Moody’s cuts Automotores Gildemeister to B2

Moody's Investors Service said it downgraded Automotores Gildemeister SA's corporate family rating and senior unsecured notes ratings to B2 from B1.

The outlook is negative.

"The downgrade to B2 was triggered by Gildemeister's further deterioration in financial performance, as a result of the continued losses posted by the Brazilian operations combined with weaker vehicle sales trends experienced in 2014 both in Chile and Peru," Moody's senior analyst Veronica Amendola said in a news release.

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