Sectors in which we expect further M&A activity in Latin America include:-Telecoms, following the trends of rising demand and convergence with media and data services companies. -Consumer products, spurred by consolidation in the non-alcoholic beverage and food processing industries -Financial services, as some European banks divest of certain Latin American assets to support capital at the parent level. North American Sector-by-Sector We believe that a revival in transaction levels and volumes is dependent on continued positive momentum in the U.S. economy and the eurozone economic and banking difficulties not deteriorating materially. "If this positive scenario for M&A were to play out, U.S. industries in which we would expect to see an elevated level of M&A in 2013 include technology, telecom, energy, and health care," says David Wood, managing director in the Corporate Ratings Group of Standard & Poor's "Growth in gaming activity across states should lead to increased M&A in that sector as well. In Canada, we expect the mining industry to be very active this year, as it was in 2012." The reports on Mergers & Acquisitions are part of a series of articles collected under the title "The Credit Cloud" which provide insight on the competing forces that can influence corporate credit quality and alter the fragile equilibrium that currently exists in the global corporate credit landscape. The reports are available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to email@example.com. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided.