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“Indicadores Financieros Clave en la
Calificacion de Empresas por parte de
Standard & Poor’s”
Eduardo Uribe
Managing Director
Octubre 2011
Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.
Copyright (c) 2008 Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved.
Metodologia
Business Risk Profile
• Country Risk
• Industry Risk
• Competitive Position
• Profitability / Peer comparison
Financial Risk Profile
• Financial Governance and Policies/ Risk Tolerance
• Accounting
• Cash Flow Adequacy
• Capital Structure / Asset Protection
• Liquidity
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2.
Indicadores Financieros Relevantes
• EBITDA Interest Coverage
• FFO / Debt
• Debt / EBITDA
• FOCF / EBITDA
• Liquidity A/B, A-B
Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.
3.
Descriptores de Liquidez
We standardize our descriptors for corporate liquidity as:
1.
2.
3.
4.
5.
"Exceptional“(>2.0x, 50%)
"Strong“ (>1.5x, 30%)
"Adequate“ (>1.2x, 15%)
"Less than adequate“ (>1.0)
"Weak“ (mat. deficit)
“Key Quantitative Measures”
• In our analysis, the key indicators of a company's liquidity cushion
are:
• A/B: Liquidity sources (A) divided by uses (B); and
• A-B: Liquidity sources (A) minus uses (B).
Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.
4.
Matriz de Calificaciones
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5.
Ejemplos en Mexico
As December 31, 2010
Rating
Debt/EBITDA
FFO/Debt
Debt/EBITDA
FFO/Debt
America Movil S.A.B.
de C.V.
A-/Stable
1.5
52%
1.5
50.7%
Mexichem S.A.B. de
C.V.
BBB-/Stable
2.2
40.9%
1.8
52.7%
Grupo KUO S.A.B. de
C.V.
BB/Stable
2.6
32.3%
2.4
32.2%
Cemex S.A.B. de C.V.
B/WatchNeg
8.5
3.6%
9.1
2.2%
Issuer
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6.
As June 30, 2011