Corporates fight off default mode
Even supposed blue-chip companies, such as Mexicos Cemex, Indias Tata Steel and Russias Rusal, face big refinancing risks this year. All three have been caught out by the credit crunch and are under pressure to finance expensive acquisitions.
Cemex, for example, is struggling to keep its debt burden under control following its $14 billion acquisition of Australian firm Rinker in 2007....