02Latin America Credit Outlooks


Latin America in Focus

Tune in to Fitch Ratings for a series of audio recordings providing key updates for the Latin American region.

From brief discussions on credit trends in Corporates, Financial Institutions, ESG, and other sectors, to insights on debut transactions, In Focus delivers the update in 10 minutes or less.

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Nearshoring is a Multi-Year Tailwind for Mexican Corporate Credits

Nearshoring is a Multi-Year Tailwind for Mexican Corporate Credits

2023 Global Mining Sector Outlook Changed to Neutral from Deteriorating

2023 Global Housing and Mortgage Outlook Mid-Year Update

Food Price Inflation Still High Despite Falling Input Costs

Global Bank Regulators to Draw Lessons from Bank Turmoil

2023 LATAM Spotlight - Corporates’ Refinancing and Liquidity Risks

Credit Outlook 2023 - Encircling Macro Headwinds Drive Deteriorating LatAm Corporate Outlook

Credit Outlook 2023 - Global Mining Sector Outlook Weakens on Reduced Profits, Cashflow

Credit Outlook 2023 - Global Oil & Gas Sector’s Profits are High Despite Windfall Taxes

Credit Outlook 2023 - Neutral 2023 Global Autos Outlook Pent Up Demand Offsets Macro Risk

Credit Outlook 2023 - Global Home Prices to See Declines or Lower Growth in 2023

Credit Outlook 2023 - A&D Outlook Improving on Stronger Aircraft Demand and Defense Spend

Credit Outlook 2023 - Growth and Funding Costs Weigh on 2023 Sovereign Outlook

EMs Closer than DMs to Restoring Pre-Pandemic Fiscal Positions

ESG Will Increasingly Influence Insurers’ Strategies

OPEC+ Actual Oil Output Fall to be Lower than Production Quota Cuts

A Shift to Clean Energy Will Tighten Metals Markets

Cyber Insurance Premium Hikes to Support Returns Amid Rising Claims

Key Takeaways from the 2022 International Reinsurance Conference in Monte Carlo

Global Food Price Inflation Likely to Fall Sharply in 2023

EM Banks’ Profitability Mitigates Economic Slowdown Risks

Non-European Emerging Markets Vulnerable to an EU Growth Shock

Apparel, Durable Goods Most Vulnerable to Climate Risk Within Retail

2022 Mid-Year Outlook - Sovereign Sector Outlook Revised to Neutral from Improving on Ukraine War Impact

2022 Mid-Year Outlook - Inflation, Rate Rises, Stagflation Undermine Sector Outlooks

2022 Mid-Year Outlook - Global Corporates are Adequately Equipped to Weather Risks in 2022

Ukraine War Intensifies Low-Carbon Supply-Chain Disruptions

Decentralised Finance May Divide into Regulated and Unregulated

Russia-Ukraine Conflict Raises Risks for Some Emerging Markets

Latin American Corporates Top 10 What Investors Want to Know 2022

Stronger Dollar Remains a Risk for Emerging-Market Sovereigns

2022 Credit Outlook - Economic Recoveries Drive Global Financial Sector Outlooks in 2022

2022 Credit Outlook - Base Metals Demand Growth Supports Global Mining Sector Outlook

2022 Credit Outlook - Financial Discipline Supports Global Oil Gas Sector Outlook

2022 Credit Outlook - Policy Tightens but Sovereigns Outlook for 2022 is Improving

2022 Credit Outlook - Global Airline Outlook Improving but Material Risks Remain

2022 Credit Outlook - LatAm Banks See Credit Expansion, Manageable Credit Losses in 2022

2022 Credit Outlook - Global Home Price Growth to Slow in 2022

2022 Credit Outlook - Global Auto Conditions to Improve in 2022, Supply Chain Risk Exists

2022 Credit Outlook - Global Banking Regulation to Tighten for 2022

2022 Credit Outlook - Global Investment Managers Resilient to 2022 Challenges

2022 Credit Outlook - Latin American Corporates Well Positioned for Challenges Ahead

Effects of Historic Drought Vary Across Brazilian Corporates

Emerging Markets Central Banks Respond to Inflation Shock

LatAm Banking Systems Tested by Political and Social Unrest

Olympics Without Crowds to Cost Reinsurers USD300m-400m

Rating Assessment Service (RAS)

Fitch on Banking - A Cybersecurity Discussion with JP Morgan Chase & Co. and SecurityScorecard

Water, Air Quality, Energy, Biodiversity & Extreme Climate Issues to Affect Credits

Rating Outlooks for Financial Institutions Begin to Stabilize

FitchCast – Global Structured Finance Performance: A Year Into a Global Pandemic

Spectrum Outcomes to Shape 5G Priorities, Credit Trends

Fitch Long Term ESG Vulnerability Scores

LATAM Spotlight Series: New Cross-Border Issuers Span Multiple Sectors and Countries

ESG Impact on Strategy, Financing, Policies Will Grow in 2021

Home Price Growth to Stall Around the Globe in 2021

Latin America Sovereign Rating Pressures Persist into 2021

Coronavirus Dominates Global Sovereigns 2021 Outlook

Global Structured Finance 2021 Outlook

Mexican Energy - Update of Regional Trends and Credit Outlook

Rebound in Global Travel Will Be Gradual Despite Probable Vaccines

What is Next for Latin American Infrastructure?

