S&P: Latin America looks strong

Standard & Poor's said in a report that in major Latin American countries, local industry dynamics and strong macroeconomic fundamentals will likely offset a moderate recession in the United States.

Manufacturing and export-oriented companies would suffer any negative effects first, the agency said, with low-cost commodity producers and consumer-oriented companies expected to perform well due to dynamic internal demand and high commodity prices.

"We expect economic growth in the region to remain positive, although at lower levels than in 2006 and 2007, due to an overall improvement in domestic liquidity, monetary conditions and lower external debt burden," S&P credit analyst Eduardo Uribe said in a written statement.

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