Corporates fight off default mode
Even supposed blue-chip companies, such as Mexico’s Cemex, India’s Tata Steel and Russia’s 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. Although Cemex refinanced about $4 billion of debt due this year in late January, it still faces $2 billion in maturities.
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