Sports - A Credit Approach and the Road Back to the Games

Infrastructure and Growth - Challenges and Opportunities

Fitch Analyst's Roundtable - Covid-19 – A Global Panorama on Toll Road

2021 Credit Outlook Conferences - See it All Come Together in January 2021

Fitch on ESG-Considerations for Infrastructure Ratings Panel

Ratings Process

Telcos Worldwide to Ramp Up 5G Capex, Raising Pressure on Credit Profiles

Coronavirus Not the Only Challenge for Corporate Ratings

Coronavirus Spurs Material Increase in LATAM Corporate Fallen Angels

Investors and Corporates Perceive Future ESG Risks Differently

Latin American Corporates Hit Hard by Pandemic Lockdown

Corporates Face USD5 Trillion 2020 Revenue Loss from Crisis

Latam Oil & Gas See Profitability Hit Severely in 2020

LATAM Telecoms May Cut Capex Due to Coronavirus-Related Cash Burn

Extended Production Cuts to Raise LATAM Metal & Mining Rating Risk

Lure of Higher Inflows to Fuel ESG Fund Launches Post-Coronavirus

Coronavirus, Commodity Shocks Amplify Pressure on LatAm Sovereigns

Industry Faces Climate Transition Challenge

Latin American Corporates - Spotlight Series 2020

Fitch Ratings is the Leader in Latin America

LATAM Sovereign, Corporate Commodity Focus Ups Coronavirus-Linked Risk

Political Concern and Refinancing Risks – Key Findings from the Fitch Ratings-FinanceAsia 2020 Asia Credit Market Outlook survey

Global Sovereign Outlook 2020: Fitch’s View of the World

Global Sovereign Outlook 2020: Key Risks to Watch in 2020

Commodities and Trade Stress Latin America’s Vulnerability to China

FT-Fitch Global Banking Conference - The negative outlook across Latin America

Brazil's Rating Outlook Amid Sluggish Growth & Persistent Fiscal Challenges

Fitch Ratings is the Leader in Latin America - Mexico

Fitch Ratings is the Leader in Latin America - Brazil

2019 Latin American Corporates Spotlight: Credit Benchmark Series



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Buenos Aires



La Paz

AESA Ratings. Edificio Plaza 15, Oficina 5-D, Calle 15 No. 8054, Calacoto



APOYO & ASOCIADOS INTERNACIONALES S.A.C. CLASIFICADORA DE RIESGO. Apoyo & Asociados Internacionales S.A.C., Av. Vasco Núñez de Balboa, Nº 610, Urb. Miraflores, 18 Lima, Peru


Mexico City

FITCH MEXICO S.A. DE C.V. Blv. Manuel Avila Camacho, No. 88 Edificio Picasso, Piso 3 Col, Lomas de Chapultepec, Del. Miguel Hidalgo, Mexico City



FITCH MEXICO S.A. DE C.V. Edificio Connexity, Prol. Alfonso Reyes No. 2612, Piso 8, Col. Del Paseo Residencial, Monterrey, N.L., Mexico 64920, entre Lazaro Cardenas y Acueducto



FIX-SCR URUGUAY CALIFICADORA DE RIESGO S.A. Juncal 1305, Piso 13 Montevideo CP 11100, Uruguay


San José

Escazú Village, Torre Corporativa II, WeWork, piso 2, San José, Costa Rica



FITCH CHILE CLASIFICADORA DE RIESGO LIMITADA. Alcántara 200, Of. 202, Las Condes, Región Metropolitana, Chile


São Paulo

FITCH RATINGS BRASIL LTDA. Alameda Santos, 700 - 7° andar - Jardim Paulista, São Paulo - SP, 01418-100, Brazil


San Salvador

FITCH CENTROAMERICA, S.A. (El Salvador Branch). Edificio Plaza Cristal 3er. Nivel, 79 Avenida Sur y Calle Cuscatlan, San Salvador, El Salvador Tel: +503 2516 6600


Rio de Janeiro

FITCH RATINGS BRASIL LTDA. Av. Barão de Tefé, 27, Sala 601 Saúde, Rio de Janeiro – Brasil CEP: 20.220-460


Santo Domingo

FITCH REPUBLICA DOMINICANA S.R.L. Ave. Gustavo Mejia Ricart, Esquina Ave. Abraham Lincoln. TORRE PIANTINI, PISO 6, Ens. Piantini, Santo Domingo, Distrito Nacional, RD

09Sector Analysts

Gerardo Carrillo
International Public Finance Ratings - LATAM
Senior Director
+52 55 5955 1610 |

Joseph Bormann
Corporate Ratings - LATAM
Managing Director
+1 312 368 3349 |

Alejandro Garcia
Financial Institutions - LATAM
Managing Director
+1 212 908 9137 |

Juan Pablo Gil Lira
Structured Finance & Covered Bonds - LatAm
Senior Director
+56 2 2499 3306 |

Marta Veloso
Global Infrastructure Ratings - LATAM
Managing Director
+55 11 4504 2618 |

Shelly Shetty
Sovereign Ratings
Head of Americas & APAC
+1 212 908 0324 |

Eduardo Recinos
Insurance Ratings – LATAM
Senior Director
+503 2516 6606 |

10Business Contacts

Carlos Fiorillo
Managing Director
+52 55 5955 1627 |

Diego Alcazar
Head of Financial Institutions - LATAM
Senior Director
+1 212 908 0396 |

Kathleen Holtzman
Head of LATAM Sovereigns & Corporates, BRM
Managing Director
+1 212 908 9103 |

Samuel Fox
Head of Structured Finance and Infrastructure-LATAM
Managing Director
+1 312 606 2307 |

Fabio Astolfi
Head of International Public Finance-LATAM
Senior Director
+55 11 4504 2210 |

Alejandro Bertuol
BRM Regional - LATAM
Managing Director
+56 2 3321 2918 |

Rafael Guedes
BRM Regional - LATAM
Managing Director
55-11-4504-2600 |