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Moody's: China growth boon for Latin countries
Several Latin American countries are benefiting from China's strong economic growth through direct and indirect channels, which is being born out in improved sovereign rating performance, says Moody's Investors Service in a new report.
Directly, China affects the region via increased exports as China and Latin American are natural trade partners, the agency said.
Indirectly, China's strong economic growth has contributed to historically high commodity prices, a benefit for most commodity-exporting countries in Latin America, making them more resilient to negative shocks, Moody's said.
Partly as a result of China-related shocks, commodity-exporting countries in the region with the closest links to China - Brazil, Chile and Peru - have seen their ratings increased the most since 2005, and others may follow, the agency said.
China is now among the top three export markets for Argentina, Brazil, Chile, Costa Rica, Peru and Venezuela, Moody's added.
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