A protracted recession across the euro zone could have a
negative impact on Latin American exporters, particularly raw
materials producers such as pulp producer Fibria,
refractory maker Magnesita and Chilean copper
powerhouse Codelco, ratings company Moody's Investors
Service said in a report on Thursday.
The recession in Europe could exacerbate a slowdown in
China, a key buyer of Latin commodities, making the companies
more vulnerable to a deterioration of external conditions,
analysts Marianna Waltz and Brian Oak said. Steel as well as
paper and pulp companies would be particularly exposed to the
situation, while producers of finished goods would be more
resilient, the Moody's analysts said.
The report did not specify the impact on ratings of the