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Global Credit Research - 30 Apr 2013
New York, April 30, 2013 -- A liquidez das empresas brasileiras não financeiras teve uma pequena
melhora no ano passado, diz a Moody's Investors Service em
um novo relatório. Cerca de 57% das empresas com
rating da Moody's B3 ou acima tiveram risco de liquidez baixo ou
médio no fim de 2012, comparadas com 52% no ano anterior.
Essas empresas agora têm liquidez suficiente para cobrir pelo menos
150% da dívida com vencimento nos próximos 12 meses.
"Diante do fraco desempenho dos resultados do ano passado,
a maioria das empresas administrou a liquidez reduzindo os dividendos
e postergando investimentos ou outras necessidades de caixa para amortizar
as dívidas de curto prazo e evitar a dependência de fontes
externas de financiamento", diz Cristiane Spercel, Assistant
Vice President da Moody's e co-autora do relatório.
"A melhora na liquidez também reflete uma atividade de refinanciamento
significativa, impulsionada pela forte demanda dos investidores
por dívida corporativa de países emergentes."
Mas algumas empresas brasileiras ainda estão expostas a riscos
de liquidez. Viver, Mafrig e Virgolino se destacam a este
respeito, com cada uma delas apresentando uma ou mais das seguintes
características: baixa disponibilidade de caixa em relação
aos próximos vencimentos de dívida, significativo
fluxo de caixa livre negativo ou ausência de linhas de crédito
compromissadas. Além disso, algumas empresas com liquidez
adequada assumiram mais dívidas enquanto suas margens operacionais
caíram, reduzindo a flexibilidade em seus covenants financeiros
para absorver eventuais choques externos ou lidar com um período
prolongado de economia global mais fraca.
Muitas empresas brasileiras continuam dependendo fortemente de bancos
públicos e instituições financeiras privadas para
seu financiamento, embora isso esteja mudando gradualmente.
A dívida privada consolidada representou 55% de toda a dívida
em circulação das empresas com ratings da Moody's
em 2012, comparada com 59% em 2011. "A dependência
reduzida de empréstimos bancários é positiva para
a liquidez corporativa brasileira," diz Spercel, "na
medida em que uma estrutura de financiamento mais diversificada mitiga
as incertezas acerca da capacidade de crédito do sistema bancário
global."
Em termos de risco cambial, a maioria das empresas reduziu sua exposição
à volatilidade de moeda estrangeira. Porém,
as empresas nos segmentos de commodities, aviação,
e petróleo e gás ainda têm exposição
significativa. A diversificação de negócios
fora do Brasil, juntamente com os preços de commodities atrelados
à variação do dólar americano e modelos de
negócios voltados para a exportação, ajudam
a mitigar esse risco.
Os assinantes da Moody's podem acessar esse relatório no
http://www.moodys.com/research/Corporate-Liquidity-in-Brazil-Liability-Management-Reduces-Liquidity-Risk--PBC_153253.
****
NOTA APENAS PARA OS JORNALISTAS: Para maiores informações,
favor entrar em contato com nossa assessoria de imprensa: Nova York
+1-212-553-0376, Londres +44-20-7772-5456,
Tóquio +813-5408-4110, Hong Kong +852-3758-1350,
Sydney +61-2-9270-8141, Cidade do México
001-888-779-5833, São Paulo 0800-891-2518,
ou Buenos Aires 0800-666-3506. Se preferir,
envie um e-mail para mediarelations@moodys.com ou visite
nosso website www.moodys.com.
Cristiane Spercel
Asst Vice President - Analyst
Corporate Finance Group
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
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Brian Oak
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
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Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
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Moody's: Risco de Liquidez Diminui Entre as Empresas Brasileiras Não Financeiras
No Related Data.
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