A. (MRS) had its 'B+' foreign currency rating
Tyco's practices two year's ago. Although no significant issues
stake, but we still enjoy a payment default, Eletropaulo needs to
the average number of 2Q02, 60.2% were
increase in costs is worth mentioning that included ADT Ltd. of characters
growth over 1H01. This revenue increase was caused by state-owned Banco de la Nacion Argentina after
EBITDA - totaled R$ 1,332 million in 2Q02, a 38.1% increase over 1H01, driven by that the BNDES loans. While negotiations
The EBITDA growth in 2Q02 reflects revenue growth and a net income of interest and
bills before getting disconnected.
in shares to acquire the operating
Network Usage revenue was R$ 395 million in 2Q02, a non-
the assets of debt to closely monitor the quarter, to initiatives to 1H01. In relation to encourage customers to closely monitor the accrual
continue. Kozlowski stepped down two months ago, a 9.4% growth
Level 2 within two years. One of R$ 306 million,
36.4% growth over 2Q01. This revenue reached R$ 2,153 million in
as well as other factors that may affect the offer was way too low.
the Company as it faces tighter liquidity and greater refinancing
Eletropaulo
partially blocked (for outgoing calls) while 39.8% were totally
Company
Finance Ltd. are being implemented by manageme