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Tutor on Wheels > 2013 > April > 19 > Due to the relative efficiency of electronic publishing and

Due to the relative efficiency of electronic publishing and

Fitch moncler jackets outlet online Upgrades Arcor’s Senior Notes to ‘BB

In conjunction with these rating actions, Fitch affirms Arcor’s Foreign Currency (IDRs) at ‘B ‘, moncler jacket outlet which is one notch higher than cheap moncler the ‘B’ Country Ceiling of Argentina. The Rating Outlook on the corporate ratings is Stable. The upgrade of the LC IDR is due to Arcor’s resilient operating performance during the past five years, despite high inflation and challenging economic conditions. It also reflects the moncler coat company’s consistent commitment to a conservative capital moncler coats for men structure. The upgrade of Arcor’s notes to ‘BB ‘/’RR3′ reflects above average recovery expectations for these obligations, as it is Fitch’s belief that a default on debt denominated in a foreign currency by Arcor would be driven by exchange controls rather than a deterioration Discount Moncler Coats of its solid financial profile or strong business position. KEY RATING DRIVERS Strong Business Position: Arcor’s ‘BB’ LC IDR reflects its strong business position as a leading Latin American producer of confectionary and cookie products. The company’s vertical integration ensures the quality of supplies as well as the availability of main inputs. Arcor’s brand names and distribution platform have supported leading market shares in discount moncler jackets chocolates, candies and cookies in its main market of Argentina. Arcor’s brands reach consumers in 120 countries. Argentina (including exports to third parties) contributed moncler jackets toronto 71% and 96% to Arcor’s revenues and EBITDA generation as of FYE16, respectively, followed by the Andean region (10% and 5%) and Brazil (10% and 7%). Expansion: Fitch expects Arcor to continue to solidify its market leadership position in Latin America. The company has been growing organically through strategic partnerships and acquisitions in an effort to enhance its geographic and product diversification. Key product categories categories include confectionery, cookies, packaged food products and agro industries. (Mastellone), a leading dairy producer in Argentina. The company now has 34% of Mastellone shares after a capital injection of USD35 million by Arcor Bagley Argentina (its JV with Danone) in January 2017. Arcor has a call option to moncler outlet location buy the moncler jackets kids outstanding stock of Mastellone from 2020 to 2025. Conservative Financial Profile: Arcor’s financial profile is among the strongest in the Fitch rated Argentine portfolio and other food, beverage and tobacco (FB companies in the regional portfolio. The company’s strong capital structure, as well as it solid business, are key credit factors that support its ‘BB’ LC IDR. Arcor’s ratio of Gross Debt/ EBITDA was 2.6x as of FYE16. The company reported negative FCF due to increased capex and negative working capital in 2016. EBITDA margin remained resilient at about 10.1% in 2016 (11.5% in 2015) despite a weak consumer environment in Argentina due to high inflation, the recession in Brazil and fluctuation in currencies. Fitch expects a gradual recovery in these two markets in 2017. FC IDR Above Country Ceiling: Fitch’s criteria for rating FC IDRs higher than an moncler outlet uk issuer’s applicable Country Ceiling takes into consideration the relationship between 12 months of foreign currency debt service and cash held abroad, cash generated by exports, undrawn committed credit lines and cash flow from foreign operations. If the ratio of these factors covers debt service by more than 1.0x for 12 months, issuers FC IDRs may be notched one level above the applicable Country Ceiling. Fitch has notched moncler outlet ny up the FC IDR of Arcor to ‘B ‘ from Argentina’s ‘B’ Country Ceiling because of the cash it holds abroad, cash generation from its operations outside of the country, and exports. Combined, these items cover its annual debt service by nearly 1.5x. KEY ASSUMPTIONS Revenue growth in line with inflation; EBITDA moncler jackets cheap margin remains between 10% 11%; Gross leverage below 2.5x by 2018. RATING SENSITIVITIES Future developments that may, individually or collectively, lead to a negative rating action include: Further economic decline leading to a sustained deterioration in credit metrics, and/or a change in moncler outlet canada management’s goal of maintaining a conservative capital structure. Conversely, Fitch moncler outlet woodbury may take a positive rating action if a combination of the following takes place: Positive rating action is not likely in the near to medium term given the high cash generated from Argentine operations and Argentina’s current sovereign ratings. However, higher than expected cash generation from investment grade countries, such as Chile and Brazil, for example a turnaround of performance in Brazil, would be viewed favorably. LIQUIDITY As of December 2016, Arcor had ARS2.2 billion of cash and cash equivalents (USD140 million) and short term debt of ARS3.9 billion (USD245 million), which is about 41% of total debt. Most of the short term debt is bank debt. The company has strong access to bank lines to finance exports. Long Term Foreign Currency IDR affirmed at ‘B ‘ Long term Local Currency IDRs upgraded to ‘BB’ from ‘B ‘; Senior unsecured notes upgraded ‘BB /RR3′ from ‘B /RR4′. Contact: Primary Analyst Johnny Da Silva Director 1 212 908 0367 Fitch Ratings, Inc. 33 Whitehall St. 18 Oct 2016) here Criteria for Rating Non Financial Corporates (pub. 10 Mar 2017) here Rating Non Financial Corporates Above the Country Ceiling Rating Criteria (pub. 15 Feb 2017) here Additional Disclosures Dodd Frank Rating Information Disclosure Form here _id=1020751 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT moncler jackets on sale ALL TIMES. FITCH’S moncler outlet kids CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE moncler jackets men FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN cheap moncler jackets wholesale AN EU REGISTERED moncler outlet mall ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1 800 753 4824, (212) 908 0500. Fax: (212) 480 4435. Reproduction or retransmission in whole or in part is prohibited except by permission. Fitch conducts a reasonable investigation of the factual information relied upon womens moncler jackets by it in accordance with its ratings methodology, and obtains moncler coats reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual moncler jackets canada investigation and the scope of the third party verification it obtains will vary depending on the moncler coats outlet nature of the rated security and its issuer, the requirements and practices in the jurisdiction in moncler jackets outlet which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre moncler outlet store existing third party verifications such as audit reports, agreed upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and moncler chicago complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings buy moncler jackets toronto and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are moncler outlets uk inherently forward looking and embody assumptions and predictions about future events that by their nature https://www.moncler-jacket-outlet.com cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent discount moncler outlet or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. cheap moncler coats for women A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product moncler outlet online store of Fitch moncler jackets and no cheap moncler jackets outlet individual, or group of individuals, is solely responsible for a rating or a Moncler Factory Outlet report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings moncler jacket online may be changed or withdrawn at any moncler outlet time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings moncler coats for women are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, moncler outlet usa the moncler coats for cheap suitability of any security for a particular investor, or the tax exempt nature or taxability of payments made in respect to any security. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. Credit ratings information published by Fitch is not intended to be used by moncler outlet online persons who are retail clients within the meaning of the Corporations Act 2001.

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