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���������ֳ� expects good balance sheet management and prudent use of capital by Latin American (LatAm) corporates to limit downside risk due to deteriorating economic conditions and changing government policies in 2025. Maturities have been extended, liability management is a focus, liquidity is adequate, capex intensity is expected to stabilize and most issuers have leveraged headroom relative to ���������ֳ�’s negative rating sensitivities to absorb an unexpected decline in cash flow. Selective merger and acquisition (M&A) activity is possible in sectors such as oil and gas, airlines and real estate.